You’re In or You’re Out: Strategizing your Sustainability Plan
Written by: Bill Dolan, CMB, AMP
In speaking with several colleagues who attended the recent MBA Annual Convention in Philadelphia a few weeks ago, the recurring theme throughout the convention hall was “Stay Alive Til 25” and I thought to myself……really? If this cycle has some of you feeling a bit of gloom and doom, then snap out of it and get on the “Do More Starting in 2024” bandwagon.
For banks and credit unions, now is the time to focus your attention on building trust, providing value with personalized consumer communication and education along with tailored financial solutions. This will play a major role in ensuring your borrowers and depositors think of your financial institution first, when offering financial peace of mind with their deposits, reasonable fees, paired with educational resources when considering future home financing needs.
There is no better time when the market, with all its current challenges, requires lenders to get lean and realistic…. And yes, even outsourcing some of those services that you are currently paying 40 hour per week employees to perform, that now, are currently (due to the volume) taking only a few hours to perform. In other words, start eliminating the excess fluff within some of these areas and utilize those employees to strengthen other areas where the need is greater. The strength and health of your organization, particularly within your lending business, hinges on just how effective you are in addressing those areas within your departments. There is so much that goes into sustaining a healthy lending business these days, from your vision and strategy to your processes and execution, it requires you to see each part of your business clearly, whether as a leader, or a producer, how effectively you execute what is most important will determine your success. If this has become a real test over these past months heading into 2024, why not have SCA provide a diagnostic lending assessment and review, from stem to stern, your mission and messaging, lead generation, technology, your current loan operational process, straight through to your secondary market sales culture, servicing, investor accounting and default management departments.
There is no better time to assess how you will do more in 2024 than right NOW!
With years of “firsthand” lending experience, industry knowledge and expertise, SCA’s team of coaches and consulting strategists have enlightened and advised highly successful community banks and credit unions, and SCA can duplicate that same success for your institution as well.
For a free consultation on evaluating your strategic options for 2024 and beyond, contact Bill Dolan, Director at (617) 694-2617 or email Bill at: WDolan@scapartnering.com to schedule a sit down with you and our team of consulting strategists to help support you in figuring out what the next right move is, and guide you in distinguishing yourself against the commonalities most institutions are living in right now.
Take a moment to view our Solutions Page to learn more about other consulting and fulfillment services SCA offers in the areas of: Compliance including CRA/Fair Lending/ Redlining, HMDA, Quality Control, Technology, Training, Executive Coaching, Servicing (including Investor Accounting)) Default Management, Asset Management, Training and Staffing.
