Shared vision invention: A case from the financial industry

To not just survive, but also succeed, in today's highly competitive global economic marketplace, a shared vision that allows an industry to develop a competitive advantage is required. In Taiwan, the financial industry was once helpful for Taiwanese economic growth, but it has currently lost competitive advantage and now needs support from the government. Although, past research has focused on how to improve the performance of the financial industry, it seems to have ignored the development of shared vision, which results in treating the symptoms, but not the root, of the problem and thus, getting half the result with twice the effort. To address this problem, this study aims to construct critical indices for the Taiwanese financial industry through a Multiple Criteria Decision-Making (MCDM) approach based on the Fuzzy Analytic Hierarchy Process (FAHP) and a Technique for Order Preference by Similarity to Ideal Solution (TOPSIS). Based on these results, Taiwanese banks were advised to create a shared vision that is suitable for future global competition in compliance with the research findings.