This shortcoming has plagued the industry for several decades. These projections can add to your discussion on assumptions for your strategic plan and provide an early indication of what to expect in the future. Register now. Banking Industry Sales Strategy: Service Beyond Customers’ Expectation More than the usual services expected by the customers to bank employees, especially bank tellers, it is not only having the best options and programs that make a very popular and highly patronized bank. The Strategic Management in Banking programme provides senior bankers and board members with the opportunity to reassess and explore the future of banking, developing new approaches for strategic management in a fast changing environment. Most institutions must re-calibrate how they engage with their customers and members to reach the potential that strategic planning is meant to achieve. Business strategy is simply a game plan for success. Remind your Board how to fall crazy in love. Swift execution through strong collaboration of stakeholders and linked incentives beyond annual target setting is also required. Is your mobile experience meeting consumer demands? This is important as a written plan allows all participants to read and appreciate - employees, board of directors and regulatory agencies. This not only impacts how a consumer researches and selects their financial institution, but also how transactions are conducted. Strategic Planning is the process of defining your desired future state and setting your direction - where you want to get to and how you will get there. Strategic planning is a management activity to set priorities and ensure stakeholders work towards achieving them. − Experience in bank strategic planning − Understanding of, or experience in, the banking industry (preference for community or smaller banks) − Experience in banking strategies and strategy development that are at the core of your institutional mission and goals Top 5 Strategic Challenges in the Banking Industry Optimizing the Mobile Experience. The occurrence of economic extremes has negatively impacted the performance of most businesses. “Being digital” requires a rethinking of entire processes from the core of the organization as opposed to turning paper into PDFs. ( Read More: Competitive Survival in Banking Hinges on Artificial Intelligence ). They have come to expect that these statement usually are nothing more than ‘lipstick on the cost reduction pig’ presented by financial institutions as ‘benefits’ to the consumer. If an organization is not committed to implementing the strategy, the planning effort may turn into a demoralizing factor . The impact of not adjusting to market realities has been camouflaged by positive financial results (in most cases). Unfortunately, most organizations either don’t understand the difference, or are unable to move away from traditional banking enough to think like a technology organization. Strategic planning has been used extensively both in the private as well as in the public sector to improve the performance of organisations. One of the first banking services to be impacted by fintech firms and big tech organizations was payments. Unfortunately, while most banks and credit unions have data organized to see product and organizational metrics, significantly fewer have applied this insight in a way that can differentiate the organization from a customer or member perspective. Or if the effort is just a minor iteration of past annual efforts. Summary assessment of your current operating environment, including key risks to be mitigated. Financial organizations of all sizes have the ability to use data and advanced analytics to proactively engage with consumers in ways that will save them time and money. mBank put all involved departments from the bank in one room, at one time, with the goal of offering the majority of their customers a loan within 15-seconds. Share your strategic plan with all employees and discuss everyone's role in contributing to your bank's success. As leadership passed from one generation to the next, learn how Guaranty Bank & Trust preserved its local flavor even as it embraced a new vision of growth. Since the start of 2020, mobile banking app usage has seen more than a 50% increase. This strategic plan lays out our vision for the Bank: setting out the market failures we are targeting and the critical groups of smaller businesses we are aiming to support, explaining the Bank’s objectives, structure and values, and the standards we will assess our performance against. All content © 2021 by The Financial Brand and may not be reproduced by any means without permission. Identification of key current and future risks expected to impact your organization over this planning time frame. There is an increasing need to build agility into the strategic planning and execution process, if banks and credit unions want to thrive in the digital age. Download this executive-level study examining the critical role of intelligent CRM tools when building digital relationships. By Jim Marous, Co-Publisher of The Financial Brand, Owner/CEO of the Digital Banking Report and host of the Banking Transformed podcast. 17.306 billion in 2015. Many financial institutions are only recently adjusting to a world in which insight can create value, while big tech firms have been living in this world for years.