Other parts of this series:
This blog series began with a look at some of the challenges facing banks on their journey to cloud. This post focuses on a necessary shift for banks to maximize the value from their cloud migration: changing the bank’s culture.
In my second Banking Cloud Altimeter conversations video with Keri Smith, who leads Accenture’s Applied Intelligence practice for Financial Services, we discuss the question, Is your bank’s culture limiting the value of the cloud? You can watch the video now:
Changing a long-established workplace culture is a big challenge, but the banks that can make it happen will open up amazing opportunities. Let’s examine some of the areas where banks can make changes to their culture that will maximize their cloud value.
- Up-front collaboration: A smooth journey to cloud requires collaboration from the start between the business, technologists, and risk and compliance functions. Creating cross-functional teams helps to break down silos and build an enterprise partnership for the bank’s cloud journey. Solving for security risk and compliance before anything is built sets the stage for a smoother rollout and more confidence in the migration throughout the bank.
- Innovation mindset: Banks can drive a broader transformation through cloud by shifting to a product-based, agile mindset. The move to cloud makes it possible to accelerate the development life cycle and allows banks to be more innovative with their products. Focusing on a culture of innovation can also raise the energy level among employees by injecting an entrepreneurial “make it happen” attitude into the workplace. This can make the bank a more attractive option for highly skilled engineering staff and other top talent in a very competitive market.
50% of bank employees are highly enthusiastic about acquiring cloud skills and 52% believe it would add value to their job
- Cross-functional expertise: A culture that embraces continuous change and growth is more effective in today’s fast-evolving technological landscape than a traditional workplace where people stay in their functional silos. Reskilling and upskilling employees so that they have cross-functional expertise allows them to make better-informed decisions faster, communicate clearly with other functions and understand how they can individually and collectively add value across the business. Offering employees the opportunity to constantly learn and expand their skill sets builds a culture where multiple career paths seem open and advancement is achievable—an attractive proposition, especially for recruiting new talent.
Banks that can develop a culture of innovation and enthusiasm will benefit more from their transition to cloud. For many time-honored institutions, this means a radical culture change. But with change comes opportunity.
To learn more, register to view the latest issue of the Banking Cloud Altimeter. To start planning your bank’s journey to cloud, contact me.Read more
Thank you to my colleague, Keri Smith, Applied Intelligence Lead for Accenture Financial Services North America, for her contributions to this article and video.