15 February 2018

Digital Transformation

Andy Dent, ILM Territory Manager

Almost every area of the finance industry is being disrupted by new technologies, and it’s forcing the sector to look at the way it operates, and the way it invests in people. The way we deal with finances, interact with customers, and interact with each other is transforming. And with so much at stake – particularly issues with security and transparency – this affects the finance industry as much as anyone

The banking industry in particular has often been considered a particularly traditional, and hierarchical institution. Digital transformation has been one of the key drivers in making workplace cultures more open, collaborative and purpose-driven.

Creating more flexible working structures and better cultures are an essential investment for all sector and worth focus to attract the next generation of talent and improve access to work for people – even if some senior leaders may struggle with the loss of traditional, top-down operations.

These changes result in a devolution of responsibility at work. People at every level have a leadership role to play and decision-making has moved to the front-line in many businesses. This is important, especially in a world, and an industry, where the ethics of an organisation is – at the very least – a differentiator.

Although technology is advancing it is also vital that leaders and managers keep pace, some areas to consider are:

1) Automation = softer skills more important than ever. Automation is changing the way we work, but also places a higher value and importance on   humanskills, such as agility, authenticity and collaboration

2)    Digital transformation = change management at pace. The ongoing digital revolution has accelerated the pace of change in organisations and the need for workers to get a handle on it.

3)    New  4 generational /global workforce= collaboration and continual learning critical; people need to learn to work together regardless of their background/demographic, and embrace ongoing learning – and that this takes place both in and outside of the workplace.

Along with colleagues from City and Guilds, Amelia Naaman; the Oxford Group, Laurie McArthur and Kineo, Nina-Marie Brebner,  we discussed Digital Transformation in a recent podcast available above.

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