It has become a truism to say “these are unprecedented times”. While the statement tends to refer to the unprecedented breadth and depth of challenges, it is also true that the maturity of the technology and solutions available as well as the demonstrated management skill and organisational determination required to navigate the challenges is also unprecedented. In this paper, we propose a way to take action and build the next normal.
An overview of recent research from top strategy and tech consulting firms (McKinsey, PwC, IBM, Boston Consulting Group and Accenture) highlights five themes that will characterise successful banks over the next few years.
- Customer obsession
- Step change in Agile
- Cross-skilling of employees and cross-team collaboration
- End to end optimisation of core processes
- Scalable and lean infrastructure
None of these themes are new. It is the urgency and skill with which financial institutions execute on these themes that will make the difference.
In depth, direct discussions with industry leaders yield two consistent, pragmatic steps organisations can take to balance seemingly competing priorities of customer obsession, risk management and economic performance.
We lay this out in detail for each step of the customer journey.