One of the biggest challenges that banks face today in their digital transformation is the absence of right people, culture, and organizational structure. Hence, to complete a truly digital transformation one of the key priorities for banks in 2017 will be finding the right set of people, and empowering them to carry forward with the transformation strategy.
People who have a varied skill set, and know the right balance between business and technology will be invaluable when it comes to organizational change. Needless to say, change must be driven top down and this will be concomitant on the presence of generalists with a positive attitude for transformation at the summit. Banks should be on the lookout for people who have the right mindset – i.e. people who are not afraid to rock the boat and embrace change within the organization.
To complete a truly digital transformation, banks must be empathetic to their customers and create experiences for them that transform them from rationally satisfied customers to emotionally satisfied customers. Employees play an important part in this transformation as their disposition determines where the customers end up at in their journey. Hence, it is important to have emotionally satisfied employees to have customers that are true brand advocates.
Cross-functional teams are the cornerstone for any change that an organization goes through and it is no different for banks. Teams that can collaborate across the length and breadth of the banking organization will be the linchpin in a bank’s digital transformation and will need to have the correct technical expertise to see these changes through. Uncovering the right talent becomes a significant task in such scenarios, and banks can collaborate with fintechs and other startups to overcome the challenge of having the right person at the right place.
Culture will be the biggest challenge in any bank’s transformation process, and they will have to instill a practice of lifelong learning and design thinking into their organizations. In an age where change is swift and unforgiving, it is a priority for banks to keep learning and evolve along with the environment.