In an article I recently wrote for Credit Union Business, I examined the challenges and changes occurring in the realm of strategic planning. As today’s financial institution (FI) leaders adapt to an ever-changing, hyper-competitive environment, their strategic planning objectives and efforts must also evolve.
Defining the ideal consumer experience by understanding the channels, products and services most used by an FI’s customers is an important first step in the strategic planning process. Once this ideal consumer experience has been identified, strategic planning to best further your FI’s core objectives can begin.
In the article, “Three Traits of Successful Strategic Planners,” I highlight the characteristics I believe are key for an effective strategic planner to possess. The excerpt below takes a closer look at the first trait.
Trait #1: Take Walks Around the Magic Kingdom (with Eyes and Ears Wide Open)
FI leaders must carry out their planning in an intentional, disciplined and yet fluid way. Think of strategic planning as a journey, rather than an annual event. This may mean setting aside time each week to do what I like to call “taking a walk around the magic kingdom with eyes and ears wide open.”
Devote time to observe, research and gather market insights, competitive realities and critical data points from the industry landscape. Allocate time to reflect on how you plan to tackle these macro insights.
Work to know your staff and customers on a deeper level so they become a powerful, unfiltered lens that will show you where to focus your business modeling framework. Such perspectives are very helpful and allow every type of executive to be better prepared for consumer-centric strategic planning.
A good strategic plan outlines how the FI will remain relevant, delivering real value to its customers. Without understanding the aspirations, behavioral attributes and financial pains of consumers, it’s incredibly difficult to innovate your way into their world. With the increased competition coming from both in and outside our industry, innovation is exactly what FIs will need to win the hearts, minds and loyalties of consumers.
Watch for my next blog post, in which I’ll highlight the second trait of a successful strategic planner: being future-oriented.