To gain a better understanding of the state of change in the banking industry, and how banks are tackling change, Accenture conducted a Financial Services Change Survey which examined financial services 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 more effective than their peers.
Joining the change leader paceline
Approximately 10 percent of the firms surveyed are achieving much better results from their change investments, and report markedly better commercial performance as a result. Like in a long-distance bicycle race, as the race speeds up the disruption initiated by these front-running change leaders will eventually cause the chasing peloton to break up. Those banks not able to adapt and keep pace will slip off the back and out of contention. But, what makes change leaders so much better?
What attributes do change leaders possess?
In addition to a clear vision for change, change leaders’ success appears to be due to three main factors: a well-defined digital strategy, a culture that embraces change, and an effective change capability. Together, these factors help them execute greater volumes of change at a faster pace and with stronger disciplines.
What are the highest priorities for banks?
Ninety-two percent of change leaders in our survey said they have a cross-enterprise digital capability, compared to only 54 percent of other respondents. We asked change leaders how important digital technologies have been to the delivery of their change programs.
Change leaders are also more likely to run their change programs according to plan, with 74 percent saying their program was delivered on time and 49 percent saying they delivered on budget. In response, they achieved significant change benefits, notably better efficiency and cost control, new digital technologies and channels, risk and regulatory compliance, and product and service innovation.
The road to becoming a change leader
Whatever your strategy is for capitalizing on disruption and innovation, a professional change capability will be critical to your success. There are seven practical steps for mastering change you can take to thrive in the new digital economy:
How will your organization thrive in “The New”?
The future of banking is one of continuous, accelerating change–small, constant changes as well as large-scale transformations. Banks need to make explicit choices about their future business models, form a clear vision of how to develop them, and then execute boldly and with discipline. Change leaders have shown the way forward. Read more about the findings from our survey and practical suggestions for next steps in your change journey in our report–register below.