A Lean Growth Plan for 2023 offers a fresh chance for banks and similar institutions to rethink their growth plans.
A lean growth plan is built by aligning on a strategy that promotes smart, earned growth over big marketing budgets and clumsy ways to get new customers.
In essence, focusing on boosting your work efficiency, delivering a top-notch customer experience to fuel organic growth, scaling with the help of partners, and checking how well your tech drives customer experience can all aid growth in a meaningful and lasting way in 2023 and beyond.
Find Work Efficiencies-Pat of a Lean Growth Plan
Take a good look at your operations to uncover ways to do better. Specifically, consider how you arrange your team, and what should stay in-house versus what might be better with a partner.
Mainly, smaller and medium financial institutions should concentrate on their IT and software development staff. For many businesses, ongoing partners, instead of in-house staff, can offer better value for money. Teaming up with both IT and software development support can help you cut costs, find a sustainable budget that encourages growth, and meet your operational and innovation goals. Make sure this is part of a lean growth plan for the business.
Excel in Customer Experience
Big marketing budgets often hide a lack of organic growth. Likewise, low organic growth often comes from a weak customer experience. The top brands and organizations grow by delivering a fantastic experience, making keen promoters and continually pleasing new customers.
This year, ensure your bank or institution focuses on your customer experience performance metrics. By doing this, you’ll beat the competition and increase your market share. This approach brings in new customers cheaply, sees a low churn rate and creates a positive feedback cycle. This is another way a lean growth plan can be implemented successfully.
Leverage Partnerships As Part of a Lean Growth Plan
Partnerships are a brilliant way to weave innovation into your everyday operations. To use a FinTech company’s tech, most financial institutions should make sure their customer information and data is in an easy-to-access API. This allows third-party organizations to use that customer data to provide valuable tools, information, and personalized services based on customer data.
Assess Your Technology
Every financial institution should carry out a meaningful audit of its tech. during a lean growth plan year. Specifically, every feature in every piece of tech should have a clear and measurable impact on the customer experience.
Too often, financial institutions create technology just to tick a box, without linking the performance of that tech to a customer experience metric. The end result is a big IT budget with no impact on customer satisfaction. A lean growth plan provides the opportunity for simplifying your tech overhead, you can shift funds and resources to features that are making your customers’ lives better.