Oklahoma Bankers Association We make bankers better!
By Alicia Wade
OBA Chair
COO, Sovereign Bank, Shawnee
In August, the OBA focused on strategic planning as we chart our course for the next 12-18 months.
We embrace this process not only within the OBA, but also for our member banks, as it ensures we address the needs of both bankers and the communities we serve.
Strategic planning is essential for all businesses, but it holds particular significance for community banks. Our banks are deeply rooted in local economies, face unique challenges and opportunities that necessitate a well-thought-out strategy for long-term success and stability.
Effective strategic planning equips community banks to navigate a complex financial landscape marked by regulatory changes, technological advancements and evolving customer expectations. By setting clear objectives and outlining actionable steps, our banks can better manage risks, allocate resources efficiently and adapt to market shifts. For instance, a community bank might devise strategies to enhance digital banking services to meet growing demand for online and mobile access while preserving its personal touch.
Strategic planning also allows community banks to leverage their local knowledge and relationships to uncover growth opportunities. Whether expanding into underserved areas, developing new financial products or forming partnerships with local businesses, a robust strategy ensures these initiatives are well-coordinated and aligned with the bank’s mission.
A clear strategic plan fosters better decision-making and resilience. It provides a framework for evaluating potential challenges and opportunities, helping our banks remain agile and proactive rather than reactive.
Ultimately, strategic planning is not just about achieving financial targets. It’s about nurturing long-term relationships, amplifying community impact and ensuring sustained relevance in a competitive and evolving financial environment.
It was within the OBA’s own strategic planning sessions last summer and, most recently, last month, we devised how the Association fulfills its mission, “We Make Bankers Better,” through its PULSE value system.
This term represents a comprehensive strategy for advancing the banking industry, grounded in five core values: protect, unite, lead, serve and educate.
Protect emphasizes the OBA’s commitment to safeguarding both banks and their customers from potential risks and threats.
Unite focuses on encouraging collaboration among banks, promoting a cohesive approach to tackling industry challenges and sharing best practices.
Lead underscores the association’s dedication to empowering member banks to set industry standards, innovate and drive progress.
Serve reflects a commitment to community engagement, highlighting the importance of supporting local initiatives that are vital to the success of our bankers.
Educate prioritizes ongoing professional development, ensuring that banking professionals stay informed and skilled in the latest industry advancements.
These values collectively guide the OBA in enhancing the banking sector, fostering excellence and making a positive impact on the community, thereby ensuring a resilient and forward-thinking banking industry in Oklahoma. It’s also a tangible example of what can be developed from and through strategic planning.