The Headache: Troubled times and daunting new regulatory burdens distract bankers from business.
Our Question: What is your bank doing to rise above the fray and plan, practically, for the future?
Come see what other bankers think, and add your own views
How is your bank planning ahead and moving ahead?
Strategic planning has been a tough one in the last few years, with uncertainty being the only certainty. But what is your bank looking at or trying now that goes beyond basic blocking and tackling and dealing with current problem issues?
This can be anything from new technology to new services to something completely outlandish. Or just a statement of your bank's intents for the future.
Let's hear your views and ideas below! (Editorial Note: Contributions to Pass the Aspirin may also appear in our print edition. While we will ask for your e-mail address, this is only as an aid to verifying identity and will not be used for any marketing or promotional purpose. The e-mail address will not be published.)
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H. McCall Wilson, Jr., president and CEO, The Bank of Fayette County, Moscow, Tenn.
said:
| Strategic planning usually involves setting goals like ROA, ROE, asset growth, etc. In the past, it has been more about today?s problems than tomorrow?s opportunities. In order to be successful and remain independent, our mindset needed to change. Most of our employees did not know our mission statement, much less our current strategic plan. To our employees, they were just words on a page, without meaning. This is why our bank is in the process of determining our future strategy. This strategy has to be steadfast about the objective, but flexible as to the means. After many meetings we determined that our future strategy was quite simple??Great Customer Service, Every time, Without Exception.? ROA and ROE are a byproduct of customer service. As we proceed with the planning process, our focus is on the customer?s experience. For example, customers do not care about fancy underwriting software unless it reduces the ?decision? time. Before we spend on technology, we are asking ourselves: Will it improve the customer?s experience? As the world goes digital, we are going handshake. | |
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Mike Murphy, EVP/CFO, First American Bank, Norman, Okla.
said:
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We are going to be operating much more leanly than we have in the past?with less staff, less account options and smaller sized banking centers. We will use technology investments to help us continue to meet our customer needs. We are literally looking at every function and service in the organization to determine if it can be done more effectively and how, or if it should be done at all. Additionally, we are looking at adding new services related to our electronic age--including an iPhone apps, micro business capture, and online financial management. Some of our advertising has and will continue to shift to web media, as well. Strategic planning has certainly become an ongoing process, instead of an annual event. What I?ve said here reflects my own opinion and may not necessarily reflect the opinion of my bank. |
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William Grant, chairman and CEO, First United Bank & Trust Co., Oakland, Md.
said:
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Strategic planning has been a bit of a challenge in this environment. It is the old adage that ?It is hard to remember that you came to drain the swamp once you are knee deep in alligators.? I think there will be opportunities in developing strategies which draw customers?both businesses and consumers?into deeper relationships, through both value-added services and financial education. |
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Donna Bennett
said:
| We formed a Corporate Banking Division 2 years ago to capitalize on bringing those value-added services to our clients and prospects. We have a solutions approach and we are evolving out of a "lender" focus to a "relationship" focus. We have significantly expanded our Treasury Services offerings and can now compete with any bank for commercial clientele based on our organic offerings as well as services offered in concert with partners. We have also embarked on the implementation of a new CRM system to assist in this endeavor. | |
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