Forced to make transformational change

Forced to make transformational change

transformational change

Wave after wave of change – pressure to make transformational change

In an industry that historically has changed at a sedate pace, big banks have been altering the way they do things at dizzying speed.

The banking sector has been under intense scrutiny and pressure to make transformational change in recent years in the wake of the financial crisis.

Facing narrow margins, tighter regulation and wary customers, they are forging new business models, transforming operational processes and re-orienting around service. At the same time, the ongoing digital and data revolution continues to bring wave after wave of change, making banks more technology-driven than ever. And in perhaps the most interesting about-face, financial services organizations are now taking culture change very seriously.

Taking culture change very seriously

Many banks, including Deutsche Bank, Citi, Barclays and Lloyds are responding with sweeping culture change strategies to restore trust, accountability and put customers back at the forefront.

Cultural change has become a core component of Deutsche Bank strategy. That powerful that Deutsche Bank have dedicated several pages about corporate culture in their latest annual report:

 Forced to make transformational change - Deutsche Bank 2014

Forced to make transformational change - Deutsche Bank 2014 Part 2

They know that strategies, operating models and organizational structures are only as durable and effective as the culture that holds them together. And they know that when they dramatically change those fundamental elements of business, they must also change the culture that underpins them.

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About The Author

Torben Rick

Experienced senior executive, both at a strategic and operational level, with strong track record in developing, driving and managing business improvement, development and change management. International experience from management positions in Denmark, Germany and Switzerland.

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