Banking and capital markets: transformation is all about people
After pouring vast amounts of money into technology, the banking and capital market (BCM) sector is realising that technology alone isn’t enough. CEOs are seeing that they can’t transform their business and meet rapidly shifting customer expectations without the necessary talent, trust and human touch.
This is underscored by the survey findings. Of the BCM CEOs polled, 79% were somewhat or extremely concerned that skills shortages could pose a threat to their growth prospects. The skills gap is undermining their ability to innovate effectively and provide a winning customer experience.
This isn’t to diminish the importance of technology. Digital transformation within the BCM sector is gathering pace and creating huge opportunities for innovation and innovation. Around three-quarters of BCM CEOs believe that emerging technology will separate the high performers from the average or worse performers three years from now, and 90% believe that AI will significantly change the way they do business over the next five years.
It’s not just about cutting costs. Technology is allowing seamless interactions with customers, valuable new insights into brands and markets, and more targeted and tailored products and services. Soon banking isn’t going to look like banking any more. But this will only happen if companies get the human components right:
- Leaders need humanity as well as tech savviness.
- People are required to provide reassurance and trust.
- You need to think about tasks and capabilities, not numbers.
- You need to take your workforce with you.
- You need to look both inside and out for talent.
BCM organisations are going to become more embedded in people’s lives. The more customers let you into their lives, the more you know about them and the more you can help them. But this requires trust, human insight and a clear understanding of how you and your technology can deliver the best outcomes.
