With the launch of the 2015 Future of Business report I look at how BFI organisations are becoming change ready and adapting to change.
It’s interesting that our Future of Business report showed a consistent message across the 12 industry verticals involved in the research. Overall, we interviewed 502 senior leaders – 7.3% of these were representing Financial Services and Insurance (FSI) companies and found that 23% felt confident they were ready for change, with the majority only partially ready.
FSI companies are always under pressure to be ‘digital ready’ across all channels. There are contact centres or branches where they have the right tools to integrate data and provide an engaging experience with their customer. All through digital mobile interactions such as applications and self-serve web features.
The FSI industry typically has higher expectations from their customer base. This forces the services for customers to be consistent, fast and efficient across all channels. All of these needs are customer driven which are external drivers for business change. In fact, our research showed that high change readiness businesses are always looking outwards, and see technology as having a strong positive impact. They focus on transformation and growth using internal knowledge for a better customer experience.
In the FSI Industry, there are varying sizes of business with most of the traditional businesses having built their brand over many years. However established organisations and new organisations showed similar readiness for change.
Processes and systems underpin the successful business change, and therefore growth, attitude and capability play a key role in the readiness for change. As we try new technology, not all will be successful and continuous feedback from a customer base on their needs and desires, along with a ‘can do’ attitude where capability is ever increasing through experience gained, will ultimately drive growth.
Banks in particular have established a degree of trust with their customers. If they can maintain that customer base, stay connected to their customers and enable further engagement, this will enable retention of customers. With the help of social media, for example, their brand can continue to promote and attract new customers.
Ultimately, the FSI Industry will continue to grow if they maintain an external outlook to determine their drivers. As a starting point they can look at regulatory pressures and gaining customer feedback to determine strategic decisions in investing in technology to address these drivers.
All view expressed are the author's own.