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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.
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.
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’ success appears to be due to three main factors:
They are differentiated by:
They balance internal digitization and external digital channels, and regard innovation and digital as the new core of their business.
A clear strategic purpose shapes the change vision, which is reviewed continually and amended frequently.
Change leaders understand the importance of culture and human dynamics in making transformational change happen – they put people at the heart of change.
They are also developing professional change capabilities and disciplines to help them lead the way.
Change leaders use agile much more than their peers, they apply it with better disciplines, and they get better results.
Change leaders are more likely to apply the insights derived from analytics to make better change decisions.
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:
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:
Global Lead
Financial Services Talent & Organization
Change Lead
Financial Services Talent & Organization