People & Culture Diagnostic
Grasping the imperative for digital transformation can be a challenge, especially if nothing appears to be wrong with the way your bank or credit union operates.
A common misconception is that if a bank or credit union upgrades its technology, digital transformation is done. The reality, however, is that digital transformation is not about software or technology — it’s about organizational adaptability. To keep pace with the change driven by digital transformation, banks and credit unions must be agile and adaptable, and organizational culture is crucial to the success of any digital initiative.
How can you tell if you need a digital culture?
The Past The Future
“We don’t talk to our customers. We’d rather see what the research says.” “Customers are at the heart of all we do. They know us and we know them.”
“We use data to measure how we performed.” “We use data to predict and anticipate what customers will want.”
“We read reports.” “We make decisions in real-time, because we have the data, we need right in front of us.”
“We avoid risk. All new initiatives require vetted and approved business cases.” “We take risks but try to fail fast and learn from our mistakes. That’s the only way to grow.”
“Our departments focus on their work and don’t communicate with each other.” “We rely on cross-functional teams to make sure that new initiatives reflect multiple perspectives.”
“We hire so we can do everything in-house, even if it takes longer. Our needs are unique.” “We use our network of experts, including consultants, to get work done faster and better.”
“We know what’s best.” “Customers know what they need. We’re trying to give them something better — what they don’t know they need yet.”
“Our executive team makes all the decisions, and employees will just have to get on board. If not, they know where the door is.” “Our executive team listens to ideas from across the organization and focuses on communicating new ideas and initiatives.”
“It seems like there are a lot of silos between teams. Information is hoarded and not shared.” “Our directors regularly communicate and collaborate on new ideas to make sure they’re aligned.”
“Many departments don’t know about new initiatives or projects until they read the press release.” “We focus on collaboration through various methods to ensure that there’s plenty of top-down, bottom-up and cross-communication.”