7 Big Strategic Planning Questions Bankers Must Be Asking Now

7 Big Strategic Planning Questions Bankers Must Be Asking Now

Article from: The Financial Brand

In boardrooms around the world, senior leaders are scrambling to set the strategic direction for their financial institution. But when senior leaders aren't brutally honest about where their organization needs to improve and innovate, their strategic plans are doomed to fail. Here's what needs to be on their radar, and the hard conversations they need to have.

1. Is Your Institution’s Data Analytics Up to Speed?

“Most financial institutions are still trying to attract all consumers with all things financial,” says Mark Weber, CEO and Chairman at Weber Marketing Group. Instead of “trying to acquire everyone in the market,” he says institutions must be developing greater data literacy in order to better identify and target those consumers who represent the most potential.

“Savvy leaders know which segment of their target audience is the most engaged — and most profitable,” Weber explains.

According to Weber, data from both internal and external sources must be plumbed to assess buying triggers, experience drivers, channel preferences, market perceptions, and competitive opportunities for your institution.

Joe Sullivan, President and CEO at the Market Insights, is among the army of consultants like Weber that emphasize the strategic importance of data analytics in banking.

“Smart, efficient collection and analysis of data must become a core capability if financial institutions hope to achieve and maintain competitive advantage,” says Sullivan. “Accessing and augmenting consumer data must be seen as a strategic priority if banks and credit unions are to understand — and address! — consumer demands for increased personalization and experiences that deliver instant gratification.”

“Knowing everything you can about who you serve is going to be table stakes,” Sullivan cautions.