Articles
The Physics of Business Decision-Making
Many companies struggle to reimagine their businesses in light of today’s competitive realities. A study of Newton's Laws of Motion can offer some insights into their challenges.
Strategic Plan Scorecard
The strategic plan needs to acknowledge the drivers of success in today’s world, and then define an optimal future direction from an array of different alternatives. This article provides a scorecard for assessing your company's strategic plan.
How to Create an Innovation Culture
How can companies quickly respond to rapid changes in technology, customer expectations, and competitive threats?
Lessons Learned from a Digital Banking Conversion
Conversions are never fun. This article shares some lessons learned from a 2022 mobile/online banking system conversion.
5 Things To Consider As You Complete Your Strategic Plan
As you complete your strategic plan, take time to pause and do a quick ‘big-picture’ review.
You Need Actionable Data to Survive
Data is the lifeblood of a company in the 21st [...]
The Importance of a Strategic Budget
Does your company have a separate budget set aside for [...]
Competing with Marketplace Lenders
This morning I read a daily client post from a [...]
Musicians on the Titanic
In April of 1912, eight musicians boarded the RMS Titanic [...]
The Challenge of Long-term Employees
Is having a concentration of long-term employees at your company [...]
Survival of the Fittest
The financial services industry is experiencing a period of rapid change driven by near-term events like the pandemic, overlaid on top of the longer-term digital transformation of the economy. The companies that manage to survive over the next few years will be the ones that are most successful in adapting to this new business environment.
COVID-19 Shredded Bank & Credit Union Plans. Here’s How To Reboot
As America keeps pushing to reopen, financial institutions must learn from their pandemic experience and figure out how to pick up the essentials of old strategic plans and stitch them to fresh ones for the 'new normal.'
Creating Innovative Products with Technology
Financial institutions are all selling the same products that have been defined by regulation rather than customer need. With the creative application of digital technology, however, it is possible to develop innovative new products that better address customer needs and can differentiate your company from the competition.
You Still Have a Chance to be a Player in the Personalization Game
It might seem like large banks and FinTechs have an insurmountable lead when it comes to providing customized offers to customers given their huge investments in customer analytics. That's not necessarily true, and institutions with much smaller budgets can still compete in the personalization space.
ROI on Digital Transformation Investments
Many traditional financial institutions are reluctant to pursue important digital transformation projects without first being able to demonstrate a positive expected return on investment. This is unrealistic for many transformation-related investments, and may jeopardize the company's long term survival.
But Our Customers are Different . . .
Bank executives and front line staff often defend their limited investments in digital technology based on the belief that their customer base prefers to transact business face-to-face in a physical office. In reality, the preferences of existing customers are likely much more diverse. And the new (and often younger) customers needed to sustain future growth are more likely to demand higher levels of digital engagement.
Do Business Banks Need to Worry About Digital Transformation?
Leaders at some business banks may view the digital transformation as being relevant only for more consumer-focused institutions. Nothing could be further from the truth, and a failure to act now may place your company in an increasingly challenging and non-competitive position.
Design Thinking – A Different Approach to Decision Making
Design thinking has become a popular approach to problem-solving with a focus on developing creative, innovative solutions to customer problems based on a deep exploration and understanding of their needs.
Digital Transformation and the Board of Directors
A company's Board of Directors provides valuable oversight and leadership. But Board diversity is an important factor in how well a company understands and addresses the needs of the customers and communities it serves, and how effectively it responds to change driven by the digital transformation.
Digital Transformation: Is It Worth It?
Some management teams struggle with whether or not they can be successful in pursuing a digital transformation strategy. Success factors can include the nature of the business, and the willingness and determination of management to pursue change.