Banking Technology Magazine | Banking CIO Outlook
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OCTOBER 20238MY OPINIONIN MY OPINIONINTRANSFORMING YOUR BUSINESS? HOW PROCESS, PEOPLE AND TECHNOLOGY WILL GUIDE YOUR PATHThe acceleration of technology and shifting customer expectations are driving transformation across many industries, and particularly banking. These transformations are beneficial for many reasons, including uncovering new revenue streams, creating better customer experiences and finding efficiencies across your entire organization. It is not unusual for businesses to equate transformation with advancement in technology. . Technology is an enabler of transformation and the speed of technology advancement and adoption is exponential. But financial institutions must prioritize transformation of people and processes alongside technology to position themselves to overcome the challenges in culture and mindset that come with the digital transformation process. For the last 25 years, I have helped companies of every size -- from Fortune 500 titans to high-energy startups -- realize the benefits of digital transformation. In that time, I have found that there are three components essential to a successful transformation: 1. People are the key to your success Change is hard. Transformation is noisy and disruptive. Typically the technology team is the first group to feel the disruption. New technology requires new skills. Communicating to them their role in the transformation and their opportunity to acquire those new skills is the first hurdle. Not everyone will want to come along for the ride, and that is ok. While the technology team is first to feel the impact, communicating early and often about the transformation across the entire company is critical. Transparency is important - highlighting progress, calling out team wins, and setbacks (they will happen). Most employees will watch to see what is happening, but won't really pay full attention until the change impacts them. Establishing a change management team, engaging employees as ambassadors, and CEO updates reinforces that everyone has ownership of the transformation.Large-scale changes make people nervous about their place in the future organization, and we never want to describe By Laura Merling, chief transformation and operations officer at Arvest BankLaura Merling
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