A strategic plan increases operational efficiency, profitability, and market share and makes the overall business more sustainable. Business culture, the skills of employees, and organizational structure are important factors that influence how an organization can achieve its objectives. A well-thought-out strategic plan allows financial organizations to set a direction, providing objectives to achieve progress across the organization in long-term. Strategic planning will also enable the organizations to be proactive with a better understanding of opportunities and threats. To improve differentiation versus the competition and enable the efficient deployment of resources, an organization has to be proactive.
Strategic plans can be of different forms. The simple strategic plans allow organizations to set a direction, providing objectives, and goals that are used for assessing progress across the organization. How developed the plan is, depends on several factors, including the level of accountability the organization trying to create, the period for implementing the plan, and the culture of an organization. There are several reasons for implementation pitfalls like lack of ownership and communication, an overwhelming plan or meaningless plan, no accountability or progress report. Thus, there is a need to consider these aspects to achieve overall success.
Banks must ensure that the customer service agents have sufficient resources that help them do their job effectively. This results in customer improvement and employee morale as well.
According to Webtrends, a digital marketing solution provider, almost half of all customer interactions with banks and financial services companies are now online websites, mobile apps, emails, and social media. However, 37.9 percent of the business is still carried out in-person in the branch, and 12.6 percent of the interactions occur via voice calls. Banks must build an excellent digital Support Center that can deliver customer needs within reach. Today’s consumers are more self-reliant, and hence, the banks must provide great self-service support that’s not only convenient and efficient but empowers consumers as well.
An organization needs to keep track of their record for the business plan, product improvements, and customer feedback about products and offerings to attract more customers. They should keep an eye on what the other organizations are planning and adapt to the latest technological trends. Digitalizing the organization, applying data and advanced analytics, building better payment solutions, and improving the customer experience are major objectives to be taken care.
Digital tools and advanced technologies benefit banks from the strategic analysis and decision making to multichannel execution. Banks today should necessarily have their strategic plans in place, upgrade them, and push them into action regularly to increase their revenues and stay engaged with their customers.