Digital Disruption Part 1 of 13

New Imperatives for Leadership and Innovation

This article is an excerpt from a white paper co-authored by Peter Alkema and Dr Jeff Yu-Chen from Gibs University.

In this white paper, you will gain valuable insights about

  • Blockchain and bitcoin; how it works and why it is a threat
  • Customer-centric design thinking and why banks need it
  • The rise of digital customers, the decline of branch networks
  • Virtual Reality, Artifical intelligence, Cloud Computing, Internet of Things
  • Models of exponential growth and technology adoption
  • Incubators, accelerators and the startup ecosystem
  • Authentic leadership in a digitally changing world
  • The new millennial generation and their bank of the future

As a leader in your organisation, drive change by understanding

  • Why an innovative culture continues to drive new thinking
  • How exponential thinking can drive disruptive business models
  • How to drive successful partnerships between business and IT
  • Why entrepreneurial thinking is important in large organisations
  • Disruption starts with you; self-disruption is the best defence
  • Why Agile and DevOps is improving the way IT works
  • How to move from disruption to sustainable innovation
  • Digital talent management; how to attract and retain the best

At IBM’s InterConnect 2015, Heather Cox, Citi’s Chief Client Experience, Digital and Marketing Officer, told the audience:

“People need banking, but they don’t necessarily need banks”

The banks of today need to grasp the understanding that banking of tomorrow should be regarded as enabling solutions for customers to enjoy their lifestyle of choice.

Banks should become more agile and continuously anticipate ways to improve customers’ lives through the innovative use of technologies.

Radically new, fully digitised customer experiences in multiple industries are taking the world by storm, with peer networks of assets and services that are easily accessed anywhere, any time.

Digitisation and disruption are early-stage hallmarks of the banking firms that have rewritten the rules which are disrupting their industries.

Francisco Gonzalez, the chairman of the Banco Bilbao Vizcaya Argentaria – the second largest bank in Spain – predicted that up to half of the world’s banks would fail if they do not adopt new technologies and disruptive business models sweeping the industry.

Banking is under the same pressure to fully digitise and disrupt – or be disrupted and left behind.

The good news is that established banks are driving Fintech ecosystems and in-house innovation to stay ahead.

Banks are benefitting from collaborating with innovative partners to incubate cutting-edge solutions. Banks must differentiate on the outside with customer centric design thinking or face relegation to being a utility service.

Internally, new ways of working and improved business-IT partnership models are required.

Diversifying trust equity and achieving profitable transformation of business models with proven technology will decide the winners in the race for digital disruption.

Game changers will need to be successfully delivered to achieve transformation.

Banking leaders must take new measures to out-compete rivals within the industry and, perhaps more importantly, out-innovate challengers moving into the financial industry from other sectors.

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