T'is the week before Christmas and only two weeks from 2012 which will be another low growth, challenging year for financial institutions everywhere. Let's take a look back at the priorities in 2011:
(1) Customer-centricity: maintaining a constant focus on the customer is still the bedrock for strategic survival and operational success.
(2) Innovation: our creativity is critical to differentiating our brand experience in a crowded marketplace.
(3) Productivity: building sustainable improvements in both revenues and cost management must be the financial focus
(4) Leadership: people with a vision, values and implementation energy are essential to move forward through all economic and business challenges.
Competition and hence disintermediation by non-traditional, emerging entrants who want to "eat your lunch" continues to grow in most markets. Whereas collaborations and consolidations will be necessary amongst the traditional players, especially credit unions, for survival.
Your real strength has to be in your people who create a seamless experience for customers amongst multiple, integrated sales and service channels to which consumers control access. Personnel's discretionary efforts at this time are the building blocks to meet and exceed customer expectations.
Obviously, 2012 will be more of the same in terms of market dynamics and global uncertainty. Therefore, trim the ship so it is capable of sailing through turbulent waters to find the sunshine on new shores.
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