Critical Success Factors of Financial Institutions of Baan Don Community, Pong Num Ron Sub-district and Baan Mae Jai Tai Community Financial Institution, Wiang Sub-district, Fang District, Chiang Mai Province

Abstract

This research article is a part of the thesis titled Critical Success Factors of Financial Institutions of Baan Don Community, Pong Num Ron Sub-district and Baan Mae Jai Tai Community Financial Institution, Wiang Sub-district, Fang District, Chiang Mai Province. The objectives of this study were to identify 1) the successful factors of community financial institutions, and 2) the good practical strategy leading to the successful factors of community financial institutions. The mixed methodology research was applied in this study. The results of the research found that the seven successful factors included planning, communication, leadership skills, tools, process, management, and teamwork, which were all related to each other. In addition, these seven successful factors were important and assisted to promote and support the successful outcomes that are consistent with the opinion of community financial institution members having the highest positive level. Moreover, the results have shown that the management was an important factor linking other factors to work together until reaching the desired goal or achievement. In this regard, the good practical strategy in this study was the underneath community context. The community financial institutions should create a welfare system to improve the quality of life with efficient management by allowing it to be under the trust of members. This was a result of the committee’s honest performance. In addition, the community financial institutions must create a sense of ownership in the minds of members to see the value and importance of community financial institutions.  As one who participates in the creation and development considered to be a valuable thing, it must be taken care of in the long run. In addition, the good practical strategy was the result of the adoption of social capital which affected the community financial institutions to become social capital of the community.