As a company passionate about the value of planning, we have our own strategic plan. Like most, we would gather for a few days every year to review our mission and vision, discuss our market opportunities, develop objectives, determine action plans, and assign responsibilities. But, I am ashamed to admit, just like many companies we never really executed as well as we should for a number of reasons.
So, you decided to open a new branch? This comes after you’ve spent hundreds of thousands of dollars on new electronic delivery technologies. It also comes after we just hit a record for financial institution branch closures. And let’s also add the fact that lobby traffic has reduced by 10 times the rate of those branch closures. Given these facts, how can you know if you’re making the right decision?
Garry Kasparov. You might only know him as a former world chess champion; perhaps the greatest of all time.
Don't let your bank fall victim to outdated preconceptions of strategy. Traditionally, strategy has been made out to be a big, scary word. It sounds daunting, dark, and almost threatening. Or, at the very least, kind of boring. But what you're thinking of is the strategic planning of the past.
Make strategic planning a priority that your team will take ownership of in a positive way. Here's how to put a fresh twist on your institution's strategy.
Trust. Nearly a decade after the global financial crisis, banks are still struggling to win it back from the general public. According to a recent study from Brunswick Group, only 27% of Americans trust banks. And globally, 56% of people favor smaller, more personal banks – this provides community banks with a huge opportunity.
Read this guest blog by Kevin Masi, Co-Founder & CMO at Torque Digital, to learn how proposal software is defining their brand and could influence yours.
Since I started my business in 1992, we’ve always looked for ways to improve our marketing, our finances and our operations. As we’ve gotten better, what I’ve also found is that these three areas are much more interconnected than I had ever considered. Or maybe it’s more accurate to say that because of growing competition, the need to differentiate ourselves from competitors is more critical than ever. Brands are the expression of what makes a business different and valuable to the market. And we are beginning to see all the ways that operations affect our brand – and seeing how our handling of financial matters also affects our brand.
In its Semiannual Risk Perspective, the OCC said strategic risk remains high as banks consider business model changes and face revenue challenges.
I’ll Take BOSS for $1,000, Alex
Answer: “Because the OCC says so.”
What is “Why should I care about strategic planning?”
More specifically, Thomas J. Curry, Comptroller of the Currency says so.
True or False
A budget is a once a year process for an institution.
True: A budget is a process typically done once a year to establish targets/goals of measure to be used as guidelines throughout the year.
Risk Profile, Strategic Planning, Risk Appetite – all this and more in the Supervisory Insights April 2016 edition and its companion video released in July. Remember when these were all discussed independently? Examining each within the Corporate Governance Program is now the new hot button with regulatory agencies.