Where are we going? (American Financial Services Association) (Comment) (Column)

Now and again every person and every organization needs to take stock of what they have been doing in the past and what they should expect and plan for in the future. AFSA's Board of Directors did just that at its fall 1991 meeting. Through the use of a Delphi ballot, each member present was asked his or her opinion concerning the future direction that our industry will be taking during the '90s and beyond. In addition, they were asked to define what role they saw AFSA playing with regard to the various services and Programs that are provided in support of our diverse membership. What follows are a few of the results, which I hope you will find interesting and thought-provoking.

In response to a question asking what future trends would most significantly change the competitive nature Of our industry, the following thoughts most frequently appeared: there will continue to be consolidation within the industry; there will continue to be new and different legislation and regulations to deal with and adjust to; new technology will continue to change the manner in which some of our services and products are delivered; and new and innovative approaches to the procurement of adequate funding will be vital to assure each member company's and our overall industry's continued growth and prosperity.

Another interesting exercise regarding the fundamental questions that would be posed to an Oracle of Delphi, should one be available, brought forth these responses: Who will use our services in the future and what products will be required? Will the customers of the future demand more personal service as opposed to "technology provided service?" Where will the capital and other funding come from and what will the costs be? What about the societal changes and demographic shifts? What direction will the U.S. economy take over the next few years?

As is true with a successful sports team, the success of any business is dependent on how well it defines those qualities of service and performance that separate it from the crowd and give it a competitive advantage. These were called "core competencies" on our ballot, and we were asked to list those that we felt gave our industry a leg up on our competitors. Here are a few of those responses.

First and foremost, the companies in our industry know who their customers are, and they give these customers excellent service; we react well to change, ...