Throughout history, new technologies have reshaped the economy — from the Industrial Revolution to modern conveniences like navigation systems, on-demand streaming videos and Amazon’s Alexa. Businesses either learned to adapt to radical change, or they didn’t survive.
We’re experiencing a similar transition now. The big difference is that the pace of change is exponential. The internet, smartphones, artificial intelligence and robotics have created (and destroyed) entire industries over the last two decades. Most likely, more of the same is to come in today’s winner takes all environment. This is why financial institutions (FIs), even those that plan to keep some elements of their traditional waterfall approach to delivery, need to push beyond their firm’s comfort zone to be nimble and embrace a transformative approach called modern delivery.
Modern delivery is far more than technology or a process; it’s a state of mind, a way of doing things, a belief system that affects the entire organization from human resources and information technology to finance and operations. In short, it is a change in culture. A modern delivery culture embodies a belief that by being more customer-focused, collaborative, adaptive, flexible, transparent, and open that a whole organization can create more positive futures with customers and employees.
This holistic view of modern delivery offers FIs the opportunity to think more broadly about how modern delivery can affect any type of product that they’re building. It’s not just about delivering technology. It could be a digital product, a financial product, or an internal learning and development training product.
An additional impetus for adopting modern delivery is the growing influence of Generation Z (or Gen Z) on the traditional program management office. Growing up with instant access to essentially unlimited information, it’s logical to presume that Gen Z , people born between the years of 1997 and 2012, will expect their working lives to be the same. They’ll want to move, learn, and grow faster than many organizations’ existing structures have historically supported. As Gen Z gradually becomes a more significant portion of the workforce, forward-thinking FIs will need to respond in kind and meet these new challenges by providing them with a home where they become the fast-paced, results-driven generation they intend to be.
Modern delivery is part of the answer.
The Way Forward
Investing in a modern delivery culture offers FIs an immense opportunity to get and stay ahead of the curve to survive in today’s rapidly changing and competitive landscape. This new mindset and way of working allow FIs to modernize their workforce to embrace Gen Z while meeting modern customers’ ever-increasing expectations. By adopting a more customer-focused, collaborative, adaptive, flexible, transparent, and open agile culture, FIs will be able to provide more positive futures with customers and employees like never before.
To find out more, download our white paper Modern Delivery: 5 Key Steps to Adopt Modern Delivery in Your Financial Institution.
You can also reach out to me directly at Daniel.Hu@capco.com to discuss how we can help your firm commit to a profound and powerful transformation by adopting a modern delivery culture.