Change in financial services has become a differentiating factor.
With that, the facets of leadership have and are still evolving, with a refreshed focus on the dynamics and instruments of change within organisations.
The pace of change is a different proposition now than it used to be. The confluence of technology advances, which continue to occur exponentially, and consumer demand in combination with market and regulatory pressures give the context for the very real challenge of agility for financial institutions (FIs) of all sizes.
This means in some cases wholesale transformation of traditional structures, hierarchies and business models, away from not only legacy technology stacks and systems, but also from endemic siloed cultures.
Architects often say it is easier to demolish and start anew but with live running workforces and global operations in train, transforming an enterprise on-the-go requires astute and reasoned methods and a considered approach. It goes beyond placing the focus on technology, as the industry is wont to do.
What are the core tenets of change and transformation? How does one effect change, enterprise-wide and what are the real dynamics of modern leadership?
It takes the vision to identify processes that are redundant or limiting, for example longstanding Key Performance Indicators (KPIs) may be redundant within new business and operating models. Or the way in which teams interoperate and report may need to be adjusted; upskilling is likely a contributing factor; HR and recruitment parameters need likewise to be taken into account.
The instruments with which to change course need to be clearly and realistically set on course, but what else is required in order to inspire and influence. Is failure indeed required in order to succeed?
This report from Finextra, in association with Mambu, engaged several industry leaders from a range of financial services organisations, to address the dynamics of modern leadership and what it takes to succeed and orchestrate change, not only once but as a constant.
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