Why people and culture (not just technology) needs disruption in banking.


For many financial organizations looking to future proof their business, the first step is to envision their move towards a new economy and develop their digital strategy roadmap. Often this involves changing product composition, reinventing processes and inevitably includes new technology investments. Whilst the task of developing this strategy is often daunting, what is more of a challenge is getting your existing staff to embrace the new vision and be open to supporting and accelerating its implementation. Developing a new set of skills, tearing up the governance and standard operating procedures that have been in place for years and essentially building a new ‘digital’, corporate culture is usually a dream far fetched. What makes this essential ingredient more difficult to achieve is that the business may be thriving, profitable and achieving good results, which often does not incentivize structural change. It is usually when the bridges are burning that people realize the need to change, by which time it is usually too late. I often meet with senior executives who understand the need to digitize and modernize their business but look for advice on how best to handle the culture shift within, and how to put in place measures that will help catalyze the transformation process. Click Here to read the full article.



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