Our blog is dedicated to sharing our thoughts and expertise about the banking industry and how you can experience quantifiable results for your financial institution. We invite you to hear the perspectives from our banking professionals through our posts.
In considering how a technology strategy enhances strategic planning, PRI Director of System Evaluation Mike Neale says he tends to think of things slightly differently. A technology strategy is not just an enhancement to the strategic planning process, it is born from the business strategy and supports it wholly. Technology strategies should not be developed […]
Sound strategic plans are essential to the long-term success of a financial institution, and involving the right people in the process is vital to an organization’s success. Too often, senior leaders overlook the value of inviting and including their young future leaders at the table. Mikelle Brady, PRI partner, says PRI has seen in its […]
Many financial institutions provide ATMs at each branch location because “that’s the way it’s always been done.” However, banking has rapidly evolved since the 1960s when ATMs first appeared to give cardholders access to cash when the financial institution was closed. Has your institution recently analyzed whether ATMs are a profitable endeavor or more of […]
As we mentioned in our last blog 3 Keys to Creating a Successful Acquisition Playbook, smaller community-oriented financial institutions often struggle with sustaining organic growth. The complex regulatory environment, challenges of talent acquisition, retention and succession planning in small communities pose steep challenges to that kind of growth. Acquiring or merging with another strong institution […]
As smaller community-oriented financial institutions wrestle with future-proofing their businesses, having and executing against a well-defined acquisition strategy can be an effective way to remain relevant to their customers and community. It can be difficult to sustain organic growth, the cost of the regulatory environment is onerous, and in communities of a few thousand people, […]
As we wrote in the article How Community Financial Institutions Compete in a Digital Age, deposit growth is not what it used to be. Along with shifts in U.S. population growth and demographics, excess liquidity in deposits created by COVID stimulus plans has quickly eroded. The “higher for longer” rate environment is stressing cost of […]
When working with financial institutions to improve profitability, the debit card program receives a bright spotlight because of its potential to increase the organization’s revenue and decrease its costs. PRI consultant Candace DeBarger says that four myths about debit cards can be a barrier to maximizing their profit potential, and she debunks them below. Myth […]
April is Community Banking Month, which the Independent Community Bankers of America (ICBA) calls “a celebration of the independent spirit and unwavering commitment of community banks to help consumers and small businesses achieve their financial goals to create communities of prosperity nationwide.” PRI is celebrating some of the excellent community banks that we’re fortunate to […]
April is Community Banking Month, which the Independent Community Bankers of America (ICBA) calls “a celebration of the independent spirit and unwavering commitment of community banks to help consumers and small businesses achieve their financial goals to create communities of prosperity nationwide.” In April, PRI is celebrating some of the excellent community banks that we’re […]
Just more than a year after OpenAI released its Large Language Model (LLM) chatbot ChatGPT and the rapid expansion of AI in general, many in the banking industry are looking at how they can join the AI race. However, the desire to jump into AI without a clear plan or understanding of what AI platforms […]
