Plansmith Blog

Change Isn't What It Used To Be

Posted by Craig Hartman on 3/7/18 2:15 PM

Since the mid-1960s change has been a constant. The only real change is the rate of change. For years there have been predictions of shrinkage in the number of banks – the prediction is finally coming true. There has been a big change in the number of institutions (over 16,000 in 1972 to about 5,000 today). The environments they serve and the ways in which they serve has changed. Competition, consumer attitudes, market demographics, regulations, products, and technology have all had their impact.

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Tags: community bank planning, strategic planning for banks, bank mission vision core values, credit union planning

5 Ways Plansmith Simplifies Your Budgeting Process

Posted by Brett Hendricks on 2/27/18 3:08 PM

For most banks and credit unions the annual budgeting process is just that, a “process” that is far from looked forward to.

The CFO gathers data and input from market managers and department heads. The President and CEO then hand down more information as well as targets and objectives that rarely align with the other information. It's then the CFO's and finance team's job to cobble it all together, make it balance, and deliver results to the Board for approval.

As anyone who has been through it knows, the process itself is not cut and dry. To be honest, it can be downright exhausting.

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Tags: community bank budget software, community bank budgeting, bank budget, credit union planning

5 Things Your Strategic Plan is Probably Missing

Posted by Megan Plis Knapp on 2/23/18 3:17 PM

The saddest thing I see with banks and credit unions is probably not what you'd think.

It's not a lack of passion for people, or even a disparate set of products that fail to match up with customer needs. In fact, banks and credit unions excel at both of these and they play a big role in creating a unique customer experience.

I could continue to list things, but you still wouldn't guess. Why? Because it's something we don't even think about it's so foreign to us.

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Tags: bank strategy, strategy, community bank planning, strategic planning for banks, credit union planning

3 Reasons Outsourcing Your IRR is the Smart Choice

Posted by Megan Plis Knapp on 1/17/18 2:55 PM

Smart choice - that's a bold statement. But believe me, I wouldn't use those words if it weren't the truth.

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Tags: interest rate risk management, bank irr reporting, Outsource IRR

The Top 3 Lunch 'n Learns to Review for 2018

Posted by Jennifer Mello on 1/3/18 1:53 PM

The New Year is a great time to prep and review. That's why I've picked the top 3 Lunch 'n Learns you should review before diving into 2018.

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Tags: community bank budgeting, community bank planning, compass

There is No Secret Sauce

Posted by Sue West on 12/27/17 10:32 AM

We all like to start the new year with aspirations to renew, realign, and regain control of our world.

I don’t know about you, but those words just get me pumped.

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Tags: leadership, Customer Service

Strategy Lessons From a Chess Grandmaster

Posted by Tom Parsons on 12/20/17 3:12 PM

Garry Kasparov. You might only know him as a former world chess champion; perhaps the greatest of all time.

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Tags: bank strategy, strategic planning

How to excel without Excel

Posted by Brett Hendricks on 12/6/17 12:37 PM

One of the most common calls we take at Plansmith is from a bank or credit union looking to improve their entire budgeting, forecasting and board reporting process. While the organizations vary greatly in size, and the person calling is sometimes the president and other times a financial analyst – most often they all have one thing in common: “I’m currently using Excel.”

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Tags: community bank budget software, community bank budgeting, bank budget

The 3 Biggest Missed Opportunities of Social Media

Posted by Megan Plis Knapp on 11/27/17 4:11 PM

Banks and credit unions have made leaps in the way of social media in the last year. But, there's still tremendous opportunity waiting to be seized.

The idea behind social media is that it's simply another method of communicating with your audience. If you'd like to read more about social media best practices, you can read about it here, but that's not the purpose of this article.

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Tags: social media for community banks, social media

The 3 Reasons Strategic Plans Fail

Posted by Tom Parsons on 11/14/17 3:17 PM

Why does strategic planning matter? Jim Fugitte, Director of Strategic Advisory Services, explains that banks with a strategy outperform their peers – when they execute the plan.

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Tags: bank strategy, bank strategic planning software, Strategic Plan

IRR Training Videos

Newly updated series

by Dave Wicklund
Former FDIC Examiner

Click here for training options including:

 - IRR Modeling Principals
 - Key IRR Model Assumptions - Assets
 - Key IRR Model Assumptions - Deposits
 - IRR Management
 - Independent Review, Model Validation
 - Backtesting

Bonus Board Training Content

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