Lewis Carroll once made the astute remark, “If you don’t know where you are going, any road will get you there.” Success is achieved only when the path is clearly marked and the goal is well defined. As we come out of the challenges of the last five years, there are critical strategy considerations for financial institutions that should be explored and exploited. We have seen deterioration in the political and economic climate affecting financial institutions. We have seen federal regulators define tougher standards that have affected all parts of an institution’s structure and organization. We have seen higher capital requirements create challenges, while lending to qualified customers has become more daunting than ever. It has even become more difficult to find talented leadership, especially in operations. What’s more, all financial institutions, regardless of size or capital structure, have been affected.
After all these momentous changes in the industry, financial institutions must ask themselves several questions: How will these watershed events affect our business? Does our business plan take account of these new market realities? Is our present plan adequate to meet the regulatory, market and competitive challenges? Financial institutions should continue to search for ways to cut costs, while also striving to develop a culture of business process improvement. This process should be ongoing, rather than just temporary or in reaction to short-term financial conditions. Explore proven ways to dramatically improve operational efficiencies, organizational effectiveness and competitive differentiation. Click here: McGLADREY PRESENTATION