What needs is your bank filling? Who are you targeting? What makes your bank better than the others? If this difficult to answer, consider clarifying your strategy.
Does your strategic plan meet the needs of your board and investors? Banks who have a strong strategic plan tend to be stronger and more competitive. We will work with you to define your target market, and identify how you want to serve that target market. From there we build out staffing models, gearing ratios, income statements, balance sheets, and road maps. These strategic plans are designed for sharing with the board, investors, and the management team, and can be used to keep track of progress.
Consider using a classic framework for your bank strategy. Many struggle to document a compelling strategy that the board and management can understand. One approach is to have strategic pillars that can be evaluated and understood on their own, but also form a cohesive overall strategy, such as:
- Retail delivery strategy
- Commercial delivery strategy
- Technology infrastructure
- Physical plant and delivery channels
- Virtual delivery channels
- Management goals
- Financial goals