From bureaucratic machines to agile organisms.
Disruptive technologies and digital-only challengers are forcing traditional financial institutions to go from being some of the most bureaucratic, machine-like organisations to model agile organisms.
This pressure is forcing traditional banks to change more quickly than companies in other sectors and to adapt to the digital era.
According to a survey Economist Impact conducted in Latin America in 2020, 87% of banking executives agree that fintechs have forced retail banks to rethink how financial services are done.
However, digital transformation does not only encompass new technologies. Changes in corporate culture and management will be as important as technological advances while banks attempt to evolve and compete with digital counterparts. Agility will ensure traditional banks are able to prioritise timely change.
An agile approach allows banks to solve pain points in the customer journey in a micro fashion, and build on these changes incrementally. Most importantly, it puts the responsibility for innovation in the hands of those who are closest to customers.
Read the full report and find out what characterises agile organisations, and, whether agility can help financial institutions stay ahead of the curve: Agile banking transformation. From machine-like bureaucracies to agile organisms.
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