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 took a closer look at what they are doing to lead in the new digital economy.
Investing in change
Financial services organizations are investing significantly in change and intend to strengthen this commitment. Organizations expect to increase investment in better efficiency and cost control, better customer service and experiences, risk and regulatory compliance, product and service innovation and new digital technologies and channels.
Among the digital technologies rated as most important for change delivery are big data/analytics, mobile, the Internet of Things and cloud. We asked survey participants, “How important have these digital technologies been to the delivery of your change programs?”
Change leaders are achieving greater outcomes
Change leaders in financial services are better at managing change, are achieving better results from their change programs, and report better commercial performance as a result. For one, change leaders are more likely to run their change programs according to plan—on time and on budget. Across the board, they are also more likely to achieve the change benefits they were targeting.
Learn more about the key attributes of change leaders in banking and insurance, and what key factors play into their success in our industry-specific reports.