NEW BANKING REQUIRES NEW LEADERSHIP
Commentators from Microsoft and Auriga guide us on how transformational leadership could revitalise post-COVID banking
WRITTEN BY : WILL GIRLING
Years from now , it ’ s not inconceivable that the difficult months of the COVID- 19 pandemic will be regarded as a critical turning point in banking ’ s history . Headlines regularly chronicle the latest branch closures among high street brands , customers are switching to innovative challenger banks that can offer a better digital experience , and the capacity for Big Tech firms to fulfil banklike roles is posing an existential threat to the industry ’ s survival .
The successful navigation of this uncertain territory will not tolerate atavism or a desire to maintain the status quo ; something needs to change . Enter ‘ transformational leadership ’, a managerial style that could be the guiding light for banking ’ s revitalisation . Far from being a new idea , it has , in fact , existed since the early 1970s when sociologist James V . Downton ( in his book Rebel Leadership : Commitment and Charisma in the Revolutionary Process ) first outlined what 21st-century leadership should look like . Instead of executives who merely go through the motions of control , this new breed of leader is charismatic , empathetic , inspirational , receptive to new ideas , and capable of forming a coherent vision for a better future .
Helping us explore how this model of leadership can fit into banking and help sustain its longevity are Falguni Desai , Digital Strategy Advisor , Financial Services , Microsoft ; and Vincenzo Fiore , CEO at Auriga .
Pre- and post-pandemic leadership The pandemic has arguably been seismic enough to create a watershed in bank leadership . According to Fiore , “ Those in banking will need skills such as openness , empathy , resilience , and the ability to communicate to thrive in a post-crisis world . A greater focus should now be on how transformation seems to be at the expense of customer relationships and partnering
58 September 2021