The transition from traditional banking to competitive digital enterprise in the financial sector requires a new kind of leadership.
The financial industry is accelerating digitally. Banks are also fully affected by the impact of digitisation. In order to be able to cope with emerging FinTech start-ups as well, traditional banks need to transform themselves into digital businesses. This requires different structures, work processes, and a new style of leadership.
Managers at banks are an important part of the change process. They embody the transformation and are a role model for the team. This means that a traditional bank such as our client needs to encourage its leaders to adopt a new mindset and new skills.
We have set up a digital development process for the leadership team of the bank, from ‘Make sense’ via ‘Make it real’ to ‘Make it happen’ to make the digital transformation a success.
For ‘Make sense’, we made sure that the whole leadership team understands the ‘why’ of their bank’s transformation: the purpose of their organisation within the digital change, as well as their personal role in the change process. This is mainly about developing a growth mindset and learning to appreciate the same mindset in others.
With ‘Make it real’, we focused on developing the transformation skills of the leaders. We offered them tailor-made tools and taught how to apply them in practice.
Make it happen’ makes real change possible. Instead of just learning new skills, digital leaders also need to embody them through new attitudes and behaviours in the workplace. It is hereby important that everyone is intrinsically motivated to participate in the process.
We have used the following means to achieve this:
Make it real
Make it happen
Impact after 6 months
At the beginning of the programme we measured a number of predefined KPIs. After six months we did this again. The differences:
Conclusion: the involvement of leaders and employees has increased significantly during the transformation process.