Finance

By focussing on improving human reliability and reducing error in Financial institutions, IHF can improve the pace of organisational change management while lowering the risk of incidents occurring.

This is an essential capability in being able to compete in today’s digital marketplace on CX, UX, and brand loyalty


The current disruption that exists in Financial Services as a result of FinTech innovation and low cost, scalable technology platforms has forced traditional financial institutions to deliver new products, services, and digital features to market at speed whilst trying to meet evolving customer demand and expectations.

Transformation programs that fail in trying to keep pace with this disruption are often blamed on a reliance on legacy infrastructure. However, IHF believes internal attitudes towards transformation and change management, and the behaviours that accompany them, play a significant role.

Change is primarily delivered by humans. Humans are the most valuable elements of any organisation as well as the most vulnerable. Therefore, control systems and governance frameworks exist to deliver change in a safe and sustainable way that reduces the risk of incidents brought about by human error. Recovering from failed or poorly executed transformation initiatives can have massive customer, reputational, financial and regulatory consequences. The cost of recovery from these consequences can be incalculable.

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Increase the pace and reliability

IHF proactively enables Financial institutions to increase the pace and reliability of their transformation programme by applying established Human Factors practices and methodologies to the systemic processes, documentation, and governance forums that control change.

IHF deliver value across 3 capitals using the 3 Cap approach:

Financial

With a better understanding of human contribution in the management of change, Financial Institutions will be better placed to understand the behavioural aspects required to drive efficiencies in their transformation programmes and harness the financial benefits of more effective, efficient, and timely change delivery.

Pragmatic

Deploying proven human factors models used in high reliability organisations and sectors such as Air Traffic Control, Oil and Gas, and Nuclear Power, Financial institutions will be significantly better placed to manage the risk associated with the people working in their organisation. These clearly defined and visual models articulate the technical and non-technical (human) risks that exist, allowing for a more detailed and accurate representation of the influences at play.

Symbolic

Financial institutions working with IHF will be able to demonstrate to their customers and regulators that they have invested in industry leading Human Factors practices, improving the reliability and the value of their services. By learning from other high reliability sectors, they are able to be more agile to their customer’s financial needs, delivering innovative products and features, and reducing customer service disruption through errors.

If you would like to learn more about how we can improve your operation through the implementation of proven Human reliability tools, we would welcome the opportunity to have a conversation.