DES MOINES, Iowa (11/16/11)--Four areas community financial institutions (FIs) will focus on in the year ahead is the subject of a new released white paper from The Members Group (TMG).
"On the surface, things may appear calm, but underneath currents are swirling and business fundamentals and structures are being transformed rapidly," writes Shazia Manus, TMG CEO, in the white paper "The Road Ahead: Four Very Important Competetencies for Community FIs in 2012." "CEOs and their executive teams, boards and staff must begin the strategic-visioning process by asking a tough question: Does our business model still work?"
The answer will lie in the answer to these questions:
- Why is the credit union still in business?
- Who is the strategic focus of the business?
- What does the business offer that the target market finds valuable?
- Is the business uniquely structured to deliver that value better than its competitors?
Manus goes on to explore each of the four areas of focus:
- Product/service mix; and
- Deeper customer relationships.
Manus also shares what tactics CEOs will use to help their organizations compete better.
Deeper customer relationships will stem from a larger commitment to cross-selling, said the paper.