They Once Called Banking “Dull,” No One Believes That Now
As a banking & financial services change management motivational speaker who came out of those industries, I am intimately aware of the myths. The biggest myth is that the profession is dull. As we all know, nothing could be further from the truth.
Banking Exchange Contributing Editor Ed O’Leary recently wrote:
“Banking has always been primarily a relationship business…so it seems to me that in a successful commercial lending business model, there remains the need for creative intervention of a human sort…at its heart, commercial lending is a highly interpersonal business where we earn our way by being creative with our customers and their needs and with our banks in the management of the risks of financial intermediation.”
While O’Leary is clearly well-versed of the changes that digitalization has brought to the industry, he is even more aware of the unjustified perceptions that have led to a decline in the industry finding bright new talent.
“The lack of newly trained talent augurs well for lucrative careers and job security. But what might it really portend for the industry? Maybe too many people have paid too much attention to the nonsense that banking isn’t innovative or interesting. I can’t imagine anything further removed from reality.”
If commercial lenders have been wrestling with how they will meet the challenge of change, financial services brokers have been going through even more turbulent times. In fact, and in strange ways, change is forcing all of us to come together.
Are you determined to manage the changes?
Managing the Changes in Financial Services
When I give keynote addresses to brokers on how they’re managing changes within their area of the financial services and banking industry, I am often told, “Scott, it’s overwhelming,” or “You won’t believe what’s coming next.”
Twenty years ago, with the exception of science fiction writers, no one in the financial services community could have imagined concepts such as “customer intelligence,” AI, Blockchain, FinTech companies, cloud computing, robotics or cyber-security for that matter.
One of the many projected changes PWC Global envisions for 2020 is the expansion of the shared economy for the financial system.
“By 2020, consumers will need banking services, but they may not turn to a bank to get them. Or, at least, maybe not what we think of as a bank today. The so-called sharing economy may have started with cars, taxis, and hotel rooms, but financial services will follow soon enough.”
There just may be, as the report suggests, a sharing of financial sources just as we currently experience with ride sharing and apartment sharing.
The changes will force commercial lenders and financial services organizations to be more inventive, more customer service oriented and more digitally savvy than ever before. The good news is that those institutions and leaders who have the courage to envision managing these changes will be rewarded with incredible opportunities.
Are you resolute enough to embrace the possibilities?
Engage Scott Burrows, Banking & Financial Services Change Management Speaker for your next industry meeting through this website or by calling us at: (520) 548-1169