I’m often asked about how to implement a digital bank? What are the top tips?
My response is that every company is different, with no two banks the same. Some are evolutionary and try to tinker with the current company structure; some are revolutionary, like mBank, and radically reorganise the current structure; whilst some are transformational, like BNP Paribas and Hello!, where the only way to create the new structure is through the launch of a new bank.
Whichever strategy is being followed, the most critical piece in all of this is leadership, as I’ve said before. This is where it gets more difficult as most banks are structured like monkey trees.
The monkey tree organisation has a lot of primates running up and down the limbs of the tree. The monkey at the top of the tree looks down and sees a lot of smiling faces.
The monkey’s climbing up the tree just see a bunch of assholes.