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IMA Journal of Management Mathematics Advance Access originally published online on May 27, 2009
IMA Journal of Management Mathematics 2009 20(3):303-321; doi:10.1093/imaman/dpp002
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© The authors 2009. Published by Oxford University Press on behalf of the Institute of Mathematics and its Applications. All rights reserved.

Analysing alternatives in financial services for wealth management banks: the analytic network process and the balanced scorecard approach

Cheng-Ru Wu{dagger}, Chin-Tsai Lin{ddagger} and Pei-Hsuan Tsai§

Graduate Institute of Business and Management, Yuanpei University, 306 Yuanpei Street, Hsin Chu 30015, Taiwan, Republic of China

{dagger} Corresponding author. Email: alexru00{at}ms41.hinet.net

{ddagger} Email: ctlin{at}mail.ypu.edu.tw

§ Email: pei.hsuan0616{at}gmail.com

Received on 17 July 2008. Accepted on 25 April 2009.

The main purpose of this study is to evaluate business performance of wealth management (WM) banks by applying the balanced scorecard (BSC) and the analytic network process (ANP). In the proposed model, the dimensions of financial services for WM banks have been taken from four perspectives derived from the BSC approach, viz. finance, customer, internal business and learning and growth. The proposed approach, therefore, links the financial and non-financial, tangible and intangible and internal and external factors, thus providing a holistic framework for the evaluation of an alternative for WM banks. The ability of ANP to consider interdependencies among and between levels of decision makes it a multi-criteria decision-making tool. Thus, a combination of BSC- and ANP-based approach proposed in this paper can provide decision makers with a more balanced, realistic and accurate representation of the challenge of conducting business performance for WM banks.

Keywords: wealth management; banking; analytic network process; balanced scorecard


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