Future of Banking - How to avoid becoming Irrelevant in the Digital Age

“You can`t delegate Digital transformation for your company. You and your executives have to own it! Executives need to engage, embrace and adopt new ways of working with the latest and emerging technologies.”

Barry Ross, CEO and Co-Founder, Ross & Ross International.

With digital innovations and new business models being introduced at a faster pace than ever, financial institution managers at all levels must evaluate their role in the new marketplace in order to remain relevant. Embracing the career changes that must be made is often difficult, but it is crucial, both for the individual and ultimately for their institution.

Change is Inevitable

One thing is certain in today’s marketplace: Change is happening faster than ever before and will not happen slowly ever again. New technologies are being introduced that are replacing current jobs and dramatically changing the way all jobs are performed. At the same time, competition and consumer expectations are changing the way every organization will go to market in the future, requiring new skills and insights from executives and managers at all levels of the organization.

This era has been labelled the 4th Industrial Revolution, where data, advanced analytics and automation are upending existing business models. The challenge is that most organizations are not prepared for these massive changes, with many lacking the leadership and cultural foundation to be successful.

Responding to Change is not optional

Research conducted by the Digital Banking Report elsewhere has shown that there is almost universal awareness that change is happening and that business models need to be adjusted. The problem is that most organizations (and people who work for those organizations) are not acting accordingly.

In fact, in a research, when asked whether organizations considered themselves to be digital transformation “leaders”, only 14% said they were making the changes needed. Possibly more concerning was that 27% considered themselves to be “fast followers,” 31% said they were “mainstream players,” and 28% admitted they were “laggards.”

In other words, while organizations and their teams know that change is needed, the mass majority are either not taking action or are slow to do so.

Lifelong Education is the foundation for Relevancy

At times of massive change, being at the forefront of what is happening in the marketplace is the foundation for ongoing survival for businesses and individuals. While many may stop active learning when they graduate from school, leaders today need to continue to absorb knowledge in every form. Some people decide to reenter the formal learning system while others either rely on classes offered by their organization, or aggressively pursue self-development through reading, videos, podcasts, etc.

As we move from analog platforms to digital business models, learning new skills is imperative. Some of the biggest skill gaps in business today include coding, digital analytics and others not even thought of five years ago. For individuals who want to avoid being disrupted because of career complacency, these are areas where they should focus.

Building a personal Brand is non-negotiable

Most people consider that building a personal brand is only important for those in the media or for those who want to create a buzz around a real or perceived “celebrity status”. In today’s marketplace, nothing could be farther from the truth. With the explosion of search engines, social media and digital-based employment services, creating a digital persona has never been more important. In much the same way that many consumers shop for financial services online as opposed to going to a branch, employers shop for new employees digitally as well. And, the only way to stand out from the masses is go beyond a simple LinkedIn profile with a chronological career history by including personal articles, shared perspectives, comments on current trends and potentially even videos or audios of presentations.

Organizations are increasingly looking beyond just career accomplishments. They want to know what a future employee stands for and how they think. Sharing articles, insights and perspectives is the best way to accomplish this.

The Importance of Social Media ‘Attention’

Similar to old school advertising with traditional media, social media attention is achieved by leveraging social media platforms to get your message to your intended audience. What is great about social media attention is that it is still free for most personal objectives. So, beyond just posting your insights and perspectives on LinkedIn, you can expand your reach and effectiveness exponentially by using Twitter, Instagram, YouTube and many other social channels.

Using multiple social media channels helps to illustrate you are an active learner, are embracing the change in the marketplace, are refusing to become irrelevant, and that you have a personal brand.

Don`t be Disrupted by others

One must decide not to accept “forced retirement” because the person is viewed as irrelevant. You must love to learn, share insights and help others in the financial services industry so that “being disrupted” will not be an acceptable option. While change is very tough after doing things close to the same way for decades, one will find that lifelong learning and “disruption to self” are key to survival. Researching and sharing insights will allow you to be at the forefront of the marketplace and help build a personal brand that resonates with the marketplace.

About the Writer:

Ebenezer ASUMANG (CGIA) worked extensively in mainstream Banking & NBFIs. He is a Chartered member of the CGIA Institute, USA, a Google Certified Digital Marketer and an Author.