Lindsay LaNore: How to Map Your Bank's Future State

What does the future hold? Obviously, it’s impossible to know, but it is possible to define your desired future state. It’s also possible to create a roadmap for how to get there. Where is the bank right now, where does it need to be, and what is the route in between?

One of the most powerful strategic exercises a leadership team or department can undertake is a future-state activity.

Rather than beginning with current challenges and working forward, this approach asks teams to imagine a successful future and work backward to determine how to get there. What makes this exercise unique is that it’s flipped, and that offers the opportunity for significant conversations.

Start by painting a vivid picture of your bank (or department) one, three or five years from now. Imagine it has achieved its most important goals. Write a scenario that outlines what success looks like, how employees are working differently, how customers experience your bank, what outcomes have been achieved and more.

Four steps to facilitate a future-back strategy session

Once the future state is clearly defined, gather your team, set aside a few hours, grab a whiteboard, sticky notes or digital board and get to work. Here are four simple steps to follow:

1. Brainstorm what changed. Ask the team what changed between your current state and the future-state scenario. How did the bank deliver products or services differently? How did the bank connect with customers differently? Ask them, as a team, to identify the critical moments, decisions and innovations that drove this success. Be as creative as you can with your answers, encouraging outside-the-box thinking.

2. Prioritize and sequence. Not every change can happen at once. Identify what must occur in the next six months, next year and in later phases. This helps transform an inspiring vision into a practical roadmap.

3. Identify enablers and barriers. For each major change, discuss what would help make it happen and what could stand in its way. Consider resources, skills, leadership decisions, capacity constraints and competing priorities. Separate what your team can control from what may require support from others. Decide what to tackle first and what to leave until later.

4. Challenge yourselves to think bigger. Ask difficult questions. What’s the boldest opportunity on the list? What should you stop doing now to create space for something new in the future? What assumptions are holding you back?

The real value of this exercise is the conversations it creates. Future-back thinking allows teams to think and talk about what is truly possible. The future rarely arrives exactly as expected. But banks or teams that intentionally define where they want to go are far better positioned to adapt, innovate and thrive than those simply reacting to what comes next.