Change Management Banking Style
In today’s Banking Industry change is coming from all directions with both regulatory and deep industry structural changes. Therefore it is vital that finance companies’ retail or investment change whether they want to or not. Though it is also vital that the main reason for being in business is not forgotten especially that is to profit the stakeholders whether with public or private shareholders, in which ever way a company charter dictates.
Though with many financial organisations there is a long history, with many employees and customers to consider who will need to underpin a successful change.
One of the main issues of change is that companies face is that individuals who can embrace change are not always the best to operate in the new world of regulation where being able to work reliably and follow processes and of course the opposite is can also be true. In an environment where customers need to understand the ‘value’ that a bank delivers and a regulator who is determined to enforce didactic changes at a granular level never seen before.
If this is not managed properly the consequences in terms of cost can be prohibitive at best and destructive at worst to all involved including the company, employees and customers. If managed well can ensure that your company can be well placed in a competitive world and ensure that ‘core values’ are maintained with both employees and customers. Therefore before embarking upon change it is vital to have assembled a capable team to manage change with a culture that compliments your own. Who with experience understand the framework of regulation and compliance facing the finance industry and how to use it profitably and have in-depth empathy with both customers and the organisation.
The key elements for (besides assembling the team) successes are:
Creating plans that focus on detail and measuring benefits in the immediate rather than something which is medium or long term.
Ensure that communications methods and forums are established for review and decision making via all the different methods that are available with today’s technology.
With participation of interested parties ensure feedback from all parties (in some cases customers as well) is reviewed and used to reach decisions. It is vital and gains their approval and commitment to any changes, as well as helping to manage expectations.
Ensure that the team is empowered by the right level for the change. If at product or instrument level this may need to only be Senior Management whereas changes for RDR at the corporate level may well need to have ‘board authority’. The important point about this is that once given the empowerment there should not be any interference by a body or by any one executive as this tends to be the biggest reason for failure.
Empower interested individuals to make decisions or recommendations at the operating level. The cliché that people who have worked in the operations know best how to improve them when asked is often true.
Revisit often items such as training and development with focus on the progress of individuals and operations. Firstly to quicken the change by using those who embrace the changes and ensure that those who need help are given the opportunity to contribute.
Workshops tend be over used in Industry though if used wisely can be used to a platform to review priorities and to agree actions with accountability.
Review the final outcomes with sponsors (s) and ensure they communicated to all interested parties so people perceive and see the benefits of the progress achieved.
aSource Global’s offering is anchored by consultants who have been around the block or square enough times to both understand the ‘subject matter’ as well understand the business objectives that need to be achieved and have empathy with all parties having been at many different ends of change themselves. They are supported by tried and tested methods and tools that can be use to ensure the expected benefits are achieved and that the 24 hours in a day can be in part used once again for refreshment as well as following the working day around the world or creating high quality customer portfolios.Our Services