Let your people go
All businesses are numbers obsessed, yet there are times when other concerns need equal billing.
For CEOs pursuing a cloud strategy, now is the time to let employees think and dream beyond dollars and cents so they can help create the future version of your institution. Keep in mind that they may need upgraded skills to fully participate in the cloud revolution.
Our Pulse survey shows more CEOs are fully incorporating their bank’s technology leaders in corporate strategy. We believe that integration is necessary since a tech-powered, financial services company is unlikely to be able to unlock the cloud’s full value if IT is just a department as opposed to the institution’s central nervous system.
The first step is to be open to reimagining business operations and processes in the cloud. Examples include natural language processing and bots that now support customer service, as well as optical character recognition that streamlines accounts payable, account closure and credit card processing.
We believe these are urgent tasks as the next few years will determine which banks are winning with cloud.
Those winners will be known only after a bank-wide transformation takes place. Here are some ideas on how to foster and accelerate an evolution of your workforce.
- Use demonstration projects to show the power and value of using the cloud’s flexible and nimble architecture. Small successes can convince the rest of the organization that it’s worth the effort.
- Challenge your managers and employees to identify potential differentiated products and services that could leverage the cloud.
- Engage with the board to help prioritize the projects that would benefit the most from strategic cloud spending.
- Consider partnerships with cloud service providers (CSPs) to lower costs while adding computing capacity and efficiency.