CULTURE CHANGE
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CULTURE CHANGE
The first thing any bank must do to increase innovation is to acknowledge the challenge and implement a digital-first culture . By establishing a ‘ big picture ’ that shows how digital transformation aligns with business goals , buy-in from the board can be achieved . But in order to establish a new mindset , legacy structures and practices must be addressed .
Traditional culture within banks organizes teams into functional silos , with business staff operating separately from the technology experts . This system means there is a significant disconnect between business objectives and innovation . Take , for example , the broad business objective of improving customer engagement through digital assets . In the past , when a lack of competition from challenger banks and fintechs meant banks could take their existing customers for granted , the need to improve customer experience was not so pressing . If , for exam-
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