5 ways to turn your bank strategy into action

Long, rigid road maps with infrequent check-ins make it hard to spot and address problems. Bank strategy execution should unfold as a structured, ongoing process characterized by frequent reviews. When banks shift check-in intervals to weeks rather than months, they can quickly identify important shifts such as internal challenges, customer demands, regulatory pressures, and advancements in technology.

A faster cadence can offer more opportunities to effectively:

• Check performance and continually refine the plan
• Evaluate culture and ensure employees have the freedom to innovate within the boundaries of the bank strategy and policy
• Assess the availability of needed resources such as employee capacity, team skill sets, and project funds
• Gather up-to-date information that can inform critical executive decisions

Ongoing management of capital, capacity, and progress is essential to timely success. Lack of adequate project communications, leadership check-ins, or funds can stifle even the most promising strategic initiatives.

To make sure employees are in the right role and have the capacity to do their best work, organizations might need to make changes such as:

• Moving employees with knowledge of new systems to the departments or roles where they can contribute the most
• Hiring expertise in an under-represented specialty
• Reallocating responsibilities in increased areas of need to fulfill long-term strategy goals

Even with the right people in optimized roles, financial constraints or an established risk mitigation mentality can still stymie a banking transformation. Organizations might need to reorganize priorities when they encounter increased complexity, longer timelines, new risks, or unexpected scope.

Although trying to uncover new opportunities and revenue streams might seem more exciting, sometimes the most effective, expedient solution is to reallocate existing resources. Adjusting budgets or sunsetting operations can help shift resources to vital strategic priorities.

Even with the right culture, cadence, and resource management practices in place, the successful execution of new initiatives will rely on project management to provide structure, support, and accountability.

An experienced project manager at each level of the organization should oversee critical tasks such as:

• Maintaining team accountability
• Uncovering hold-ups and keeping progress on track
• Nudging teams to function outside their comfort zones

Successful project managers don’t just prod employees to meet deadlines. Rather, they work closely with teams and drive intelligent change based on industry best practices. When project management specialists understand the responsibilities of each department and supply them with effective technology and tracking tools, teams can be empowered to pilot new processes and communicate areas where change is needed.