Transformation in Financial Technology & Change Management Adaptation

    Feb 23, 2017 | Posted by Michael Campbell
    changemanagementadaptation-financialservices.jpegWhile financial services sector firms regularly have Level 4 or 5 scores for enterprise change management maturity (32% of Banks, 12% of Insurance companies and 21% of other Finance firms) according to the Prosci® 2016 Best Practices in Change Management benchmarking report, there remain five greatest obstacles towards the success of a project:
    1. Lack of active and visible sponsorship
    2. Lack of change management resourcing
    3. Manager and supervisor resistance
    4. Employee resistance
    5. Lack of buy-in from project teams
    Again while Asia as a region is ahead of the global enterprise change management maturity, scoring 2.65 vs the global average of 2.59 out of 5 there is still room for improvement. Many of these obstacles can be systematically removed or reduced through the successful application of a structured approach to the people side of change, applied first and successfully to a carefully-selected marquee individual project and then integrated into the wider DNA of the organisations for all future projects.Indeed further analysis from Prosci of 10 case study applications of enterprise change management across different industries has shown than financial services clients adapt their change management strategy deployment to enhance their chances of Fintech business success. Adaptations include :-
    1. The establishment of a small corporate Centre of Excellence for change management coupled with federated Communities of Practice in each business unit, recognising the autonomy and independence of different regions and business units within the bank when deploying a digital banking platform and app across multiple regions.
    2. Being very intentional and planned about the balance of doing change management on individual projects vs the need to deploy and grow enterprise wide change management capability, competency and capacity.
    3. Careful selection of the right, high profile project for the first application of structured change management and a strong business case to secure the required level of resources – dedicated people and money – to ensure both the successful introduction of the project and also the adoption of the required behavioural changes related to that project
    This sensitivity to business and cultural differences and demands within the various regions and business units has helped this bank to “foster organic pull” for the use of effective change management adaptation on more of its projects and programmes.Discover more about this proven methodology, apply its tools to your project and become certified in the use of this approach by participating in the 3-day, open enrolment Prosci Change Management Practitioner Certification Programme delivered by CMC Partnership in Singapore.

    course photo #7.jpgChange Management Practitioner Certification ProgrammeParticipants apply Prosci’s methodology to a real project from their organisation, drawing on Best Practice Research from 4,500+ organisations to build a practical change management strategy.Yes, I want to go  

    Topics: Business Transformation, Change Sponsorship