It is not just about Technology. The culture challenge. And the innovation myth.
I had the great opportunity to participate in the Global CIO Banking Summit 2019.
Some quotes stated during the conference and how I see it.
● “Innovation does not necessarily mean inventing new technologies”.
My view: agree. We can also innovate by combining what is already there but offer it as a new, better, customer centric service. Think Uber, Spotify or Netflix. It was not about technology.
● “The future of banking innovation and survival lies in BUY not BUILD”.
My view: it’s not one or the other. It’s about the right mix. What is a commodity, buy. What makes the service differentiating, build. I see it like a chef in the kitchen. It’s not about growing our own carrots or producing our own wine. It’s what we do with the ingredients, how we deliver the menu, service and overall experience. This is what brings our customers back.
● “Cultural change is the key to our digital transformation”.
My view: yes, it is. And it requires hard work on all levels. More empowerment requires more trust. Innovation needs more acceptance for failure. To get the benefit of one side of the coin we need to also accept the other side. Cultural change shifts power within the organisation. And this will naturally create certain resistance.
Thanks everybody for the great conversations, roundtables and people interactions I was allowed to participate in. It was a stimulating event.
#GCIOB #digital, #culture, #transformation, #emergingtech, #banking #innovation
