How to avoid becoming irrelevant in the new decade
With digital innovations and new business models being introduced at a faster pace than ever, financial institution managers at all levels must evaluate their role in the new marketplace in order to remain relevant. Embracing the career changes that must be made is often difficult, but it is crucial, both for the individual and ultimately for their institution.
At the beginning of the previous decade, I was working as a strategic consultant for a large marketing services organization serving the financial services industry. I was 55 years old, and concerned that the way banks and credit unions were going to connect with consumers would change drastically, moving from direct mail to digital communications. Just as concerning was the prospect of clients assuming I was too old to keep pace with these changes relatively late in my career.
Rather than being complacent and continuing with “business as usual,” I decided that I needed to embrace the marketplace changes that were inevitable, take personal risks, and disrupt my career that had been quite successful for more than 30 years. I decided that I needed to learn new skills and build a personal brand that would show that I was still relevant to clients, prospects and peers.
This is the same crossroads that every financial institution executive and manager faces today. Will people who have built successful careers for decades be able to adjust for the massive changes taking place? Or will they hope that change will not impact them, or that they will retire before they are forced to change or asked to leave the organization?
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