Digitalisation in financial services: A ladder to higher levels of agility
Digital transformation in banking presents a number of opportunities - especially in the face of the post-pandemic world. This white paper highlights the importance of digitalisation for financial institutions.
The events of 2020 have forced financial institutions to rethink and adjust their plans for the longer term - a trend that appears to be continuing into 2021. Digital transformation in banking will play a crucial role, allowing financial institutions to accelerate performance across business units and markets, as well as optimising organisational processes. This will allow them to secure the agility and speed that is necessary to navigate the uncharted waters of the post-pandemic world of business.
The benefits of digital transformation are wide-reaching. Digital tools help to simplify and optimise processes, which translates into value-creation and improvements to both the customer and employee experience. Furthermore, data is perhaps a financial institution’s most sensitive and strategic asset, and digitalisation helps organisations to protect their information and strengthen their data security practices, which is important in the headwinds of increased cyberattacks.
As remote work has become the norm, financial institutions need to be increasingly mindful of their people as well as their customers. Digital tools allow leaders to align and energise teams, maintaining a high level of engagement, and enhancing collaboration.
Digitalisation therefore is one of the most powerful tools that can be employed to become more agile, create greater value, and ultimately deliver a better level of service.
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Digital transformation in banking: The impact on meetings
The number of meetings hasn’t decreased with remote working - in fact the contrary is true. Recent research has found that the number of meetings and the number of attendees per meeting has in fact increased by 12.9% and 13.5% respectively since the first lockdown.1 Necessity rules, of course, since meetings are an unavoidable part of many projects, initiatives, and processes. But rather than considering them as a necessary evil, leaders can instead turn these frequent interactions into a unique opportunity to re-energise their teams.
After all, from the meeting room to the football pitch, the same elements drive engagement. First, you need an inspiring coach: their vision will set the framework for his team to thrive. Then, you need to empower each and every member of the team. They have to know the strategy, the objectives, their role precisely, and have the right tools in order to succeed. In meetings, this translates into creating psychological safety and ensuring that each collaborator has the right information to contribute their best based on a clear understanding of the goals to reach, as defined in the agenda. It is the coach’s responsibility, or in this case, the meeting lead, to ensure that speaking time is evenly distributed, that decisions taken are recorded, and that action points are clearly assigned.
Teams who feel safe are more curious, resilient, and creative. Quality preparation, grounded in the accessibility and transparency of information, empowers people. A fair and caring moderation of discussions, coupled with a clear definition of roles, ensures that everyone knows that they have a say, resulting in all participants’ active involvement in the exchange of ideas. A healthy meeting culture reflects and reinforces a company’s values and contributes to collaborators feeling recognised and part of the team.
Navigating a digital transformation can be challenging. Therefore, this report highlights the importance of digitalisation in banking, considering its impact on decision-making processes, operational performance, and resilience. It covers the following concepts:
- Enhancing the quality and level of collaboration with digitalisation
- Digitalisation as a lever for increased customer satisfaction
- Improving regulatory compliance and data security through digitalisation
- Using digitalisation to reinforce your company’s culture and empower your people
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1 “Collaborating During Coronavirus: The Impact of COVID-19 on the Nature of Work”, E. DeFilippis, S. M. Impink, M. Singell, J. T. Polzer, and R. Sadun, NBER Working Paper No. 27612, July 2020.