REINVENTING #FINSERV FOR THE DIGITAL WORLD
The financial and banking industry’s boundaries are being redrawn daily by new technologies, raised expectations from digitally-savvy customers and increased competition from new entrants ranging from startups to retailers, and even professional services firms.
Fundamental as these changes are, they are just the beginning. When regulations like PSD2 and GDPR start to bite, or the big tech players jump in to take a slice of the market, how will your business respond?
It is not enough to roll out a new customer-facing app or buy some startup and hope for the best. Digital transformation is a truly strategic issue, requiring incumbents to rethink their internal structure, business practice, cultural make-up and leadership models to win long-term. But how?
See below for some starting points to help you adapt and succeed in the new normal – but if your needs are different, please get in touch to discuss.
- Disconnected customer touchpoints
- Competition from new digital players
- Finding new digital revenue streams
- Limited internal tech capacity & skills
- No integrated digital transformation strategy
- Risk management culture, trust & ethics
- Engaging & educating senior leaders
- Aligning people behind change efforts
- Uncertain regulatory constraints & risk
DIGITAL FITNESS PROGRAM
We help you plan, manage and deliver strategic programs that address the internal capacity, staff learning, agile team development, organisational design and tech service integration capabilities required to survive and thrive in an era of constant tech-driven change.
Our Digital Fitness service:
- Digital infrastructure review
- Digital transformation support
- Business model innovation
- Digital leadership development
DIGITAL CULTURE REBOOT
From addressing the risks related to organisational culture to a hands-on focus on digital behaviours, cyberculture and new ways of working, a Digital Culture Reboot is a highly specialised addition (or alternative) to traditional “culture & behaviours” programs.
Our Digital Culture Reboot service:
- Target online behaviours
- Design measurement model
- Visual transformation mapping
- Culture change tracking
Connected financial services firms need connected leaders who can thrive in a networked world, and better digital leaders to emerge from the organisation. Cultivating leadership behaviours at all levels helps create a culture of action and accountability.
Our Digital Leadership Enablement service:
- Executive team briefings & guidance
- Inspiring future of leadership workshops
- Diagnostics on leadership health metrics
- Digital function design & development
SELECTED BLOG POSTS
This week’s curator, Livio Hughes, shares a blog post looking at the way in which the introduction of the updated Payment Services Directive (PSD2) - affecting UK banks irrespective of Brexit - will force the banking industry to engage with significant digital change...read more
Much has been written - both in our blog and elsewhere - about the many barriers to achieving the meaningful and sustainable digital transformation needed for businesses to operate in the challenging business conditions prevailing in the early 21st Century. From...read more
This week’s curator, Livio Hughes, looks at the ongoing challenges faced by banks in coming to terms with (and preparing for) lasting digital transformation in the face of a range of industry threats, including the likely entry into the market by tech giants alongside...read more
The recent announcement that Wells Fargo entered into a partnership with Amazon, signalling the online retailer’s entry into the tricky - but massive - US student loan market, is only the latest in a series of alarm bells being sounded in the financial services...read more
Do insurers get FinTech? Coming at a time when, according to Gartner, "half of CEOs expect their industries to be substantially or unrecognizably transformed by digital”, the apparent lack of engagement with FinTech displayed by insurers in a recent PwC US...read more
We are currently working alongside some fantastic asset management (AM) clients in Europe, which has allowed us to delve into some of the current dynamics shaping the European AM sector, research its emerging and still-tentative relationship with digital and social...read more
Weekly inspiration & insights:
Get curated links and latest news. Sent every Thursday.