If FinTech will drive the economy by 2020, how must traditional leadership change?
The economic shift in the world is centered around going digital and Financial Services is in a unique position to lead and profit for several reasons. First, the necessity of innovation is clear and palpable because retail banking has a finite timeline in a virtual race against time. To beat the clock, they are expected to embrace a pioneering and often disruptive posture toward innovation. 'Changing the bank' begins with a mindset that includes adopting a high-performance attitude. This includes a culture that thrives under a meritocracy, highlights creativity, demands courage and expects that influence and collaboration are the absolute standard. Brendon Burchard, in his most recent book 'High Performance Habits', has distilled over a decade of data to illustrate how and why High Performers have what it takes to innovate. His top 6 indicators are the gold standard for the 21st Century High Performance Executive. With Clarity, Energy, Necessity, Productivity, Influence and Courage - innovation is not only possible, it's probable. All of these take center stage as retail banking risks and wins their customers' hearts back. Second, to win hearts and minds, 'changing the bank' requires shifting time, attention, focus and budget toward building a customer engagement platform that gathers data, increases relevancy, and pivots the bank into a posture of continual enhancement. It's the creation of a robust platform that gives a bank the latitude to interact with their customer on a daily basis, serve additional value-add offerings, adapt according to their data, and demonstrate that they are also a part of contributing something stellar to the disruption process. Agile development is fitting here, as I am sure we can all agree that as humans we learn best in an incremental manner. Agility in learning, adjusting our attitudes, adopting a new language or pivoting a culture, all require that we're steadily and almost scientifically studying the wisdom and data at hand. When it's simplified we get the best results when we think clearly, lean in together and trust.
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