The financial services industry has spent 2020 in a storm. There is some sunlight on the horizon, however firms are still very much in the eye of the storm and are spending time assessing the impact. Leaders are finding many of their businesses haven’t just survived, they have performed with resilience and can thrive in the new landscape.
The pandemic has not only sparked a seismic shift for financial institutions, but their clients alike. We have seen an acceleration in digital appetite from clients, directly leading to greater demand to new channels and a more personalized service. This increase is again attributed to necessity where customers needed access to products and services that their traditional route could not deliver given the circumstances.
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The bank we know today will not be the same bank of tomorrow. Banks and financial services (FS) institutions are under mounting pressure to transform their existing business models in order to compete with challenger banks, win back market share, and to retain existing customers. In order to stay relevant in a fast-changing market, FS firms need to take a cue from their competitors and put the customer at the center of change, in all parts of their business – from frontline to technology and operations, to build a bank equipped for the customer age.

The financial services industry has spent 2020 in a storm. There is some sunlight on the horizon, however firms are still very much in the eye of the storm and are spending time assessing the impact. Leaders are finding many of their businesses haven’t just survived, they have performed with resilience and can thrive in the new landscape.
The pandemic has not only sparked a seismic shift for financial institutions, but their clients alike. We have seen an acceleration in digital appetite from clients, directly leading to greater demand to new channels and a more personalized service. This increase is again attributed to necessity where customers needed access to products and services that their traditional route could not deliver given the circumstances.
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In recent years banks, in general, have taken major strides to take advantage of various innovation, emerging technologies and data science tools. In several cases this has been greatly accelerated by various technology labs and startups. On the flip side, because banks have always been heavily regulated, this has also meant largescale testing and validation processes have been necessary which has delayed even more assertive digital system advances.
Examples of innovation success stories include Application Programming Interfaces (APIs) which define and facilitate interactions between multiple software intermediaries, enabling banks to make real-time payments. Banks have made good usage of APIs and have seen success in adoption by their partners and clients.1

Technological changes and globalization result in persistent market competition that puts pressure on organizations to change in order to deliver faster services and better products to customers. Agile is becoming a real trend among many organizations and across many industries. Agile generally signifies dividing tasks into small pieces of work or ‘sprints’ involving a constant feedback loop with stakeholders and users resulting in quicker and more valuable deliveries.
The main factors underlying the need for agile change include:

Satellite radio, the iPod, DVDs, Wikipedia, Windows XP. These were all inventions that launched or existed in 2001. All of these I listed have either redefined or been overtaken by something better. The iPod is now the iPhone. Satellite radio is still around, but has been overrun by streaming music services. Windows XP has had many upgrades in the last 20 years. The same can be said about the agile principles — specifically principle #6:
Back in 2001, when experts in Scrum, Lean, XP, and others were getting together to build what we know today as the Agile Manifesto, they were limited by the technology of that time. It was also based on teams who would ideally work in the same physical location.