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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.
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?
Q: Do you expect investment in these change programs to change in the next 12 months?
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?
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?
And they achieve more impressive results
Q: Did your organization achieve the change benefits it was targeting?
Q: Did your organization improve its commercial performance as a result of its change programs?
Attributes of a Change Leader
Change leaders’ success appears to be due to three main factors:
- They have a well-defined digital strategy, a clear vision of the changes needed, and greater leadership commitment.
- They have a sharper focus on the human factor and the role of a supportive culture in successful change.
- They have a stronger change capability that allows them to execute change with greater pace and discipline.
They are differentiated by:
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Strategic Approach to Digital
They balance internal digitization and external digital channels, and regard innovation and digital as the new core of their business.
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Stronger Vision and Leadership
A clear strategic purpose shapes the change vision, which is reviewed continually and amended frequently.
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Focus on the human factor
Change leaders understand the importance of culture and human dynamics in making transformational change happen – they put people at the heart of change.
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Stronger Change Capability
They are also developing professional change capabilities and disciplines to help them lead the way.
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More Effective Use of Agile
Change leaders use agile much more than their peers, they apply it with better disciplines, and they get better results.
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Insight-Driven Change
Change leaders are more likely to apply the insights derived from analytics to make better change decisions.
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
Global Lead
Financial Services Talent & Organization
Andy Young
Change Lead
Financial Services Talent & Organization