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MASTER CHANGE
lead in "the new"
Financial Services Change Survey 2017

Mastering Change Is Key to Future Success

Financial services companies are investing in innovation, transformation and change—but not everyone is receiving the same return on their investments.

Rapid, disruptive change is a defining feature of our times. Financial services (FS) organizations that master change, and develop true agility, will thrive in this uncertain environment.

Our Financial Services Change Survey 2017 examined FS organizations’ change priorities, capabilities and approaches, and the change outcomes they are achieving. We found there is a small group—we call them the change leaders—who are significantly better at change than their peers. We look at what they are doing to lead in the new digital economy.

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Investing in Change

Financial services organizations are investing significantly in change, and intend to strengthen this commitment. The main change investment priorities for the industry, today and through the next year, are:

Q: What level of resources/activity is your organization currently dedicating to these strategic change programs?

Level of Resources/Activity Chart

Q: Do you expect investment in these change programs to change in the next 12 months?

Investment in Change Programs Chart

80% of financial services organizations currently invest moderately or significantly in new digital technologies and channels; 60% expect to increase this in the next 12 months.

Among the digital technologies rated as most important for change delivery are big data / analytics, mobile, the Internet of Things and cloud

Q: How important have these digital technologies been to the delivery of your change programs?

Digital Technologies Rating Chart

Change Leaders Are Achieving Greater Outcomes

Change leaders are better at managing change, are achieving better results from their change programs, and report better commercial performance as a consequence of change.

Change leaders are more likely to run their change programs according to plan

Q: What proportion of your change programs, completed in the last 12 months, were delivered on time and on budget?

Delivered On Time Chart

Delivered On Budget Chart

And they achieve more impressive results

Q: Did your organization achieve the change benefits it was targeting?

Change Benefits Chart

Q: Did your organization improve its commercial performance as a result of its change programs?

Commercial Performance Chart

Attributes of a Change Leader

Change leaders’ success appears to be due to three main factors:

  1. they have a well-defined digital strategy, a clear vision of the changes needed, and greater leadership commitment.
  2. they have a sharper focus on the human factor and the role of a supportive culture in successful change.
  3. and they have a stronger change capability that allows them to execute change with greater pace and discipline.

They are differentiated by:

Practical Steps for Mastering Change

Whatever your strategy is for capitalizing on disruption and innovation, a professional change capability will be critical to your success. Here are seven steps you can take to thrive in the new digital economy:

01

Lead Change With Vision

02

Prioritize Investments in Digital

03

Innovate and Scale for Value

04

Make Change More Human

05

Be Open to Change From Outside

06

Build True Agility

07

Prioritize and Build Your Change Capability

To find out more about the survey, and the seven steps to becoming a change leader, download the report that’s most relevant to your industry:

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Andrew Woolf

Andrew Woolf

Global Lead

Financial Services Talent & Organization

Andy Young

Andy Young

Change Lead

Financial Services Talent & Organization