Posts Tagged ‘strategy’
Three Things Every Leader Must Know
Leadership is not for sissies. Leadership is not about you. Leadership has a price. Let’s diagnose each of these requirements. Leadership is not for sissies – To be an authentic leader takes courage. This courage is realized in many ways. Sometimes it is the courage to do what you don’t want to do, to do…
Read MoreFive Strategic Questions for the Board and Senior Management
It’s a strange time for credit unions. Credit unions face unprecedented pressures from regulators and examiners and capital pressures for net interest margins and fee income. Often they don’t benefit from “economies of scale” or the resources, people, and capital, to invest in the infrastructure demands of vendor due diligence, regulatory compliance, or technology demands…
Read MoreDon’t Leave your Data to Amateurs
Financial institutions own tremendous amounts of data that can provide valuable insights. How many FIs are taking advantage of this data for their strategic planning, decision-making, or marketing? Data utilization is not just about mining for shiny objects; it’s also about collecting, aggregating, cleansing, reporting, visualizing, and creating “I think” to “I know” because the…
Read MoreMoving From Incremental to Transformational Growth
Too often, I see organizations that keep getting in their way. They celebrate mediocre performance, average results, and incremental growth. Occasionally I find an organization that is satisfied in just cruising slowly into obsolescence, unwilling to admit what is happening to the company. Today’s competitive, fast-paced business climate does not tolerate mediocracy for long. Companies…
Read MoreIs your Credit Union’s Org Chart Strategically Aligned?
Is your credit union organized for today’s consumers? Unfortunately, credit unions are often “stuck” in an organization chart that reflects the business of the past, not the company of the future. But what needs to change? Too often, the credit union’s org structure is aligned historically based on legacy roles and job descriptions. The problem…
Read More5 Post-Covid Strategies
Everyone seems to be talking about the new normal, and I am not a fan of “new normal.” Normalcy has always been the siren’s call to irrelevancy and plateauing for credit unions. Here are the five things your credit union needs to consider as we move out of this pandemic: 1. Branches that don’t transition…
Read MoreData-Driven Marketing – A Primer
For marketers today, it was essential to bring to light how the Marketing team will provide offers to members as it’s a significant change to our traditional methodology. The new approach is designed to provide improved, more consistent and more relevant product offers using the wealth of data from our core and your ancillary systems…
Read MoreStrategic Planning is the Easy Part
Working with organizations across the country, I see a familiar process when doing their strategic planning. A typical process I’ve observed is loosely following these steps: Once a year a strategic planning event is scheduled with the Board and a few key executives The event starts with a “state of the industry today” presentation, typically…
Read MorePay for Performance and Reputation Risk
An increasing trend in the financial services sector is “pay for performance.” This practice shows up in several formats: Commission – rep is paid a percentage of balances acquired Incentive – rep is paid per closed referral Bonus – rep is paid based on goal performance over a set period (per month, quarter, bi-annually, annually)…
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