Jeff Judy

Jeff's Thoughts - December 26 , 2007

What I Learned This Year

It is that time of year again, when we look back and see what has happened, and what we have learned from it. Looking back at my own experiences of the past twelve months, I'm struck by how my clients benefit most from focusing on the fundamentals, the basic themes of our business that we have to revisit and reinforce almost every day.

Credit has been a key financial service for centuries, but many of the issues that prevent one financial services provider or another from reaching full potential have also been with us a long time. Here are some of the core concerns that I encountered time and again in my consulting, teaching, and writing work this past year:

Truth to tell, I have seen over and over again this year how many banks overlook the fundamental practices, like those mentioned above, that provide 90% of their competitive advantage, all in pursuit of the "magic pill" that will give them that last 10%. No doubt the same thing was true of credit providers 100, 500, or 1,000 years ago.

But I am an optimist. I'll be working to make this a year in which more and more banks give these basics all the attention they deserve . . . and reap great rewards in the marketplace as a result.