BankNews, August 2016
Managing business and financial performance in today’s challenging and constantly evolving financial environment is critical for any bank to achieve its short-term and long-term goals. The ability to manage business and financial performance is directly dependent upon an institution’s understanding of the drivers of that performance and the ability to effectively quantify projected business strategies. Evolving the planning and budgeting process from a stagnant, annual process to one that enables more timely strategic decision making is essential to accomplish this objective.
This transformation must extend beyond just updated processes and new financial planning tools. To truly attain the value from these improvements, financial institutions must adapt to a new way of thinking and culture that permeates throughout the organization.
One such institution, First Midwest Bank, has taken this approach in evolving its planning and budgeting process to help direct and guide the institution which has led to a more effective financial performance management process, and improved bottom line performance.
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