- June 26, 2018
- Posted by: Kevin Halsey
- Category: Analytics, Innovation, Strategy, Top Performers
Our research on the top-performing banks provides examples of management teams that demonstrate an ability to manage noise and focus on the most important drivers of success for their institutions:
- Some of the standouts purposefully shrank or completely exited lines of business to focus on core activities.
- Serving particular customer segments continued to work well for others.
- Driving efficiency helped propel others to success.
Ultimately, focus remains the most important strategic imperative for high-performing banks. So, what management characteristics lead to clarity in strategic focus?
- They have alignment between goals and activities. They set clear financial and strategic targets to be achieved.
- They are data-savvy. They use data accurately and objectively to identify the handful of opportunities that will help the bank attain strategic targets. They then use data again to determine the best options for pursuing those opportunities.
- They understand what they do well. The high performers recognize what strengths they can leverage and build on. They know which segments they serve well.
- They communicate better. A sharp strategic focus and a well-conceived plan are important. However, both must be clearly and consistently communicated throughout the organization to ensure unity of direction.
- They act fast. None of the above matters if the institution takes too long to implement and execute. In today’s world, the timeline for action is becoming shorter and shorter.
Read the full article in our Wire Newsletter!