How your organisation can adapt as the banking industry transforms
A lot has yet to be worked out in the digitisation of finance. Because most financial services CEOs operate under constraints of regulatory supervision, leadership teams often consist of seasoned veterans accustomed to conventional routines. Yet success will require companies to move faster. The industry is rapidly adjusting to new consumer habits, BigTech competition and more everyday companies that are embedding financial products in their offerings. As the financial system changes, institutions need to be open to new types of leadership capabilities that better map to the opportunities of today’s market environment.
CEOs in the US expect a post-pandemic recovery that will stretch the boundaries of what’s possible for their organisations in an increasingly digital world. This means that innovative, personalised digital services will be that much more important. Competition from outside the industry is already meeting customers’ financial needs faster and more efficiently from an innovation and capital standpoint, effectively shrinking the banking system.
So, it’s no surprise that banks are struggling to find a clear vision for how to grow. For institutions to meet this challenge, they’ll need to develop a culture of systematic innovation.
