Share this
by James Robert Lay on February 8, 2023
Brief Summary of Episode #270
Change can be scary, especially when innovative thinking challenges generational methodologies.
Incumbent bankers know they need to embrace digital services on some level. The problem is that many of them aren’t sure what that means.
“The majority of [traditional] organizations think digitalization is just buying technology,” Maurice Lisi, Head of Direct Channels at BPER: Banca, argued. “Nobody thinks about its real purpose.”
And the customer experience is suffering because of it.
Digital thought leaders are transforming financial service models for niche banks and fintechs every day. So why aren’t more traditional banks doing the same?
“For a long time, banks kept their digital division separate,” Maurice said. “They were not enabling actual change.”
Incumbent banks can’t afford to treat their innovators like an exclusive club.
Maurice believes that traditional bankers must figure out how to collaborate with their digital counterparts to survive in a digitized future.
“Which kind of bank would you like to be three years from now? It shouldn’t be digital or traditional leaders who answer. It should be both!”
Through collaboration in innovation, traditional banks can meet their customers where they are in digital transformation.
Key Insights and Takeaways
- How traditional banks are neglecting the human experience (3:49)
- Incumbent banks blending with digital tech from the bottom-up (15:01)
- Why you need to give the “why” to gain support for change (22:56)