Digital future of banking requires new leadership model
Does the banking leadership handbook from the past need to be completely rewritten for the digital age? Or do the leadership rules that have survived the test of time simply need to be reinforced? Maybe organizations need a combination of the old and the new to survive new technology, new competition, and new consumer expectations.
The banking industry is trying to respond to an increasingly turbulent business environment, where legacy leadership and existing cultures are being challenged. Not only do leaders need to articulate a vision for a future of increasing customer expectations, greater competition and advancing technology, but also provide the resources to become digital technology organizations.
Some people argue that completely new leadership skills will be required to survive in the digital age. Others believe that leaders should go back to the essentials established decades ago, not letting change distract or disrupt an organization on a managerial level.
A joint research project between MIT Sloan Management Review and Deloitte, found that a blend of both perspectives may be required. In other words, while core leadership skills will stay the same, digital disruption will require new skills to be added to the ‘leadership handbook’.
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