The Financial Brand Insights - Fall 2021

” Whether you’re in the “wait and see” or the “ASAP!” camp, there are key considerations you need to make to be sure your investments are in the best interest of your business, your brand, and perhaps most importantly, your consumers.

Investing in Your Footprint From “Wait and See” to “Build It Now”:

capital investments. While many chose to wait, an analysis of financial institutions’ actions during and immediately following the Great Recession of 2007-2009 showed that those who approached the economic downturn as a catalyst for action and adaptation came out of the recession on solid footing for sustainability and growth. T hose who didn’t invest in growth initiatives were more likely to struggle and/or be merged/acquired. Today, we’re seeing many behavioral parallels. Hindsight is 20/20 and the reality is that while some financial institutions were in a position to make investments throughout 2020, the majority took the “wait and see” approach. Many of the institutions that waited are now ready to act. However, they’re facing significant challenges including inflation and a long line of other organizations (within and outside of the Financial Services Industry) that are similarly looking to invest. That pent up demand is having a major impact on the industry. If you’re ready to build or renovate, rebrand, refresh and/or overhaul your branch technology, there are some key things I urge you to consider.

demands and labor shortages, it is natural to focus on the bricks and mortar and dollars and cents of a project, but financial institutions would be ill-advised to let these elements alone drive their path forward. There is a human element to the services that financial institutions provide. The goal of any major network investment should be to bring a company’s mission, vision and brand to life in a relevant way for the marketplace and for consumers. If there isn’t a clear connection to those elements, a building project will not be worth the investment. The key to ensuring a project is worth it is to do a thorough analysis to identify the true needs and opportunities available and vet out the best way to capitalize on them. Done well, the analysis that happens before branch renovations, relocations or network additions tells you if the opportunity for growth is real, and if it is worth investment. Once the analysis is done however, it is time for fast action. Construction costs and material availability is changing rapidly. In this climate, financial institutions, and any organization, pursuing a building project need a partner that

be sure your investments are in the best interest of your business, your brand, and perhaps most importantly, your consumers.

By Tom Kennedy President at La Macchia Group

Unprecedented, unexpected, uncertain —the buzzwords used in 2020 to describe the pandemic are now the words many people are using to describe the costs and other challenges related to construction projects. Any type of uncertainty is often a reason for consumers —and business leaders—to take a “wait and see” approach. After 18 months of “waiting and seeing,” we’re now seeing more financial institutions coming to the table with an “ASAP” mindset and seeking quick action on branch building and other physical network investment projects. Whether you’re in the “wait and see” or the “ASAP!” camp, there are key considerations you need to make to

Expediency Can’t Trump Strategy

“Wait and See”…And Risk Getting Left Behind The COVID-19 pandemic forced leaders of financial institutions to wrestle with tough decisions, including if and how to proceed with

For financial institutions feeling the urgency of pursuing their previously delayed building or other network refresh project - it’s important that expediency doesn’t trump strategy. With news of soaring construction prices, supply chain

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THE FINANCIAL BRAND INSIGHTS FALL 2021

THE FINANCIAL BRAND INSIGHTS FALL 2021

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