BANKING
transformational leader should have in their portfolio . Desai breaks them down into the following :
• A willingness to learn
• Humility and curiosity about trying unconventional ideas
• The ability to digest emerging trends quickly , evaluate their value , and capitalise on any latent opportunities
• The courage to immediately halt projects that no longer function as envisioned and redistribute resources to more valuable areas
• The imagination and commitment to remodelling five-year plans as more agile 24-month agendas
Furthermore , Desai emphasises that transformational leaders must not be afraid of redesigning banking ’ s often antiquated structures , albeit within the predefined limits of regulatory compliance . Innovating within this complex framework is far from an easy challenge , yet it is highly necessary : slow , complex , and ineffective operations are the inheritance of failing to do so , a potential death knell for fast-paced banking in the digital world . “ Most banks have evolved over a period of 100 or more years , in which time financial regulations have intensified . Without redesigning processes , it ’ s like planting good seeds in bad soil ; transformation is just as much about subtracting the old as it is about adding the new .”
Leading millennials and Gen-Z “ Building a better business starts with enabling a diverse workforce to perform optimally and by building trust and confidence among employees ,” says Fiore . “ The way they are treated now will have an impact on perceptions and values in the future .” The socially conscious decision making of millennial consumers has been noted for several years - such as Forbes ’
research , which found that 70 % in the demographic considered company values before a purchase - so why should it not equally apply to employees ?
For banks to prize technology to the detriment of people , Fiore continues , would be highly counterproductive . “ As machines take on more robotic processes , people are still proving to be valuable assets as unique human skills come to the fore .” Therefore , leaders must take on the empowerment and education of their employees personally , providing opportunities for career advancement and demonstrating a genuine commitment to making the industry better . In short , banking executives need to show they care in order for their staff to care .
“ We ’ re used to talking about millennials and Gen Z as if they have yet to join the workforce , but they have already arrived ,” adds Desai . “ Millennials , in particular , make up more than 30 % of the workforce . They want many of the same things that other
62 September 2021