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 the last of our three-part series about efficiency, we will touch on three ways to establish a structure that supports a culture of efficiency at your FI. Efficiency goals should be born out of benchmarks. The FI can pick one or two they want to focus on, establish what success looks like and how […]
With the current economic environment and the impacts still being felt from the COVID-19 pandemic, many FIs are focusing inward and analyzing their efficiency as an institution. Increasing an institution’s efficiency results in three key outcomes: Enhanced Customer Experience. Efficient organizations offer a much better customer experience. Particularly on front-facing activities, customers prefer to resolve […]
With Baby Boomers retiring at an accelerating pace over the next 10 years, there is a critical need for financial institutions to focus on executive succession planning. The 2020 Crowe Compensation and Benefits Survey revealed that 50 percent of FI executives are 56 or older, and 28 percent of managers are in this cohort. With […]
Benjamin Franklin once said, “If you fail to plan, you are planning to fail.” His quote could not be more applicable to bank board succession planning, especially in today’s quickly changing world. While director succession may be one of the more sensitive topics in the boardroom, director development and board repopulation should be regular agenda […]
To successfully adapt operations to a post-COVID world, many FIs are focusing on two main areas: Workforce and technology. “The pandemic itself didn’t present any real ‘aha’ moments, but it elevated considerations that were on the back burner and brought them to the forefront of leaders’ thinking,” said Gladys Rodriguez, PRI Consultant/Project Manager. Workforce In the […]
An important issue in an FI’s long-term strategic planning is Board of Director governance. To be effective in its main role of oversight, the board must have qualified and actively engaged directors who understand their strategic and high-level role within the FI. Especially in times of economic uncertainty, the board should have a deep understanding […]
If your financial institution last updated its strategic plan pre-COVID – or worse, it never had a strategic plan in place – now is the time to revisit the planning process. A nimble, well-constructed strategic plan allows an FI to make necessary adjustments, quickly, in a rapidly changing business climate. One thing is for certain: […]
As states begin to reopen and Round 2 of the Paycheck Protection Program (PPP) is wrapping up, financial institutions will return to pre-COVID operations. Or will they? At Profit Resources Inc., we believe the pandemic is providing a unique opportunity to review how financial institutions of all sizes operate and serve their communities, customers and employees. Here […]
Customer behavior has changed and will continue to change during the course of the COVID-19 pandemic. The longer the pandemic lasts, the more significant the behavior change is likely to be and the more likely those changes are to endure beyond the end of the crisis. Over the last several weeks, we’ve been connecting with many […]
Does your financial institution have a strategic plan living on a shelf somewhere? Perhaps it’s in a beautiful, black three-ring binder just waiting for the next examiner to dust it off. You get the executive management team together with the board for a day and hammer out that strategic plan once every five years. All […]
