While the Credit Union’s senior leadership are all very experienced banking professionals with a track record of profitable success, they lacked experience developing and implementing a strategic plan that would affect a strategic change in the organization’s direction and future.
A collaborative strategic planning process that didn’t just result in an actionable plan, but provided the hands-on education of what is (and is not) strategic—providing the senior leadership team with a clearer path to delegating operations to their teams and elevating their efforts to focus on the strategic goals that will help OUCU achieve its vision.
While OUCU enjoyed many years of profitability and satisfied members, the CEO recognized the need to shift the organization’s thinking about how they see competitors and growth opportunities. There are simply too many competitors—traditional and in fintech—for OUCU to assume that continuing “business as usual” would allow OUCU to retain, let alone win new members.
The CEO was confident that his team can run the credit union effectively, but he knew they needed to ‘up their game’ when it came to identifying strategic opportunities and setting their focus on the shift to grow after many years of flat membership. The CEO asked OnStrategy to help his team identify and focus on the strategies needed to increase membership.
Because the world of consumer banking is rapidly changing, OUCU’s CEO wanted to help his leadership team combine their knowledge with new approaches to identify and solve the organization’s weaknesses, capitalize on its opportunities, and address threats. It was important to the organization’s future that the leadership team have a structured way to explore new priorities and identify creative solutions.
Through a series of remotely facilitated planning sessions, OnStrategy’s Outsourced Chief Strategy Officer guided OUCU through the strategic planning process over 5 weeks. At each session, the Outsourced Chief Strategy Officer provided explicit instructions and worksheets for completing each planning phase’s content, which the OUCU team did together, offline following each session. Prior to each session, OnStrategy reviewed the content from the previous session so that the team was ready for each next step. Regular one-on-one check-ins with the CEO kept the process and the plan on-track.
Having come to OnStrategy with a Mission, Core Values, and Vision, OnStrategy helped OUCU develop its:
After completing its strategic plan, OUCU and OnStrategy designed an implementation program that would engage leadership and managers and would provide confidence-inspiring reporting to its board. With the OnStrategy application as the plan implementation tool, OUCU has a dynamic, easy-to-use resource for keeping the organization focused and thinking strategically: