Our research shows us that too many banks are hyper-focused on traditional growth activities, like acquiring more customers, expanding sales channels and product offerings, when they are not ready to successfully execute. As banks and companies start their 2023 planning, this is a trend that we’ll continue to see with banks rushing into the payments space out of fear of ‘losing the race’ to fintechs.
But, it’s critical that banks slow down now so that they can speed up later. What does that mean in practice? When a bank tries to grow prematurely without addressing the right challenges, it can have a material impact on a company’s share price and/or delivering profit results over time as well as a significant impact on customers, employees, and investors/shareholders.
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Banks that want to expand or diversify their presence in payments, for example, are often taken by surprise when they realise what they are trying to build does not fit with the structure, or capabilities of their organisation. Getting the strategic direction right really matters when trying to grow a business and getting it wrong can be disastrous, so it’s important that banks spend the time getting to know their companies better, including assessing the pain points that need addressing before trying to add new lines of business.
Sheree Thornsberry, Payments and Financial Services Practice Lead, The ROIG Group
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