While traveling across Interstate 80 recently, I spent some time reflecting upon the very first, boxy cell phone I owned in roughly 1994. This heavy device offered questionable quality and service, but it was very cool. Clearly, times and technology have changed! Today, our lives are driven by smart phones and new technologies—email, text messaging, calendars, contacts, internet searches, directions, movies, entertainment, etc. No one industry has been impacted more dramatically by changes in technology and resulting consumer preferences than banking and financial services. These rapid technological advances were one factor that led your NBA Board of Directors to embark upon a strategic planning process in late 2016.
At the July meeting, the NBA Board accepted the final strategic planning document and recommendations from Financial Shares Corp. (FSC). The plan was developed following a variety of member surveys; board retreats; member, nonmember, and staff interviews; and a thorough data review.
The plan outlined four primary strategic goals. Within these goals, the plan identified 55-plus strategic action steps. The board and staff analyzed these specific implementation steps and settled on a list of eight to 12 priorities for the coming year. A complete copy of the plan can be found on the NBA website at http://bit.ly/NBAStrategicPlan. Following is listing of the four primary goals along with a sampling of action steps within each category.
Goal #1: Increase Organizational Efficiency
a. Consolidate accounting functions between the NBA and NBISCO
b. Conduct a thorough financial review of all NBISCO and NBA educational offerings
c. Finalize VEBA online enrollment
d. Evaluate offering NBA/NBISCO/VEBA programs to associate members and preferred vendors
e. Solicit outside experts to review and offer strategies for VEBA to better navigate the changing healthcare marketplace
Goal #2: Enhance Organizational Effectiveness
a. Develop a formal social media strategy
b. Engage next generation (young) bankers in making school presentations and hosting peer group meetings
c. Craft formal succession plans for key NBA staff and the lobbying team
d. Extend the length of NBA Board member terms
e. Conduct a member dues review to assure consistency in the marketplace
Goal #3: Improve Advocacy & Industry Promotion
a. Initiate a candidate school for Nebraskans seeking local and state elected office
b. Host a Young Bankers of Nebraska (YBON) day at the Nebraska Capitol
c. Develop targeted marketing/promotional efforts to showcase the importance of Nebraska banks and careers in banking
d .Lead a statewide discussion/strategy about improving financial literacy
e. Increase effectiveness of banking internship programs at all banks and extend internship matchmaking to all higher education institutions
Goal #4: Pursue Growth in a Disciplined Manner
a. Conduct research/survey member institutions about specific business needs to support new preferred vendors and services
b. Meet with large-member institutions to discuss collaboration on education and training opportunities
c. Continually evaluate products and services that assist members with the talent recruitment and development process
d. Help growing member institutions meet CRA-related requirements (i.e., SBIC, financial literacy)
e. Identify specific product offerings to expand to partnerships with other state bankers associations
While this list is not a comprehensive recount of the specific tactics outlined by FSC, it offers you a flavor of the functions that the board, staff, and various volunteers will focus their time and talents in the coming years. In cooperation with staff members, we have already initiated plans to address the more short-term strategies contained in the plan.
The goal in undertaking this planning process was to assure a sustainable and successful trade association that meets the needs of our extraordinary member banks and also helps to grow the banking industry in Nebraska. If you have questions about the strategic plan or wish to discuss the implementation strategy, please feel free to reach out to me directly.
Richard Baier, a proud husband, father of two, and the president/CEO of the Nebraska Bankers Association (NBA). Avid about growing the Cornhusker State's banking industry.