Readings for Relaxing and Refocusing: Jim Marous About Change, Risk, and Disruption

Jim Marous on change, risk, and disruption at OWIN London 2015

This August is a perfect time for a vacation, or at least slacking off a little from the professional routine. Meanwhile, it’s time to get prepared for the next business season, too.

So we selected some good opportunity to both relax and refocus, through the words of great fintech and wealth management influencers.

For instance, Jim Marous, acclaimed guest speaker at our first International Customer Conference, in London. In this article, Digital Transformation in Banking Requires a Big Cultural Shakeup, Jim starts from a seminal McKinsey report to describe how a digital transformation is a matter of survival for banks today and what is necessary to do in order to reach the goal, beginning with bringing into the firms managers able to overcome change resistances:

Executives must be brought in who will be proactive in developing a new customer within the institution. This new leadership must be willing to embrace the change that is occurring in the market, be willing to take risks and, most importantly, be willing to disrupt the existing organizational culture.

The consequence is that the traditional conservativism inside banks is going to become a relic from the past:

Finally, organizations must be willing to disrupt the status quo. Slow, incremental adjustments to last year’s strategy aren’t enough. The consumer expects more from their financial institution because they get more from other business partnerships like Amazon, Google, and Apple. Disruption will also need to occur on a personal level, since the marketplace is demanding skills that are beyond what most executives and employees have been taught.

Between these two paragraphs there’s a world of consideration and analysis that we invite you to discover. Have a good summer time, and good readings!

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