“The main thing is to keep the main thing the main thing.” - Stephen Covey
- A slow growth economy is here to stay for awhile.
- Consumers and businesses are looking at new ways to engage (or disengage) with their banks.
- Traditional banking products will continue to produce thin margins for the foreseeable future.
- The industry will shrink through consolidation out of sheer necessity to preserve share value.
- Mobile and on-line banking are changing everything about how we do business. Mobile services will evolve faster than any other channel.
- Waste in processes and resources will be more difficult to absorb in the New Banking Model that is evolving.
- Talent Drain is already happening with experienced “baby boomers” retiring and with more aggressive banks hiring the “best of the best” away. All of this is coupled with an industry that has not invested enough in training for the last decade and has not developed adequate numbers of younger bankers with fresh perspectives and skills.
Given all of this the “Main Thing” is … (Drum Roll Please) … Constantly Improving and Adapting Your Bank’s Business and Delivery model in order to dramatically enhance your share value in anticipation of the forthcoming industry consolidation. This requires looking strategically and tactically at your “P Words” from a truly different perspective: Processes, Policies, Products, Purpose, Potential, Politics, Problems, Possibilities, People. Bank executives; make your shareholders and customers happy – long-term not just today. Think differently and innovatively about The Main Thing. Stay tuned as we will be writing and speaking more on the “P Words” in future thoughts and blogs.
© 2014 Resurgent Performance, Inc.