KQ Article

We all know that thriving amidst regulatory change requires understanding the changing needs of banking customers and members. But the formula for success doesn’t end there. It also takes sound strategic vision from leadership teams. Even the tightest ships need a rudder to stay on course.

The Collaborative recently shifted its focus to the other group critical to future banking success: C-level decision-makers. The goal was to meet with them to pick their  brains, hear their reactions to our customer behavior insights, and learn how they planned to lead their institutions through the change.

Here are four key takeaways from those discussions.

1. Caution reigns supreme.
While executives universally expressed a desire to differentiate, they also admitted their reluctance to try something new. The conservative nature of bankers prevailed, as many shared the passive “wait and see” approach of seeing what competitors are doing before acting.

2. Many anticipate serious resistance to change.
Even the executives who see future opportunity recognize how hard it will be to get their organizations to move. Training came up often in the discussions — specifically, the importance of helping staff understand how certain changes must be made, no matter how difficult, to ensure long-term success.

3. Leaders face a ‘customer catch-22.’
Most executives acknowledged that banking customers were changing and that their organizations needed to change, too. However, they expressed deep concern about how customers might react if their bank or credit union actually made changes.

4. Adaptability will be crucial.
Decision-makers don’t see today’s sweeping change as a one-time thing. Rather, they see change as a new constant in banking, and believe that the most nimble financial institutions will be tomorrow’s industry leaders.

So what to do? Revisit your value proposition and make sure you are aligned with new consumer expectations. Get organization-wide alignment on the vision for the future. Properly equip and educate your teams to respond.

And base all of your communi-cations around your new value proposition.

These executives understand the need for change. They believe that creating change is the pathway to thriving. How are you preparing your organization?

All Collaborative findings  and recommended actions will be covered in detail at the 2011 Deluxe Knowledge Expo in Orlando. You can register now at: DeluxeKnowledgeExchange.com/Expo

_{© 2012 Deluxe Enterprise Operations, Inc.}