Financial Institutions Bank on Change to Stay Competitive

by Joseph Walent 0

 The pace of change to where the consumer feels at the center of a financial institutions attention continues to accelerate, and according to the article, those that are not taking steps to accommodate this coming wave of customer centrism will be consigned to irrelevance. Leadership at FIs will indeed be a critical component, needing leaders at all levels of FIs to shepherd organizations through what promises to be a another period of upheaval and reinvention.

Technology is at the heart of most change initiatives. “Most financial services executives agree that digital innovations are likely to fundamentally transform the industry,” says Andy Young, who leads change programs for Accenture’s financial services talent and organization practice. “Financial institutions are investing in digital technologies to make their current business model more cost efficient, provide better customer service and enhance their competitive position,” he notes.

Mercator Advisory Group recognizes the efforts being exerted by financial institutions and the efforts of their service providers to encourage the implementation and integration of the fluidity that technology has come to allow. Beyond technology, FI will increasingly be operating in a networked marketplace, with rapidly formed and utilized business engagements to meet individual customer needs. Technology will need be the enabler, but bringing about a collaborative approach to customer engagements will take a change in mindset when developing programs and training staff. It will be a brave new world for financial institutions.

Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group

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