For almost 50 years, Plansmith has helped financial institutions become better organizations through improved planning. In that time, we've heard a lot of industry chatter - much of it a load of, dare we say, bologna.
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Only part of a successful strategic plan lies in the plan itself. A good plan, just like a recipe, is important. But any good chef will tell you, choosing the right ingredients is only half the challenge. The rest lies in executing the recipe properly.
So, how can your bank or credit union make a better strategic plan?
Here are some simple tweaks to the ingredients and execution of your strategic planning recipe.
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.
Smart choice - that's a bold statement. But believe me, I wouldn't use those words if it weren't the truth.
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.
Social media best practices in the financial industry are tough because regulation becomes a real issue. Fortunately, there are some helpful platforms, such as Social Assurance, that assist in marketing automation (which is essential in 2017!) and ensure your social posts are compliant. Once you’re confident with the regulatory side, it’s all about value.
2017 is all about the inundated consumer. They’re inundated with emails, text messages, billboards, direct mail, social networks, etc. And, most of these from a variety of audiences: work, personal, blanket marketing, and marketing of things they actually care about. Their brain is left with the job of sorting through it all. It’s exhausting and beyond cluttered.
I can talk about social media all day long. And all night, for that matter.
By 2020, millennials will account for 50% of the global workforce (PWC). And according to Gallup, only 29% of millennials are currently engaged at work.
That puts employers in a tough spot, considering this generation will eventually be charged with leading these organizations. And banks are not immune!
What is your bank doing now to prepare for the inevitable millennial takeover?
Plansmith will be at The FMS Forum in June. We'll be in the marketplace, and I'll be presenting a breakout session!