STRATEGIC MANAGEMENT AND ITS IMPORTANCE IN THE BANKING SECTOR

Management in banks has a unique aim, which is to create a clear picture of the appropriate directing of banking products, characterised by concentration on quality and integrity, maintaining interaction with the employees and beneficiaries of banking services and products, as well as creating solutions that would more successfully fulfil their needs. In order to achieve this, the management team should, first of all, accept all the accurate information on previous transactions, both those of legal and physical persons, and should fulfil their needs and realise their demands based on the principle of a business relationship. On account of the increased competition on the market, banks are additionally stimulated to introduce changes in their operations, to modernise their offer in order to survive on the market. The process of strategic planning in the banking sector may be presented as one of the most important factors for its long-term successful business operations.