Who influences your thinking?
In politics, influence can be a dirty word. But in business — and banking in particular — the ability to be influenced well is the key to insightful decisions made by the C-suite. When planning for the future, bank executives have three obvious constituents who shape their thinking, and one whose input deserves a more discerning evaluation.
1.
Customers: Fast, frictionless transactions are what they want most. A trip to the bank — in person or online — should be efficient and easy. But when making important financial decisions, customers still want a trustworthy advisor at the branch who will take the time to guide and inform them. Offering both kinds of service is what keeps customers coming back.
2.
Staff: With all the disruption to the banking status quo, it’s not surprising that staff want stability. They want to know their career path is supported. They want managers who help them grow. Satisfied staff make for satisfied customers.
3.
Shareholders: No matter what kind of business they invest in, shareholders expect stability, growth, and returns. The challenge for financial institutions navigating change: providing steady leadership while delivering results.
3.
And then there's a fourth group - Vendors: Not all vendor relationships are created equal. Some partners solve real problems — and the impact is measurable. Others are better at packaging than delivering. The distinction worth making isn’t whether to engage with outside partners, but whether a given partner is solving a problem your institution genuinely has. Does their product fit your strategic plan? Can they demonstrate results, not just promises? Do they understand your industry deeply enough to actually help?
So, to whom do you listen?
Listen to your customers or they'll go elsewhere.
Listen to your staff or they'll probably go elsewhere as well.
Listen to your shareholders or you'll most likely be going elsewhere.
Listen to your vendors with a discerning ear. Do you really have a problem that they can help solve — or is the problem being manufactured? Where does their service / product fit with your strategic plan? Do you even have a strategic plan?
As a leader, you not only need to influence others — you need to be genuinely open to influence in order to make informed decisions. That combination of sound judgment and intellectual openness is what separates good leaders from great ones.
"No man has ever listened himself out of a job."
- Calvin Coolidge, 30th President of the United States
