Banks of future might not look like what they are today. When you hear the term “bank”, the visual that comes to the mind is ATMs, Teller counters, Big buildings and Branch offices and so on. Will this be the trend going forward? – I doubt so. Banking is becoming personal and individualistic as we make our pass through the digital everything world.
In my view the best banking experience in coming days would be when you have “NO BANKs” i.e. where people have access to financial tools without explicitly asking for it. The way we handle our finances becomes so intuitive and part of our daily life that we don’t feel a need to go to bank anymore. Our needs are handled in a seamless way thorough a personalized experience.
The banks of future would be those who truly embrace the cross-pollination of technology and human as one. And to visualize this you need new age leaders and a culture of innovation. As a industry the banking industry is one of the most regulated industry with strict compliance norms. Balancing regulations, compliance and an increasingly VUCA (volatile, uncertain, complex, ambiguous) business environment to deliver innovative outcomes is not a simple ask.
In many instances, legacy culture and leadership inhibit innovation and new thinking. Building ‘Banks of the Future’ requires change in Culture and Leadership! Having an ‘open mind’, ‘understanding technology’ and ‘courage to embrace change through experiments’ are TOP 3 additional competencies for new age leadership across industries. How prepared are you?
Here is an snippet from a great article from Jim Marous, that resonate with me well.
Not only do leaders need to articulate a vision for a future of increasing customer expectations, greater competition, new delivery channels and advancing technology, but also provide the resources to become digital technology organizations.
The full article can be found here:
https://thefinancialbrand.com/81901/future-digital-banking-leadership-model/