As technology evolves and consumer trends are affected by outside social influences, including the COVID-19 pandemic, financial institutions are faced with ever-increasing competition. It is critical then, that organizations adopt new strategies to excel within their respective markets.
One of the best ways to do this is to incorporate peer analysis into your organization’s planning process.
Peer analysis is an impactful way to evaluate your bank’s performance within the context of your operating environment and business model. It can help you identify new opportunities, manage competitive pressures, and address regulatory hurdles. There are many facets to quality peer analysis but the most meaningful analysis hinges first on selecting the right peers.
Eliminate the ‘Yeah, buts’