If it feels like storm clouds are gathering over your financial institution, you’re not alone. The combination of economic uncertainty and unprecedented competition from an increasing number of sources has darkened the business outlook of many leaders in the banking industry.
The roles played by chief financial officers and other senior finance executives of traditional financial services institutions are increasingly important as institutions strive to maintain margins during this time of uncertainty.
Download this report to learn 10 key findings facing CFOs and other senior finance executives in financial institutions across the U.S., based on Kaufman Hall’s annual survey. Examples include:
- Many institutions lack sufficient profitability insights to know where to invest – only 16% of respondents cite a clear understanding of performance based on profitability analysis.
- There is a significant gap between what finance leaders feel is important to monitor and what they actually measure and track – for example, 94% say they should be monitoring relationship profitability, but only 40% actually measure it.
- Outdated budgeting processes and systems contribute to long budgeting cycles and inaccuracies – 43% of institutions cited budget cycles that take four months or longer
Based on these findings, the report also recommends 11 strategic priorities to help your institution overcome challenges and maximize opportunities to grow profitably.
This Report is brought to you by Kaufman Hall