Every community bank needs a vision that shapes your strategy, operations, and engagement with your community.

A defined strategy will help you create a point of differentiation reinforcing the value and benefits of the community banking model. It should align and motivate your employees by creating a sense of purpose. Most importantly, it should make it clear to your community that your purpose serves their best interests.

The right vision will build trust and loyalty in the wider community and within your organisation.

Localising your vision.

A vision for a local community bank branch needs to be tailored to the local community you serve.

Where non-community banks factor in the global community, your vision should focus locally. For example, a vision for a bank that is located within a rural region that relies on agriculture is likely to need a vision that is quite different from a bank that exists within a city.

Given community bank boards are usually composed of residents, there will be a strong understanding of your local needs however, it never hurts to engage the community to uncover any little nuggets of gold you may not be aware of.

Defining and articulating the vision.

Key activities when creating your vision include:

Assess the Current Situation

Analyse your bank’s current position in terms of financial performance, customer base, and strengths and weaknesses. Your goal here is to identify areas for growth and improvement.

Incorporate Stakeholder Input

Involve employees, customers, and other stakeholders to gain their perspectives. Your goal here is to build understanding and test what will resonate with those impacted.

Align with Core Values

Be clear on your core values as a bank and ensure that your vision aligns. Key examples of core values at a local community bank are:

• Commitment to the Community
• Ethical Banking Practices
• Customer Service Excellence

Explore Industry Trends

Understanding current and future trends in the banking industry, including technological advancements, regulatory changes, and customer behavior shifts, is important for creating a relevant and forward-looking vision.

Set Clear, Achievable Goals

Your vision should be ambitious yet achievable. It should set clear, long-term goals that are specific enough to guide decision-making but flexible enough to adapt to changing circumstances.

Involve Leadership

The bank's leadership team should be deeply involved in both creating and implementing the vision. Their commitment is key to motivating employees and driving change.

Focus on Sustainability and Responsibility

Incorporate elements of sustainability and social responsibility to strengthen the bank's commitment to the community.

Tradition Vs Innovation.

It is important to balance innovation and tradition when establishing or revising your vision.

While embracing innovation and new technologies may be exciting, it is important to understand your community needs. Traditional values are important to a local community bank’s identity, and these should not be compromised to prioritise innovation. However, traditional values should also not obstruct innovation that is needed.

Planning for Implementation.

"A vision without a plan is just a dream. A plan without a vision is just drudgery. But a vision with a plan can change the world."

- Anonymous.

You may not be changing the world; however, a community bank can have a large impact on a local community.

Accompany your vision with a well-designed strategic plan that outlines how your vision will be achieved. Include milestones, key resource allocations and measures of success. Seek explicit buy-in from your board, leadership, and employees.

Communicating Effectively

Once your vision is developed, communicating it effectively to all stakeholders is crucial. This includes using clear, inspiring language, and ensuring consistent messaging across all channels.

Review and Adaptation

The vision should be reviewed periodically to ensure it remains relevant and aligned with the bank's and your community's evolving needs. Being open to adaptation and adjustment is important.

Creating a vision should be an engaging and enjoyable experience for your bank’s board and leadership. Take the time to craft your vision carefully and set it up for success with a robust strategic plan. And, most importantly, be ready to share your vision loudly and proudly.

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