Five Ways to Grow Your Institution in the New Year
One year ends and another begins. And with the new year comes new goals. There are plenty of options out there, but what do you do??
Economic conditions are still important to consider. S&P Global predicts a lower rate of inflation and rate cuts, but a GDP shortfall and a depreciation of the dollar hinder those developments. On the whole: a mixed bag.
Per usual, the core of your institution’s success in 2024 is offering superior benefits to the consumer and attracting them to your bank or credit union. You need to convince consumers to do business with you despite complex market conditions. Orient your goals around this core.?
Here are my five recommendations on what to include in your 2024 success plan to attract consumers and grow your institution in the new year.
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1. Develop Professional Learning Goals
This seems like weird advice…how does professional learning help grow your institution?
The answer: by growing your people. Stagnant staff members lead to a stagnant bank or credit union. No learning means doing what you’ve always done without question. And in a changing environment, that will get you nowhere.
Expose yourself and your whole team to new ideas. Make it mandatory to read certain books, and hold discussions to brainstorm how you can use the books' ideas at your institution. At On The Mark Strategies, we did exactly that with “Traction” and “Getting Naked” as our 2023 professional learning books.
You’ll notice that idea was more a book club. It’s important to note professional learning doesn’t have to cost an arm and a leg. You can’t send your whole staff to a conference or workshop, but you can give them books.
Other professional learning ideas for your whole institution include:
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2.?Focus on the Consumer Experience
In 2024, the consumer experience at your bank or credit union will be more important than ever. Service quality separates the wheat from the chaff, and the data shows it pays to be in the wheat category. A study showed credit unions with superior member experiences had 22% higher ROA, 17% higher net income and 80% higher member growth than less service-savvy competitors.
It pays to have service like what Anne Hathaway’s character gives to the caller in this clip…
In other words, consumers expect an above and beyond experience. And if they receive it, you get a walking advertisement who is ready to refer others to you.
Let’s be honest: you often know if there are service issues at your institution. I often hear executives say visitors receive different experiences at different branch locations. Don’t let that continue if you know it’s happening! 2024 is the time to do something about it!
It’s time to make service a priority. Start with a fresh journey map and then move into new consumer experience training.
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3.?Determine Your Water Bottle(s)
What in the world are your water bottles?
Think about getting a cup of coffee at an airport. At some shops, the employee asks if you would like a water bottle with your coffee. Saying yes means you get an add-on and ultimately spend more money on the sale.
Your bank or credit union has a lot of low-hanging fruit to take advantage of in 2024…current members or customers who aren’t doing more with you. There’s a potential gold mine of assets and loans you’re missing out on because you don’t offer your water bottles.
Instruct your staff to offer the water bottles. Appropriately respond to consumer needs and build a mutually beneficial relationship with them.
Possible water bottles include:
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4.?Invest in Your Leaders
NCUA Chairman Todd Harper recently said:
“Regardless of the economic or regulatory cycle, the consolidation of credit unions has been a constant for several decades. While the pandemic initially slowed the pace, the number of mergers is now, once again, increasing. And one reason so many mergers are occurring is an absence of effective succession planning, especially in smaller credit unions.”
Are you succession planning? Are you building your bench? Is the next generation ready to take the reins? These are all questions to ask yourself in 2024. Your institution’s future depends on how you answer them.
Build the next generation of leaders. Invest in training them and you’ll invest in a successful bank or credit union years from now.
You might be thinking, “this is all obvious” or “of course leadership is important.” But data shows that while 83% of organizations acknowledge leadership is important, only five percent develop their leaders. Join the five percent who are doing something.
Remember John Maxwell’s words…?
5.?Target the Fundamentals
?Novelty and complexity are exciting. You often want to jump in and try out a new trend or the latest technology. And this doesn’t just apply to banks and credit unions.
?In football, players often want to run complex gadget plays…but it doesn’t always turn out well. A coaching tip these players get is: “focus on blocking and tackling.” Or in layman’s terms – get back to the basics.
Your institution might need a return to the basics too.
Focus on the person in front of you. Give each consumer excellent service one at a time. Offer better loans than competitors and maximize lending efficiency. Continue marketing where your promotions are most successful.
Return to simplicity and resist the urge to do everything. Forget AI and other shiny objects for a moment. Close the gaps in your basic services and you’ll prepare yourself for a successful 2024.
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Make a Plan
Incorporate all the above focuses into an actionable strategic plan in 2024 so you can move the needle. On The Mark Strategies facilitators will help you develop a plan that won’t sit on the shelf collecting dust.
Linda Fitzgibbons, CEO at Money FCU, had this to say about On The Mark Strategies’ planning facilitation:?
“I truly appreciate your time and guidance. You are so good at what you do…taking something that we initially perceived as insurmountable and breaking it down into more tangible pieces.”
The calendar is already filling up, so book a free consultation and reserve your strategic planning date today.
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Want More Tips?
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