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Technology not just a means to an end
Financial services organisations are focusing too much on technology and capabilities rather than on fundamental operation transformation when it comes to approaching digital disruption and transformation, according to the Australian Transformational and Turnaround Association (AusTTA).
AusTTA’s ‘Insights into how to keep up with today’s changing world’ report found over 50 per cent of firms believed ‘disruptive subsidiary’ was the way forward through digital disruption, almost 30 per cent through better customer focus, and around 25 per cent were ‘uncertain’.
AusTTA chair, Adam Salzer, said: “Disruption should primarily focus on transformational of the whole organisation. It needs to rethink and recreate its culture and its fundamental processes, not just embrace the technological opportunities”.
“Technology is not just a means to an end. Not the starting point,” he said.
“To meet increasing competition, many established organisations have to rethink their basic model to provide better and more tailored service that offers consumers significantly better value and greater control.”
Salzer noted that changing the internal mentality of senior management and employees regarding the role of the customer and full consumer empowerment should be the focus for management.
The report found that 40 per cent of respondents felt the greatest barrier to transformation were ‘management resist, unaware’, followed by ‘employee resistance’ (around 35 per cent), ‘finding people to assist’ (around 13 per cent), ‘uncertain (10 per cent), and ‘financial support’ (five per cent).
“It is the internal attitudes and structures of organisations that have to change as disruption is occurring at an industry level and in every operational function. This is what will differentiate organisations that can adapt and embrace the opportunities that are arising every day,” Salzer said.
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