By: Tiana Brown of CCG Catalyst Consulting Group
Some people get confused about where business plans end and strategic plans begin — which may explain why some banks have failed to master the art of business planning. Here’s a checklist to help you craft an effective plan that gives your bank an edge in achieving its goals.
As many as 64% of retail banking executives and 56% of commercial banking executives are focused on “improving the customer journey” as a top priority during the next five years, according to a survey.
These findings underscore the fact that both retail and commercial bankers recognize the need to provide an elegant customer experience, whether it’s online or in the branch. The high percentages also serve as an indication of how intensely competitive the banking landscape is and will remain for years to come.
But the level of coordination and focus needed to achieve enterprisewide goals like those associated with customer experience does not just fall into place. It requires that banks incorporate effective business planning — with agreed-upon objectives and target dates — into their day-to-day operations.
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