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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