THE INDONESIAN JOURNAL OF

BUSINESS ADMINISTRATION
Vol. 2, No. 8, 2013:921-932



FINANCIALPERFORMANCEANALYSISTOREFORMULATE
BUSINESSSTRATEGYCASESTUDY:BANKSYARIAHMANDIRIKCPXYZ

EuisRachmadiahandArsonAliludin
SchoolofBusinessandManagement
InstitutTeknologiBandung,Indonesia
euis.rachmadiah@ymail.com

AbstractThe purpose of this research is to analyzing Financial Performance of KCP XYZ of PT Bank Syariah
Mandiri in order to reformulate business strategy and its implementation plan. The strategy formulation is
conductedwithevaluatingitscurrentperformanceasafirststageelement.FinancialPerformanceanalysisby4
financial ratios; ROA, BOPO, NCOM, FDR and 4 growth ratios; Growth of Assets, Growth of Depositor Funds,
GrowthofFinancingandGrowthofNetEarnings,ischosentoevaluatethepositionofKCPXYZcomparingto
othernineKCPundersupervisionofRegionalR.Thisresearchissupportedbytheprimarydata(financialdata)
andsecondarydata(literaturereview).BasedonfinancialperformanceandSWOTanalysisresults,theKCPXYZ
strategy generated is concentration growth strategy. The alternative strategies to accomplish the growth
strategyaregeneratedthroughAnsoffmatrixthatinclude:marketpenetration,productdevelopment,market
expansiontonewmarkets,andproductdiversification.ThroughFGD,thedecisionofselectedstrategiesandthe
implementation priority are: market penetration, product development strategy and market expansion.The
implementationoftheselectedstrategiesarethroughdevelopingintegratedprogramsandactionplanateach
functionaldepartments

Keyword:Financialratios,GrowthRatios,SWOT,AnsoffMatrix

1. Introduction

Since working as the head of subbranch XYZ, many problems come and go. One of the interesting
problemsthatcomeintomindwastheefforttofulfilltherequirementofcompanyperformancesset
by the stake holders. BSM KCP XYZ recorded a growth of assets of 306% in 2010 from originally
amountofRp3,97billionin2009toRp16,09in2010;andgrowthof41%toRp22,63billionin2011.
Financing increased by 126% in 2010 from original amount of Rp.13,48 billion in 2009 to Rp30,42
billion;andgrowthof45%toRp44,14billionin2011.Growthoffundingin2010was273%in2010
fromoriginalamountofRp4,15billiontoRp15,45billionin2010;andincreasedby34%toRp20,72
billionin2011.MeanwhileNettRevenueMarginincreasedby917%in2011fromoriginalamountof
Rp0,17billionin2010toRp1,75billionin2011.

TheObjectiveoftheresearchistoproposestrategyformulationbyFinancialPerformanceAnalysisof
KCPXYZtoimproveitsperformanceformanagementofKCPXYZ.Theimplementationforthestrategy
andresultwillbemonitoredandevaluatedbysubbranchmanager(KepalaKCP).Theresearchscope
is limited to performing Strategy Formulation based on Financial Performance Analysis to generate
alternativestrategiesandformulationofimplementationplanoftheselectedstrategiesforKCPXYZ
startfrom2013.

2. BusinessIssueExploration

Figure2.1TheevaluationprocessofKCPXYZAnapplicationoftheevaluationoncurrentperformance
ofanorganizationbyusingaseriesofquestionstouseinevaluatinganimplementedstrategy.Sucha

921
 RachmadiahandAliludin//TheIndonesia
anJournalofBu
usinessAdminisstration,Vol.2,No.8,2013:921
1932


strateegyreviewissusuallyinitiiatedwhenaagapappearrsbetweenffinancialobjeectivesandtheexpected d
resulttsofcurrentactivities(W
WheelenandHunger,20110:378).ForKCPXYZ,sin ncethereisaagapappearr
between KCPXYZZs financial objectives and
a itsexpecctedresults fromcurren
f t activities, this
t strategyy
reviewwcanbeinittiated.Figureebelowreprresentthestrrategyreview
wofKCPXYZZ.

the
performance
measure
m take
XYZ
ofKCPX
performance corrective
doesntt
ofKCPXYZ action
matchth he
standard ds

Figure1.TTheEvaluationprocessofKCPXYZ

A. Co
onceptualFrramework
The internal issuees/problemss facing by KCP
K XYZ is itss poor financial perform
mance relativvely to otherr
KCPwwhichstillunnderexpectationoftheccompany.Itm meansthatttheexistingsstrategystillnotproducee
thed
desiredresultts.Tofindth
herootcause,theexistin ngstrategyiinKCPXYZshouldbeevaaluated.Thee
evalu
uationstarts withthequuestionDid theexisting strategiesp producethe desiredresu ults?.Figuree
below
wrepresenttthestepsineevaluatingan nimplementtedstrategy(existingstraategy)inKCP PXYZ.

Were the
Did the current
Were the Werealtern Was
W Invalid
existting Were situation
underlying ative straategy planning
strateegies strategies and
assumption scenarios formuulation bases;
of KCP P XYZ poorly important
s and defined and adveersely incorrect
producce the executed? trends
premises assessed? affeccted? strategy
desired NO properly
valid? NO NO YE ES formulation
resultss? NO diagnosed?
NO

Figure2.ProcessoffEvaluatinganExistingStrateggyinKCPXYZ

Proceess of Strateegy formulation consist of

o 3 (three) stages. The first stage iss Input Stagee, this stagee
consist of Evaluaating Curren nt Performance as the basic inputt information n needed to o formulatee
strateegies.SecondstageForm mulatethevvision,missio onstatementsandobjecctives.Generrate feasiblee
alternnativestrategiesbyalignningkeyexternalandinteernalfactors.Andthelasststageisdeecisionstage,,
which hisselectinggthebeststrrategytobe implementeedforachievvingKCPXYZsobjective.Thereare9 9
stepss in strategyy formulation. Below is the step fo
or strategy formulation
f (Wheelen and
a Hunger,,
2010:77); Evaluaate Current Performancce Results, Examine and Evaluatee the Curreent mission,,
objecctives,policiees,ReviewCo orporateGovvernance,SccanandAssesExternalan ndInternalEnvironment,,
Analyyze,SelectSttrategicFacto ors,Review,Generatean ndEvaluateSStrategicAlternativesandSelectand d
RecommendBesttAlternative.

B. M
MethodofDattaCollection
nandAnalysiis
Thistthesiswilltryytomakean
nassessmenttbasedonfiinancialdataaBSMKCPXYYZfor3yearrs.Therearee
fivem
mainstepsundertakenso oastomakeeanassessmment.First,deeterminethe eformulawh hichisbased d
onthhedevelopmeentandachievementoftthebankingindustry.Thisassessmen ntusesthecrriteriaofkeyy
financial ratios and
a growth during the last 3 yearss since it op
pened. Seconnd, gather the
t financiall
statementsBSM KCPXYZcom mprisingthe balancesheeetandprofittandlossfo
or3years.Thhird,processs
numb berswithdiffferentratios and growth thathave beendefine ed.Fourth, an
a analysisoof the valuess
andffinancialratio osandgrow
wthobtainedeitherbyco omparingthevaluesand dtheratiosoobtainedforr

922
 RachmadiahandAliludin//TheIndonesia
anJournalofBu
usinessAdminisstration,Vol.2,No.8,2013:921
1932

thep
previousyearorthepareentcompanyy,theBSMn nationalcon
nsolidation.FFifth,provideealternativee
solutionstomanaagementino
ordertoincreeasetheperfformanceofKCPXYZ
FinanncialPerformmanceofKCP PXYZ,willbe esimplifiediin8financialratiosindiccatorthataree;Returnonn
Assetts (ROA), Beeban Operatiional per Peendapatan Operational
O (BOPO), Finaancing to Deeposits Ratio
o
(FDR)),NetCoreO Operational Margin(NCO OM),GrowthofAssets, GrowthofD DepositorFunds,Growth h
ofFin
nancingsand dGrowthofN
NetEarnings.Thissimplifficationbaseedontheperrformancem measurementt
ofbankthatwas conductedb byInfobank Magazinein n2012.Theffigurebelow wshowstheiindicatorsoff
FinanncialPerformmanceofKCPXYZ.
Growthof
G
NCOM
Assets
Growth
hOf
FDR Deposiitor
Fund
ds

Growthof
BOPO
Financings

Financial Growthof
R
ROA Performannce Net
ofKCPXYYZ Earnings

Figure3.ProcessoffEvaluatinganExistingStrateggyinKCPXYZ

C. An
nalysisofBussinessSituattion
Baseddonthescorresonfinanccialratios,weeightedinorrdertoobtainthefinalvaalue.KCPXYZZisinthe6thh
positionwithafin
nalscoreof4
4,8outof10.

Figurre4.TheFinalSScoreofKCPXYYZcomparedtootherbranch

Figure5showsth herankofKCPXYZbaseedoneachinndicators.Th
hefiguresho
owsthatrankofGrowthh
ofFin
nancingofKKCPXYZishiggherthan9 otherKCPs,,meanwhiletheGrowth hofNetEarn
ningsofKCP
P
XYZisslowerthanothers.

923
 RachmadiahandAliludin//TheIndonesia
anJournalofBu
usinessAdminisstration,Vol.2,No.8,2013:921
1932

Figure5.RankofKCPXYZcom
mparedtootheerbranch

EvaluuationofthefinancialpeerformancesshowsthatKCPXYZnowisinrank6amongotherKCPs.Nextt
step istoreview itsvision,mmissionando objectivesbaasedonactu ualposition. Thevisiono ofKCPXYZiss
to bee the numbeer 3 among o other KCPs in
i regional RR in the end of 2015. Thhe mission of KCP XYZ iss
Proviide High Qu uality Produ ucts and Services by Committed
C t Operation
to nal Excellennce and the e
objecctives is reacch financialpperformanceeas best as canbe. Thee financial objective is calculated byy
reviewingthetrendofgrowth hofKCPXYZZ.Thefinanccialobjectiveesshouldberealizable

The n next step is to generate feasible alternative

a sttrategies byy aligning ke
ey external aand internall
factors. The metthod that beeing used is SWOT analyysis to assess external and internal key factors..
SWOTT is an acro onym used to describe the particu ular Strength hs, Weaknessses, Opporttunities, and d
Threaats that are strategic faactors for a specific com mpany. SWO OT analysis shouldnt on nly result in
n
identtification of an organizzations disttinctive com mpetencies but also in n the identtification off
oppo ortunities thaat KCP XYZ is not curren
ntly able to take
t advantage of due tot a lack of appropriatee
resou urces (Wheelen and Hun nger, 2010: 224).
2 In this research, th
he scanning of internal and
a externall
factorsofKCPXYYZhavebeen ndone.The resultsofth heexternalffactorsscann ningistheOOpportunitiess
and TThreats for KCP XYZ, meanwhile th he results off internal facctors scanning is the strengths and d
weakknessofKCPXYZhave.

The ffactors being weighted and being rated.

r The weight
w colummn must tottal 1,00, thee higher thee
weigh ht,themoreeimportant isthisfactortothecurrentandfutturesuccess ofKCPXYZ..Meanwhilee
the rrating is give
en based on KCP XYZs specific response to that particularr factor. Theen weighted d
scoree is obtained d from the multiplication
m n of weight and rating of
o a factor. Table below
w shows thee
Strenngths,Weakn ness,Opporttunitiesand TreatsofKC CPXYZandsscoreofeach hfactor.Theeweightand d
ratinggisobtained dbyconducttingFocusG GroupDiscusssionbetweeenSubbrancchmanager (KepalaKCP P
XYZ)and4deputies(OO,AO,OG,andKW WM).















924
 RachmadiahandAliludin/TheIndonesianJournalofBusinessAdministration,Vol.2,No.8,2013:921932

Table1.ExternalFactors(OpportunitiesandThreats)

Weighted
External Factors Weight Rating
Score
Diversity of product and service of
O1 sharia banking as result of sharia 0.17 4 0.67
banking regulation

Opportunities
O2 Public curiosity of sharia banking 0.13 2 0.27
O3 Net banking needs for sharia banking 0.10 2 0.20
Creative industry emerging because of
O4 0.07 2 0.13
sharia banking facilitation
O5 Growth phase of sharia banking 0.03 2.5 0.08
Total 1.35
T1 Competition with other bank 0.25 2.5 0.63
Threats

Competition with other financial

T2 0.17 2.5 0.42
institution
T3 Sharia banking negative perception 0.08 3 0.25
Total 1.29

Table above shows the Opportunities and Threats thatbeing facedbyKCP XYZ. The Factorsbeing
weighted and rated.to calculate the weighted score. The score of opportunities factors being
subtractedbythethreatsfactors,givethefinalscorewhichispositive,thatis,OT=1.351.29=
0.06.Table2belowshowstheStrengthsandweaknessesKCPXYZhas.TheFactorsbeingweighted
andratedtocalculatetheweightedscore.Thescoreofopportunitiesfactorsbeingsubtractedbythe
threatsfactors,givethefinalscorewhichispositive,thatis,SW=1.811.58=0.23.


Table2.InternalFactors(StrengthandWeakness)

Weighted
Internal Factors Weight Rating
Score
S1 Conducive working environment 0.11 3.5 0.39
S2 High motivation resource to learn 0.10 3.5 0.34
S3 Experienced head branch in financing 0.08 3.5 0.29
S4 Outlet Location 0.07 4 0.28
Strength

S5 Top down command line 0.06 4 0.22

S6 Partnership with other party 0.04 4.5 0.19
S7 various customized products 0.03 2 0.06
S8 Availability of low cost fund 0.01 3 0.04
Total 1.81
Heterogenic competency of team
W1 0.20 3.5 0.70
member
Weakness

W2 New and inexperienced team member 0.15 3.00 0.45

W3 System Migration 0.10 3 0.30
W4 Standardize Outlet 0.05 2.5 0.13
Total 1.58

BasedontheGrandstrategyMatrix,thepositionofKCPXYZisonthequadrantIGrowthwiththe
coordinateOT=1.351.29=0.06andSW=1.811.58=0.23.Thismeansthatinfacingthe
current external environment situations and the internal conditions, the best strategy that KCP XYZ
shouldfollowisGrowthStrategy.Figure6showstheGrandStrategyMatrixoftheKCPXYZpositions.

925
 RachmadiahandAliludin//TheIndonesia
anJournalofBu
usinessAdminisstration,Vol.2,No.8,2013:921
1932


The Growth Strategy is ap ppropriate fo or KCP XYZZ based on the situations that reepresent ass
ortunitiesthaatitsinternalstrengthslikkelycantakeeandmateriaalizethemassadvantagess.
oppo

Figure6.G
GrandStrategyMatrixforKCPXYZ

3. B
BusinessSo
olution

Bypuursuing growwthstrategy,, KCPXYZwiillachievegrrowth inasssets,Deposittor Funds,Financing and

d
NetEEarningsorittscombinatioons.IgorAnssoffproposeedmatrixbyconsideringwaystogrow w.Therearee
4posssiblestrateggiesforgrowth,whichexplainedinTaable3.
Table3.AnsofffMatrix

Ex
xisting Pro
oduct New Product
P

Exissting Mark
ket Maarket Penettration Product Development

Neew Market Marrket Develoopment Product Diversificatio

on

(Source:PhillipsKottler,2006:50)

D. AllternativeofBusinessSollution
Bycoonsideringth
hecurrentKC CPXYZsposiitionanditsexternalanddinternalstrategicfactorrsandbased d
on th
he Ansoff Matrix,
M theree are some alternative growth
g strattegies that KCP XYZ can
n choose to
o
increaserevenue.
1. Increasessalesofitsexxistingprodu
uctsinitsexisstingmarkett(marketpenetration)
2. Productdevelopmenttoserveitscurrentmarkets
3. Seeksnew wmarketstosellitsexistingproductss
4. Enterinto oanotherseggmentwithd diversificatio
onproducts.

Theaalternativestrategiesgeneratedinthematchinggstagereveaalthefeasib blealternativvestrategiess
that KCPXYZmayyfollow.AFFocusGroupDiscussion (FGD)hasesstablishedattNovember 7th2012to o

926
 RachmadiahandAliludin/TheIndonesianJournalofBusinessAdministration,Vol.2,No.8,2013:921932

evaluate the available alternative strategies, then decide whether to implement all of these
strategiesorselectsomeofthebeststrategies.

ThemembersofFGDare:
1. HeadofKCPXYZ
2. OperationalOfficerofKCPXYZ
3. AccountOfficerofKCPXYZ
4. RahnOfficerofKCPXYZ
5. HeadofMicroOutletofKCPXYZ

ThesetalternativestrategiesforKCPXYZthattobeevaluatedis:
Strategy1:marketpenetration
Strategy2:productdevelopment
Strategy3:marketdevelopment
Strategy4:productdiversification

TheFGDneedtodeterminethepriorityamongtheselectedstrategies.
1. Determinecriteriaorattributesbywhichtheselectedstrategiesbeassessedorevaluatedto
makedecision:
a. CultureofKCPXYZ
b. CompetencyofKCPXYZ
c. Technology
2. Assignarating
3. Calculatethefinalscore

Table4showstheresultsofFGDinprioritizingtheselectedstrategies.Thetableshowsthatthescore
for strategy 1 is highest among others. Therefore, KCP XYZ prioritize selected strategies should be
done as follow; Market Penetration and Product Development selected for short term strategy
(within 2 years to come), Market Development and Product diversification selected for long term
strategy(morethan2yearstocome).

Table4.PrioritizingSelectedStrategies

Criteria
Strategy Culture of Competency Score
Technology
KCP XYZ of KCP XYZ
Strategy 1
8 8 8 24
Market Penetration
Strategy 2
8 7 8 23
Product Development
Strategy 3
7 7 8 22
Market Development
Strategy 4
7 7 7 21
Product Diversification

E. AnalysisofBusinessSolution
The functional strategies for KCP XYZ be categorized into marketing strategy, operations strategy,
financialstrategyandhumanresourcestrategy.

927
 RachmadiahandAliludin/TheIndonesianJournalofBusinessAdministration,Vol.2,No.8,2013:921932


Table5.FunctionalStrategyForKCPXYZ

No Functional Strategy
Market Penetration
1 Marketing Strategy
Product Development
2 Operations Strategy Operational Excellence
3 Human Resource Strategy Learning Organization

This Functional Strategy needs implementation that being summarized in Action Plan. Action plan
stateswhatactionsaregoingtobetaken,bywhom,duringwhattimeframeandwithwhatexpected
results. In order to achieve certain future position, KCP XYZ needs strategy map. Strategy maps
providesuchatoolthattheygiveemployeesaclearlineofsightintohowtheirjobsarelinkedtothe
overallobjectivesoftheirorganization,enablingthemtoworkinacoordinated,collaborativefashion
towardthecompanysdesiredgoals.Themapsprovideavisualrepresentationofacompanyscritical
objectives and the crucial relationships among them that drive organizational performance. The
greatestbenefitofstrategymapsistheirabilitytocommunicatestrategytoanentireorganization.
Andfromit,theKeyPerformanceindicatorcanbeconstructed.Table8showstheKeyPerformance
Indicator of KCP XYZ from four different perspectives that are Financial Perspective, Customer
Perspective, Internal Process Perspective and People Development Perspective (this perspective as
theotherwayforLearningandGrowthPerspective).

TheFinancialPerspectiveconsistoffourIndicatorsthatare:GrowthofFinancing,GrowthofDepositor
Funds,GrowthofAssets,andGrowthofNetEarnings.ThecurrentconditionisstatedinAsIsValue
column, while the tobe condition is stated in targetvalue column. The Gap between these
columnsisthedeltathatshouldbereachbytheproposedstrategyinthisfinalproject.TheCustomer
Value consist of three indicators that are Value of Service Excellence, Average Product Type per
Customer, and Average Product Quantity per Customer. In this perspective, it is also stated the
currentvalueandthetargetvalue.

Table6.KeyPerformanceIndicatorsforKCPXYZ

Key Performance Indicator As Is Value Target Value

A. Financial
1 Growth of Financing 25 billion IDR 30 billion IDR
2 Growth of Depositor Fund 15 billion IDR 25 billion IDR
3 Growth of Asset 16 billion IDR 30 billion IDR
4 Growth of Net Earning 2.3 billion IDR 3 billion IDR
B. Customer
1 Value of Service Exellence 67% 80%
2 Average Product Type per Costumer 1.02 min 3
min 250 million
3 Average Product Quantity per Costumer 30 million IDR
IDR
C. Internal Process
1 Product Adoption Rate 3wk max 5 days
SLA (Service Level Agreement)
2 Compliance 60% 100%
3 Audit Score 75% 80%
D. People Development
1 Product Knowledge Certification 70% 85%
2 Internalization Shared Value 2hr/month 2hr/wk

928
 RachmadiahandAliludin/TheIndonesianJournalofBusinessAdministration,Vol.2,No.8,2013:921932

The Internal Process Perspective consists of three indicators; Product Adoption Rate, SLA (Service
LevelAgreement)Compliance,andAuditScore.MeanwhileinPeopleDevelopmentPerspective,there
are two indicators; Product Knowledge Certification and Internalization of Shared Values. In these
perspectives,theasisvalueandtargetvaluealsogiveninthosecolumn.

4. ConclusionandImplementationPlan

SincetherearethreeFunctionalStrategy;therefore3actionplanprogrammeshouldbeconducted.
TheimplementationforMarketingstrategythatareMarketPenetrationandProductDevelopmentis
theAccountPlanningandBundlingProduct,whichiswillbeconductedwithmarketingteamasthe
owneroftheprogramme.OfficerGadai(OG),AccountOfficer(AO)andKepalaWarungMikro(KWM)
asthePICsoftheactionplans.TheimplementationforOperationStrategyisOperationalExcellence
which is will be conducted lead by Operational Officer (OO). And the implementation for Human
Resource Strategy is Go ETHICS. This Program is acronym from Corporate Shared Values that are
Excellence, Teamwork, Humanity, Integrity and Customer Focused. The Implementation of this
program will be directly lead by Kepala KCP. Table 7 shows the functional strategy and program
objectivesforeachstrategy.
Action plan states what actions are going to be taken, by whom, during what time frame and with
whatexpectedresults.

Table7.ProgramobjectivesforKCPXYZ

No Functional Functional Strategy Program Objective

Market Penetration
Account Planning
1 Marketing Strategy
and Product Bundling
Product Development
Operational Operational
2 Operations Strategy
Excellence Excellence
Human Resource Learning
3 Go ETHICS
Strategy Organization

TheProgramObjectivesbeingobtainedbyconductingfiveprogramactivities,thatareidentify24best
customers,Findfurtherinformationabouttheirfinancialtransactionscharacter,AccountPlanningand
createBundlingProduct,givingsolutiontocustomerandmeasuringtheresults.Table8showsthese
programactivities.
Table8.ProgramActivitiesforMarketingStrategy

No Program Activities
1 Identify 24 best customer
2 Find further information about their financial transactions character
3 Account Planning + Create Bundling Product
4 Giving Solution to customer
5 Measure the results
Table9belowshowstheactionstepsforMarketingProgram,withtheresponsiblepartyandtime
frameoftheaction.

929
 RachmadiahandAliludin/TheIndonesianJournalofBusinessAdministration,Vol.2,No.8,2013:921932


Table9.ActionStepsmarketingForKCPXYZ

No Action steps Responsibility week
Prepare and search database OO
1 Discuss with team AO 2
Decide on 24 best customers AO, OG, KWM
Solicit customers
Calling and meeting with customers
2 Gather further information AO, OG, KWM 2
Mapping the financial transaction
character
Looking for customer needs
Search the products and service that
3 meet the requirement from customer AO, OG, KWM 3
Adjust and customized the product so
that becoming bundling products
Meeting with customer to propose the
bundling product
4 AO, OG, KWM 4
Adjustment
Closing
Monitoring
Visit the customer to search for any
5 complaints (if any) or another AO, OG, KWM 5
business opportunities
Take corrective action (if needed) or
deepening the business relationship

TheProgramObjectivesofOperationalExcellencewillbeintegratingconsumerinformation,increase
speedtoimprovecustomerexperience,andpointofsaleoptimization.Table10belowshowsthese
programactivities.
Table10.ProgramActivitesForOperationalStrategy

No Program Activities
1 Integrating consumer information
2 Increase speed to improve costumer experience
3 Point of sale optimization

Table11showstheactionstepsforOperationalProgram,withtheresponsiblepartyandtimeframe
oftheaction.
Table11.ActionStepsforoperationalstrategy

No Action steps Responsibility Week
Prepare and search database
1 Data cleansing OO 1
Using single identification file (SIF)
Measure current performance
Benchmarking to competitor
2 Role play and real play to enhance OO 2
front line skills
Simplify transaction process
Prepare sales kit of bundling product
3 Setting the theme for banking hall OO 3
Advertising inside banking hall

930
 RachmadiahandAliludin/TheIndonesianJournalofBusinessAdministration,Vol.2,No.8,2013:921932

The Program Objectives Go ETHICS. ETHICS is acronym for corporate shared values that are
Excellence,Teamwork, Humanity, Integrity &CustomerFocus.These Objectiveswill beobtained by
conducting three program activities, which are developing competency, No fraud policy, and Zero
defect.Table12and13showstheseprogramactivitiesandactionsteps.
Table12.ProgramactivitiesForHRStrategy

No Program Activities
1 Developing competency
2 No fraud policy
3 Zero defect

Table13.ActionStepsforoperationalstrategy

Time
No Action steps Responsibility
Frame
Weekly quiz of SOP
1 Setting reward/punishment for quiz Kepala KCP
scoring
Internalization shared value
whole
Eyeblow (whist blowmechanism)
2 Kepala KCP year
Setting religious activities once a week
Role model
Setting reward/punishment for defect
3 Kepala KCP
Reading and discussion twice a week

References

Ayub,Muhamad.2007.UnderstandingIslamicFinance.GreatBritain:JohnWileyandSons.
Kottler,P.andKeller,K.L.2006.MarketingManagement. 4thedition.Singapore:PearsonPrentice
Hall
Rose, PeterS.,and Hudgins, Sylvia.C, 2005. Bank Management and FinancialServices,6th edition.
Singapore:McGrawHill
Wheelen, Thomas L. and Hunger, J. David, 2010. Strategic Management and Business Policy. 12th
edition.NewJersey:PearsonPrenticeHall
MajalahInfobank,EdisiKhususSyariah2012.Jakarta:PTInfoartaPratama
When the Growing Gets Tough: How Retail Banks Can Thrive in a Disruptive, Mobile, Regulated
World,, Quoted on December 12nd, 2012 from
http://www.pwc.se/sv_SE/se/detaljhandel/assets/whenthegrowinggetstough.pdf
ChristopheDuthoit,MichaelGrebe,RolandKastounandRobSims,BostonConsultingGroup,Februari
2011,operationalexcellenceinretailbanking:howtobecomeanallstar,QuotedonDecember
12nd,2012fromhttp://www.bcg.com/documents/file72591.pdf
LaporanTahunanPTBankSyariahMandiritahun2011

931