How to Lead Change in Financial Services: Webinar Recap

Author: Allison Lovett, Vice President, Content Manager, NICSA

We recently invited a panel of industry experts to share their insights on new technologies and the impact on client servicing and human capital management. The “Leading Change in Financial Services” webinar provided diverse perspectives on these important issues and resonated with our listeners. (NICSA members can access the replay here).

Sandy Schwan of Evolving Strategies—a consulting firm specializing in change management—led our panelists from Northern Trust, FIS, and Kevin Johnson and Associates through a dynamic discussion on the merits of leading change within their companies and clientele. We heard how these leaders are developing and executing organizational change strategies and tactics to support the benefits realization of strategic business initiatives.

“Define the change. Involve all stakeholders. And have a solid test and implementation plan.”

Joe Dedovesh, Vice President, Technology, at FIS Global, described how the integration of technology in our personal lives is driving the rapid evolution in business technology. When polled, our audience thought that robotics and AI were the technologies most likely to significantly impact financial services. Among the top tech predictions for 2017 and beyond was increased dependency on algorithms. Preparing for increased complexity and usage of data seems to be paramount. What’s one thing companies can be doing to move toward an agile implementation and adoption environment? Seeking out experts (even if that means looking to external sources), assessing internal processes, and getting buy in from all stakeholders. Joe also touched upon the importance of involving peers through organizations like NICSA, where more knowledge and expertise may be brought to the table.

“Service models have pivoted toward a two-way street of communication.”

Next, Ryan Burns, Senior Vice President, Global Funds Services at Northern Trust spoke about shifting investor expectations and how financial services firms are adjusting their service models. Ryan stressed the importance of keeping clients informed and highlighted how Northern Trust has pivoted toward information sharing and the integration of client feedback, including the introduction of client advisory groups and workshops that allow clients to participate in setting strategic corporate goals, and work toward identifying the issues that are top of mind. Increased access and use of data is essential and requires intuitive technology. Portability and meaningful reporting should be a key focus.

“Use diversity to drive leadership.”

Rounding out the discussion, Kevin Johnson, Human Resources Consultant, took us through leading strategies in talent recruitment and retention. Technology evolution seems to be omnipresent in all aspects of financial services and recruiting practices and talent assessment are no exceptions. Expanding candidate pools through diverse partnerships means that organizations become reflective of the talent available to the broader market.

NICSA would like to thank Northern Trust for hosting this webinar. Please share this post and the webinar replay with a colleague who may have missed the event.


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