TITLE

In search of a strategic roadmap

AUTHOR(S)
Cady, Joseph H.; Soukup, William R.
PUB. DATE
February 2003
SOURCE
ABA Banking Journal;Feb2003, Vol. 95 Issue 2, p63
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
In the past, running a financial institution was much simpler. Bankers could focus on the basics: loans and deposits; debits and credits. But now, things are much more complex. And, in order to succeed, bankers must be able to focus on many things simultaneously. In the past, running a financial institution was much simpler. Bankers could focus on the basics: loans and deposits; debits and credits. But now, things are much more complex. And, in order to succeed, bankers must be able to focus on many things simultaneously. We have identified four critical issues that bankers must be prepared to address effectively if they and their institution are to prosper. They are, 1. the changing competitive landscape, 2. size and growth, 3. the shifting priorities of customers, and 4. technology. Naturally, each financial institution and its market is different, and you must tailor your application of the following strategic options to your circumstances. A commonly held view is that competition is much like death and taxes-an important part of our operating environment over which we have no control. In part, that's true. But the notion that this competition is completely determined for us, not by us, is just not accurate. Much of the question of who the competitors are and how powerful they are is determined by each institution's decisions regarding what products and services it will offer and to whom. Replace a vision that is based on 'banking' with one that concentrates on providing financial services that are important to your target customers. Remember that your customers are concerned only with the end results-the products and services they receive-not the time-honored methods of running a bank. Ultimately, the institution's goals must be cast toward understanding and fulfilling the needs and desires of its customers-not just setting rates and carrying out transaction processing.
ACCESSION #
9032237

 

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