Financial Organisations are working hard to address the combined pressures of the economy, old and new competition, the ever changing regulatory environment, redefining business models and internal constraints.
What will set these organisation apart from the rest? The member and the customer are at the core of their business and consulting with these stakeholders on a regular basis is key to enabling the organisation to grow.
We have recently completed a number of strategic planning exercises within Credit Unions with member consultation being a key component of the process. These Credit Unions were a variety of sizes and scale but adopted a similar project plan and the projects were completed within the suggested timeframes.
The key message based on our experience to date is that it is not sufficient simply to develop a strategic plan in isolation, if the plan is to be used as a successful tool to drive performance it is essential that the goals in the plan are linked to the terms of reference of the volunteer committees and the goals for the staff and the manager. This will provide a positive framework for all parties within the Credit Union to work together to serve the needs of their members into the future.
An additional component in our process is that we complete a full review of the implementation process six months after the publication of the plan. This ensures that after the plan has been completed that it becomes a living document to facilitate the Credit Union reaching its potential in fulfilling the requirements of its members.
|The Client- a successful credit union in the south west of Ireland with over 14,000 members was in its 38th year of operation. The Credit Union has had a meaningful impact on the lives of families within the area, providing a volunteer led community based financial resource for the community. The Credit Union Movement in Ireland is heading into a period of change, the financial landscape has changed drastically and there is a requirement to adapt their offerings and structures to meet the challenges over the next number of years. There was a requirement to develop a strategic plan for the Credit Union to cater for the future challenges and enable the organisation to reach its potential over the next three years. The organisation engaged with PINTA to manage the strategic planning process.
The Approach– Pinta developed a project plan which consisted of developing a foundation for success, including a communication process for all stakeholders and agreeing the parameters and success criteria of the project with the Board, Manager and Staff. Pinta also introduced the planning process to each team member, this involved the Pinta lead presenting to the board, staff and manager on a weekly basis over the duration of the project.
A key element of the planning process is capturing the opinion and ideas of the members on what the Credit Union is offering and could provide for its members in the future. Pinta consulted with the members, staff and board to calibrate their ideas on what the preferred future of the credit union was. This involved workshops and online surveys using the appreciative inquiry framework.
In conjunction with the consultation process, Pinta also conducted a thorough financial analysis exercise to develop a set of financial projections that would allow the Credit Union to establish a financial dashboard with a set of Key Performance Indicators. These KPI’s are a vital component of any financial institution and were shared with all board members, manager and staff to provide full visibility of the success of the Credit Union.
Pinta then distilled all opinions and ideas from the envisaging workshops to develop a practical strategic plan which was validated and agreed by stakeholders.
The Outcome – The output of this intensive process was:
• A Strategic Plan for The Credit Union for the next three years – with a customer centric focus as a priority.
• A new communication framework within the Credit Union.
• A performance management process for each staff member.
• A set of financial projections with a financial dashboard.
• A sustainable operating model for staff and the Board.