YY is a large banking organisation. It has a branch in most of the towns in the country in which it operates. The banks business is mainly concerned with private individuals. It is a very traditional bank that offers only over the counter services during limited opening hours.

At a recent board meeting, the directors of the bank stated that they were worried that the bank was losing customers to the new style banks that offer a much more friendly service, longer opening hours, internet banking and a diverse range of banking services.

It has now been decided that the bank will pursue strategies to achieve the goal of being The bank that people choose and will use a balanced scorecard to monitor progress towards that goal.

Required:

Explain the disadvantages of using financial performance indicators alone to assess performance.