How Culture is Key for Innovation at Today’s Banks
Posted by: AmberRoberts in: Financial Services -
Just a few years ago we were pondering if, when and how banks will answer to consumer desires for simplification, speed and integration when it comes to everyday money matters. Today, technology is table stakes in the world of banking, and the new question being asked is how banks can shift their organizations to be successful in a tech-driven world.
At this year’s Digital Banking conference, a common theme across financial institutions of all sizes was the importance of culture in our rapidly shifting, tech-forward environment. Here are cultural best practices from the banks who are truly embracing technology:
- Overcommunicate: If the entire organization feels they are part of new technologies, there will be more internal buy-in. Explain what the organization is doing and why. Talk to all levels of staff and update them regularly.
- Create digital ambassadors: Financial institutions have created digital ambassadors successfully and stand behind the approach. The “ambassadors” can range from digital natives to novices; what’s important is that they are trained to understand new tech inside and out, and they are capable of encouraging their colleagues and customers to embrace the advancements. Ambassadors can engage in the field, at the branch level and in the back office.
- Bring in risk and audit early: When rolling out new technology, hiccups can occur if changes to the way of doing business aren’t vetted and understood early by risk and audit departments. To avoid unexpected delays with rolling out digital improvements, have members of those teams involved from the onset to be part of the transformation.
- It won’t be perfect, and that’s okay: The shift to an innovation-first model must be embraced at top levels of the organization and should be messaged across the organization. For most banks, leveraging technology is new territory, and misfires may occur. But if everyone at the organization understands the overarching goals and roadmap, and feels they are part of it, they will be forgiving of launch delays, technical hiccups or betas that need a lot of work before primetime. And inevitably, most organizations will experience some issues with technology.