Supporting Innovation Through a Culture of Change

In this white paper, we explore the challenges organizations face as they struggle with new technology, evolving customer expectations and workplace culture, and present a six-step roadmap to successfully manage change in your financial institution.
Six steps to effective change management in financial services
Authored By Sean Desmond and Ted Goldwyn
Most financial institutions recognize that continuous innovation and the adoption of new technology are necessary to keep up with evolving consumer demands and the relentless heartbeat of competition. Where many organizations fall down, however, is in the execution and management of change, especially in today's fast paced on-demand environment.

Numerous scholarly research studies have demonstrated that poor change management processes result in lost investment and negative outcomes. A mid-2000s McKinsey study of 40 enterprise-wide change projects found that organizations with excellent organizational change management (OCM) programs enjoyed an average return on investment (ROI) of 143 percent on such projects, whereas those with poor or no OCM programs showed returns of just 35 percent (i.e. a loss of 65 cents on every dollar invested in the project).1

Another study showed that excellent change management practices leads to a six-times higher likelihood of an initiative achieving its stated objectives.2

Without the proper alignment of culture, process, and technology, banks and credit unions will continue to struggle to support the rollout and iteration of new technology, customers’ evolving needs and a change management mindset.

In this white paper, we explore the reasons behind these challenges, and present a six-step roadmap to successfully manage change in your financial institution.