Stuck in Time

From “Who Do You Love?” in this month’s Fast Company:

“Chris Bangle, BMW’s Design Director, contends there’s a universal explanation for why successful brands stumble: They fail to evolve. Bangle calls them ‘fortress brands.’ Deeply rooted in their heritage and values, they are inflexible, unmovable, and ultimately stuck in time. ‘That’s the problem with a dogmatic, static brand,’ he says. ‘The competition will outflank it, and the world will pass it by.’”

This is extremely relevant to financial institutions – especially the countless number of community-based institutions that are deeply rooted in their values and seemingly stuck in time. We all know that what got us here won’t get us to where we need to go. And with aggressive regional competition, increased customer expectations and shifting consumer behavior, successful financial institutions will be those that are flexible, relevant and willing to step away from the same-old way of doing things.