The success or failure of your financial institution starts from the top, and as a leader within your organization, it’s important to establish the right perspective and goals for your team.
However, the day-to-day management of budget, staffing and addressing short-term issues can cloud leaders’ vision of the future and their responsible guidance of their organization. Realigning your leadership’s mindset to pursuing long-term investments, driving customer experience and embracing change will have a knock-on effect, trickling through your organization and creating an entrepreneurial and ambitious workforce supporting your goals.
Consider the following when thinking about how you can transition your organization’s mindset:
Cost to Investment
Rather than thinking about the costs of new initiatives, think about the investment and what is to be gained. Specifically, thinking about technology, make sure you have a proven data set of the need/demand for new technology, a clear perspective on what you want your technology to achieve, how it will improve customer experience, and ultimately, how that impacts your bottom line.
Alone to Partnerships
Speaking of technology, the thought of creating a new tool of feature from scratch can feel burdensome and impossible to financially undertake.
The rise of FinTech partnerships, open banking and APIs allows third-party FinTech organizations to easily access your customers’ data. In doing so, you open up the opportunity for them to add value to your organization by utilizing customer data in creative ways, and applying that same data to an infrastructure, piece of technology or tool useful to your organization.
Shifting your mentality to being inclusive of partnerships and other players shares the burden of innovation in a way that is manageable and cost-efficient for your organization.
Technology to People
Rather than focusing solely on innovation through the introduction of new technology, your organization should have a working need that technology plans to address. Specifically, you should rely on customer feedback and performance metrics across your various customer touchpoints to dictate how you can improve, which opportunities will make the biggest difference, and how you expect technology to drive customer experience.
Static to Dynamic
Financial institutions are seeing more change and evolution than ever before. As a leader, you need to embrace this change and create a culture that is constantly learning and improving.
These changes include both your staff and your business model. On the prior, make sure your organization embraces the concept of a universal banker, and has a training program in place to teach and reinforce new skills.
On the latter, create an environment that welcomes evolution, change, and improving the core operations of your business.
General to Specific
Finally, make sure the changes you make are targeted, data-driven and have a specific result in mind. Your decision making should be driven by concrete and, ideally, quantifiable customer metrics, with the idea to reinforce and improve your performance with your customers.
Gathering data and using that data to improve the customer experience will bring clarity and actionable insights to the way you grow and evolve as an organization.