Strategic Analysis and Recommendations for Bank of Maldives

This case study provides a strategic management analysis of the Bank of Maldives (BML). It includes an executive summary, introduction, and an overview of BML's vision, mission, and stakeholders. The analysis section comprises SWOT and PESTEL analyses to assess internal and external factors, alongside Porter's Five Forces and BCG Matrix to evaluate the competitive landscape. Core competencies are identified, and tools like GAP analysis and the 7S model are applied. Strategic mapping, Blue Ocean Strategy, and the Ansoff Matrix are employed to formulate strategic recommendations for product and market development, and diversification. The report concludes with suggestions for strategy implementation, offering a comprehensive understanding of BML's strategic positioning and potential growth strategies.

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Strategic Management for Bank of Maldives
Strategic Management: Case study Bank of Maldives

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Strategic Management for Bank of Maldives
Executive Summary
The strategic management is a continuous managing planning procedure which looks forward to
development of strategies for making an organisation grows all over the nation and abroad. The
strategic plans are utilised for development of business strategy (Flanigan, 2016). An
organisation has to take from my services are intended for sale and how these would be sold to
and where. It also has to consider the set of required resources for implementing the strategies. It
is important for a business to have its own strategy for outperforming the competitors. Currently,
the business environment is extremely dynamic and competitive. As a result the businesses that
operate in a market should be eager to gain competitive advantage by applying successful and
useful strategies. The competitive strategies for the bank of Maldives (BML) have been given in
this report.

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Strategic Management for Bank of Maldives
Table of Contents
Executive Summary...............................................................................................................................2
Introduction............................................................................................................................................4
Vision......................................................................................................................................................4
Mission....................................................................................................................................................4
Stakeholders............................................................................................................................................5
Analysis.................................................................................................................................................5
SWOT analysis........................................................................................................................................6
PESTEL Analysis....................................................................................................................................8
Analysis of Core Competency...............................................................................................................10
Porters Fives Forces..............................................................................................................................11
BCG Matrix...........................................................................................................................................12
Application of tools.............................................................................................................................13
GAP Analysis........................................................................................................................................13
7s Model................................................................................................................................................14
Strategic Mapping.................................................................................................................................15
Blue Ocean Strategy..............................................................................................................................15
Ansoff Matrix........................................................................................................................................16
Recommendations................................................................................................................................16
Product Development............................................................................................................................16
Market development..............................................................................................................................17
Diversification.......................................................................................................................................17
Implementation of strategy..................................................................................................................18
Conclusion...........................................................................................................................................20
References............................................................................................................................................21

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Strategic Management for Bank of Maldives
Introduction
The strategy management procedure for bank of Maldives considers few major steps to form
strategies which are as given below:
- Identifying the objectives of the strategic management, ‘
- Assisting the business situation,
- Making decision for appropriate business strategy,
- Applying an appropriate business strategy,
- Evaluation of the effectiveness of the strategy applied (Bankofmaldives.com.mv, 2017).
Vision
The vision statement is an image of the business for the upcoming, its inspiration and basis for its
entire management strategy (Hitt, 2011). It shows the part where the bank of Maldives wants to
go. By the vision statement, the BML lays stress on many aspects such as innovation, providing
respect to other people and getting the same in return Great communication and integrity.
Mission
The mission statement involves description of all the objectives of the business and is based on
the stakeholders of the bank. Mission statements usually involve information of every key
stakeholder like worker, client and shareholder. The mission statement of the bank of Maldives
covers that the business is created on mix of different interest of various stakeholder teams. One
of the aims been mentioned in this mission statement is to be a leader by providing high quality
of services and commitment towards the staff members (Maldives, 2017). In this mission or
objective would be beneficial for lots of stakeholders as the clients will get high-quality goods
and services, shareholders will get huge dividends and the workers will get high salaries etc.

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Strategic Management for Bank of Maldives
Stakeholders
Stakeholders of the bank of Maldives include:
 Clients: these are the major stakeholders because on the basis of clients only the bank
survives. BML has to provide great facilities to its clients and maintains the top-notch
relation by respect, simple & quick services etc.
 Shareholders: BML focuses on giving utmost advantages to the shareholders and also looks
forward to maintain great relation with them. The yearly general meeting of the bank is
utilised for having effective meeting with the shareholders with respect to concerns, topics
any problems which are related to the general membership (Neuenkirch, 2011). The webpage
of this bank also gives the details which are needed by the shareholders.
 Workers: the workers are major stakeholders of the bank. The BML has different operations
and various departments (Obejas, 2016). The bank offers training schedules to workers so
that they are familiarised with the policies of the bank and their working practices. There are
different pay packages and growth opportunities provided to the workers.
 Suppliers: in the current environment it is significant for great relation to be there among the
suppliers and the business (Shifaza et al., 2013).
 Government: there can be a high impact on the banks therefore bank of Maldives has to abide
by the laws and regulations created by the government. In this case the government is 51%
shareholder of the BML. So it is important for the government to provide with complete
support to the bank.
Analysis
This report has a complete PESTEL analysis been performed to make out the external
environmental impacts and SWOT investigation maintained to recognize the interior and exterior

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Strategic Management for Bank of Maldives
environmental facets. With the intention of evaluating the competitive arrangement of the Bank
of Maldives, Porter’s Five Forces analysis has been performed with competitive position study.
The strategic analysis of the bank is all regarding the study of strengths of the business, its
position and its weakness and different external factors that might have impact on the position of
the business. The strategy of the bank provides with the overall picture which shows how the
banks performances and activities are linked to the external world. By using the strategy, the
complete direction of the bank is set up. There are different tools which are utilised for analysing
the situation of the bank.
SWOT analysis
The above stated swot analysis can be utilised by the bank for reducing the negative influences
of the environment and for encouraging the positive impacts of the internal and external factors
which impact the bank.
Strengths
 The bank is financially stable and well capitalised. This has allowed the banks for performing
relatively better than other financial networks of Maldives.
 It has the biggest networking with 25 branches and 37 ATMs in the Maldives.
 Since the government has 51% of the shares of this bank there for assistance
from government is ascertained (Narang, 2012).
 The bank is a major beneficiary from the loyal depositors who are more than 260,000 (BML,
2017).
 since the government has over 51% of the shares of this bank there for assistance
from government is ascertained

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Strategic Management for Bank of Maldives
 There are more than 750 employees working with the bank and it has the most efficient
method of recruitment and selection
 The bank has been one of the leaders for customer satisfaction approaches, for continuous
three years.
 The bank is known for making transactions easier for its clients
 BML uses the updated technology with respect to electronic banking for issuing the cards
and POS terminals.
 It is one of the biggest and trusted businesses of the country with maximum number of
transactions and a great client relationship.
 This bank has been in business for around three decades and therefore it is a well-known
brand of the nation
Weaknesses
 Even though there is huge number of employees still very less number of employees
manages the day to day transactions and customer issues.
 Maldives is experiencing the deficit of US dollars there for all the expatriates who work here
are remunerated in Maldivian Ruffiya (MVR). Maldives find it difficult to bite the dollars
from bank of Maldives because there is a shortage of dollars and as there have been imports
for each and everything therefore businesses have to transfer the funds to suppliers. The
shortage of dollars is a major issue in Maldives.
Opportunities
 The bank can utilise its capabilities for attaining the goals and developing competitive
advantage.
 It is a financially stable bank so business can be expanded to different islands.

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Strategic Management for Bank of Maldives
 If the shares are sold to the public market, the customer base would be increased and there
would be improved capital for provision of great services.
 Government can also help this bank for development and for their daily transactions which
take place with the Swiss bank.
Threats
 The BML has recently stopped giving all kinds of cards to the clients.
 There had been economic crisis in Maldives.
 The business faces competition from other small banks.
PESTEL Analysis
Political Factors
In Maldives, the government doesn't have impact on lots of businesses. However the bank of my
dreams is a business that has been created by the government so that decisions are taken as per
the political factors. Majority of the businesses in this nation of private nature however there
have been new rules set up for the tertiary sector businesses. So the involvement of the political
parties is on avoidable and political changes have to be monitored very carefully. Since any
change in the political arrangement or new party coming up in the country affects the laws which
are created by the government therefore it has a high influence on the involvement of the
political parties is on avoidable and political changes have to be monitored very carefully. Since
any change in the political arrangement or new party coming up in the country affects the laws
which are created by the government therefore it has a high influence on the climate of the
business (Young, 1999). Also it has to be considered that BML is one of the largest service
industries of Maldives and it is the key bank of the nation therefore the business. Also it has to be

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Strategic Management for Bank of Maldives
considered that BML is one of the largest service industries of Maldives and it is the key bank of
the nation therefore political factors has a huge impact on the business.
Economical Factors:
The country's development was fast after the Tsunami and inflation has been under control. This
country has mixed economy with different businesses like tourism, fishing and many other kinds
of industries. Because it's a mixed economy therefore the bank gets assistance
from government too. There are lots of competitors in the market such as HSBC and bank of
Ceylon. However the majority of people see the bank of Maldives as the major bank since it is
the oldest one in the nation and it is controlled by the government. The high number of
transactions is carried out in the capital city yet competitors give huge competition. The issue of
US dollar being in deficit is a major issue but the competing bank HSBC has the best dollar
providing facilities.
Social Factors
The economy of Maldives is based on the society where expenses are more and savings are less.
This generally happens in case of young people where everything is for fun and enjoyment. Each
person in Maldives usually has a bank account and therefore the number of bank transactions is
huge. All the government employees must hold a bank account with BML and all the
government based transactions are carried out through this bank. There are certain and banking
Islands which are also served by the BML by its services known as Dhon. Bank also acts as a
facilitator of infrastructure growth therefore it helps in enhancing the living standard of the local
people of Maldives.
Technological factors

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Strategic Management for Bank of Maldives
Technology is important for getting competitive benefits and is a big factor of globalisation. It is
easier to communicate and transfer huge amounts of information by use of databases and
electronic media. The technical advancements have brought in reduction of cost and improve the
quality of goods and services. It is important that businesses are aware of the modern technical
advancements so that they stay ahead of the competitors. The bank of Maldives uses latest
technology for implementing business procedures, managing risk, and providing great level of
customer services. These services include online electronic banking, Internet banking, ATM
banking, mobile services and many other similar facilities. The bank is completely computerised
and all the services are quickly provided to the clients. It is also important for this bank to stay in
touch with the technical update so that the best of services are provided to the customers for their
convenient, comfortable living. Technology is one of the biggest concerns in the contemporary
world and it is important that best of services are provided by using this technology so that
competitive advantage can be created against the market competitors.
Analysis of Core Competency
The core competencies are the strengths and capacities which are important for the bank for
retaining its competitive advantage (McNeil, 2002). The senior management of this bank account
only focus on each and every activity of the bank therefore there is a cold set for the management
which on which it has to pay attention. This goal is very influencing towards the competitive
advantage. The "competencies are the highly important value developing skills in the bank of
Maldives and a major areas of expertise which are different from other businesses. The skills are
important for the bank of Maldives so that this bank rose in the long run (D’Aniello and Hertlein,
2017). These skills are those which are held with only this bank, making it different from its
competitors. Even the competitors find it difficult to properties competencies and therefore the

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Strategic Management for Bank of Maldives
customer loyalty is also high to words this bank. The customer care also has a huge influence on
the business operations because this is such competency which the competitors cannot copy
(Wilke and Ritter, 2006).
Porters Fives Forces
The five forces analysis is used that there are five critical aspects which are the determinants of
competitive power of the business. These are explained in terms of the bank of Maldives as
below:
 Threat of new entrants: the number of businesses which exist in the market might not always
be the right way to know about the industry and new entrants also act as threats. This threat is
highly dependent on barriers to entry (Administrative Section, 2009). This bank is the single
local bank of the nation and there are different banks such as HSBC, Habib bank, State bank
of India and many other which do not have then single branch. The BML has lots of branches
in the capital city and the remote islands. The entry to banking industry of Maldives is
highly difficult due to lack of economies of scale and high requirement of capital to be
invested.
 Threats of substitutes: when the substitute product is available in the industry then the
business can lose its clients and profitability. In this case there are no close substitutes and
therefore it is a kind of monopoly which is enjoyed by the bank of Maldives.
 Bargaining power of suppliers: the bargaining power of suppliers is lower because the bank
is the major buyer which uses of you dominant suppliers such as all brothers business,
rainbow etc.
 The bargaining power of buyers: again this is also lower as the bank is the only business
which takes care of the needs of clients all over the nation and there are numerous branches.

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Strategic Management for Bank of Maldives
There are different competitors also available in the nation like HNB which has single branch
in the capital City of Maldives
 Intensity of rivalry: since the bank is market leader of other banks of this country
therefore there is very less competition and very less rivalry (Ntuli, 2017). This bank
provides with higher level of differentiation of goods and services, rather than
its competitors. The bank has a great pricing strategy and great customer care therefore it is
capable of maximising its revenues and attaining the high level of customer satisfaction
(Schliephake and Kirstein, 2013).
BCG Matrix
The BCG matrix approach is based on the concept of product life-cycle that can be utilised for
data mining the significance that would be permitted to the product portfolio of the bank. It is
useful for ensuring the long-term value creation that the portfolio of goods and services offered
by the bank is rightly done (Williams, 2010). There are four categories of this matrix.
 Dogs: these need to be killed because they do not generate any money and also consume
huge amount of cash of the business.
 Question marks: these are the problems which have future growth prospects and also which
need huge amount of investment (Marren, 2012). Online banking and mobile banking hour?
Items for the BO Question marks: these are the problems which have future growth prospects
and also which need huge amount of investment. Online banking and mobile banking are the
question marked Items for the BML.
 Stars: these have huge chances of growth for the bank and these are the bank accounts, loan
opportunities and different facilities offered by the BML (BCG, 2015).

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Strategic Management for Bank of Maldives
 Cash cows: these are the areas where returns on assets can be seen with the growth of the
market. These areas are capable of generating cash what and what has been consumed
(Yadav, 2012).
When whole of the business is compared with the BCG matrix, it can be said that the bank of
Maldives is in star phase because there is huge market share and huge growth seen by the bank.
The bank has the potential with a huge investment with respect to online banking and mobile
banking which can fetch better market shares. Therefore it is important for the management of
the bank to make strategies for maintenance of the business position
Application of tools
Whole of the above analysis shows how the bank is facing competition, its trends and the
different drivers of changes that are required by the bank (Stewart, 2010). This analysis has been
useful for analysing the resources and capacities of this bank however for further scrutiny it is
important that different tools are also applied to this report. These tools are as given below:
GAP Analysis
There can be a GAP analysis carried out by the bank where benchmarking can be utilised. It is
the procedure of assessing the internal procedures and finding out, knowing and applying
outstanding exercises from different organisations which are considered to be the most excellent
in that area (Chevalier, 2010). Through benchmarking, the bank would be able to assess the
activities and performances in comparison to its competitors or with any other bank against
which it is benchmarking. It would also be capable of identifying the highly suitable strategies
which can be utilised for the business operations.

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Strategic Management for Bank of Maldives
7s Model
Source: (Clark, 1997)
The 7s model has been explained below for assessing the strategy of the bank of Maldives.
 Strategy: the bank devices plans so that it stays competitive in the industry
 Structure this involves the way in which the bank is organised that is the hierarchy or
reporting structure of the bank
 Systems and staffs: the daily acts and processes which are carried out by the employees
 Shared values: these are the super ordinate objectives of the bank and the core values which
have been discussed in the first segment of this report
 Style: the leadership style which is applied by the bank (Brownlie, 2007)
 Skills: the real capacities and capabilities of staff members who work in this bank
The shared values are placed at the middle of this model showing that values are key to the
development of the bank. The other stated factors come up from the basic reason for which the
bank was created and it's The shared values are placed at the middle of this model showing that

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Strategic Management for Bank of Maldives
values are key to the development of the bank. The other stated factors come up from the basic
reason for which the bank was created and it's bit key aim. The basic version of the bank was
created from the values of bank creators. When there is a change in the values then the other
related elements also change
Strategic Mapping
As per the webpage of the bank of Maldives, it makes use of tools/ values which are very
powerful for driving the strategies as below:
 Integrity: the staff members of the band strictly adhere to the big standards of honesty, great
behaviour and ethics in whatever they do (Marren, 2007)
 Customers at first: aircraft is the key focus while mapping the strategies for exceeding
expectations of clients
 Accessibility: the Bank and accessed by the clients by different means of communication
 Teamwork: For mapping the strategy of business, it is important to team up and work
together.
Blue Ocean Strategy
The bank and make use of pollution strategy by creating uncontested market space for itself. This
way it would be having no competition to face and the demand would be created and it can
capture the entire market of Maldives. This bank is already the key banking business of this
country however it can still focus on aligning the entire system for differentiating its strategies
and that too at the low-cost. By this the untapped markets would be considered and products and
services can be offered which do not already exist. With the new markets and new products
demand would be created and even the non-customers would be converted into customers of the

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Strategic Management for Bank of Maldives
bank. This way there would be highly opportunity of earning huge profits without any
competition.
Ansoff Matrix
The bank operates and intends to move into different areas where the growth is achievable and
also needed. There are different marketing strategies which can be adopted by the bank. BML
can look forward to growth oriented marketing strategies which sought to the banking sector.
The strategies would be development of new markets or penetration into existing market,
diversification and product development. This metrics is helpful for this bank because it is
aiming to words the development. It would be utilised by the bank for focusing on its existing
goods and services along with the latest goods and services which it wants to launch.
Recommendations
Product Development
This is about the marketing of latest or customized goods in the pre-existing markets. There are a
lot of ways by which the bank can attain expansion.
 Choosing completely latest environmental markets
 Choosing latest goods’ scopes or packaging
 Having or Choosing latest distribution channels in which the bank can have latest clients
 diverse pricing strategies to catch the attention of diverse clients or generate new market
segments for the goods and services

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Strategic Management for Bank of Maldives
Market development
It would involve the development of existing products and services into all fresh market where in
new capacities, skills and capabilities will be required along with the existing or modified goods
and services (Honeycutt and Thelen, 2007).
For carrying out the change it is important that the different crises have to be considered and
plans are to be created. The back might face crisis or there are different conditions where risks
are there. So it is important that proper plans are made for reducing the impact of crisis on the
mend. The business must have contingency plan to match with the unknown circumstances
which are always changing.
Diversification
It is recommended that diversification is carried out by the bank so that it enters the new market
with new goods and services. This would include huge risk however the market is new where the
business would have no experience and the business would be carried out at such area where the
expertise is less or almost nil.
While the analysis of bank of Maldives is made, it is seen that the business is a top bank of this
nation and its strengths are quite high. This way the bank is a great hub for attracting lots of new
customers (Jackson, 2012). The business also has a great financial capacity with the capacity to
provide with most excellent customer services. This way diversification is the best approach
where in the bank can opt for investments for maintaining its brand value and position,
improving its operations and ultimately looking forward to the future growth strategy (Farina,
2010). For this it is recommended that market penetration is undertaken where the bank attains
development in its pre-existing areas with the goods and services it already offers. There are
different approaches in which this bank can attain growth like:

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Strategic Management for Bank of Maldives
 Rising brand awareness and rising loyalty of clients towards the bank
 Rise in customer satisfaction
 Reduction in the complaints by customers
 Motivating the clients to utilised most of the goods in a more frequent and regular manner.
Implementation of strategy
Once the bank has chosen and planned its strategy then the stage of implementation comes. The
bank has to arrange itself into that best match with its strategy. For implementing any strategy,
the people of the firm are the key assets so it is important that the bank manages its human
resource very well.
Human resource planning
The human resource planning is procedure by which the business will forecast the number of
employs that would be needed for the future strategy is to be put into action. It would involve the
matching up of appropriate kind of workers to the business requirements.
Recruitment
Whenever there is a vacancy for any job, the human resource of the bank of Maldives will
attempt to look for the most suitable candidates for that kind of job and then we'll make a choice
of the best candidate so that the business can have a competitive edge over its rivals. While
recruitment, it is important that the bank is aware of the requirements for the job and qualities
that are to be fulfilled for the job position. It will also have to decide about the reports which are
required for retaining in motivating the workers. This would involve the analysis of job,

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Strategic Management for Bank of Maldives
Description of job, description of the candidates required, assessment of the job, methods which
would be needed for recruitment, internal recruitment and external recruitment.
Selection
It is the element of resourcing procedure where in the recruited candidates are put to the most
suitable jobs. Selection of the appropriate kind of candidate for this job is highly significant. The
bank would not like to look for any employee which has been rejected by its complicated or who
is not capable of matching the needs of the business. This election would depend on the
interview which is taken by the bank managers. There are different methods which
are utilised for reducing the risk of wrong selection such as gathering a lot of relevant details of
the candidate before hiring.
Training and development
The training includes workers being provided with latest games and making then capable of
handling the work at the bank. There are certain skills which already exist with the employee
however these are to be polished (An, Huang and Zhang, 2013). This way a readily available
pool of workers can be created so that if anybody leaves the organisation then the trained
workers then perform his task. It is important to have training and development programmes to
get flexible staffs. The bank of Maldives introduced training programs from the year 2010 when
it carried out different certified courses. There were local and overseas training programs in
2010, from then onwards the strategy of improving the business ability for utilising advanced
technology was built. This way the business focused on attaining a sufficient and knowledgeable
staff. There has been the policy of giving Post-graduate and undergraduate scholarship for the
banks as well. Therefore it can be said that business is focusing on the strategy of continuous

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Strategic Management for Bank of Maldives
development of the human resources so that the employees as rightly and adequately trained the
entire flat. It also focuses on bringing more capable, skilled and motivated to staff members so
that the business has a competitive edge and the moral of the workers is boosted (Assunção,
2013).
It is important for the business to stay ahead of the competitors and get up-to-date knowledge of
the advanced technologies which can be implemented in the bank (Cho and Park, 2010). This
assignment focuses on how the business can stay ahead of its competitors.
Conclusion
In the above task the strategic management has been defined with the key apps which have to be
carried out for setting up the goals and aims along with the vision and mission statement of the
bank. Management is accountable for each and every operation of the business. There are certain
contemporary and operational issues which are faced by the bank, which also from the part of the
business strategy. It has been suggested that the product development, market development,
diversification and all the steps have to be taken by the management of the business. For this the
management would carry out the steps which have been given in the header "implementation of
the strategy ".
It includes the human resource plan is to be made along with recruitment and selection provided
with the training and development of the employees of the bank of Maldives

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Strategic Management for Bank of Maldives
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