The majority of banking transformation challenges can, in my opinion, be avoided or at very least resolved substantially sooner, when the correct team is in place. So what does the correct team look like? Well the answer is different for every bank.
The foundations for building the right team start with the initial understanding the banks transformation imperatives (why do we need to change, and what do we need to change). At this point a clear understanding of what needs to change has to be formulated and based on the imperatives a required skills listing for the senior transformation team can be developed. The skills listing will be different for each bank based on their own unique transformation imperatives.
Here is where patience comes into play. There needs to be a very realistic and frank review of the bank’s existing skills inventory and this inventory needs to be compared to the required skills listing. Most banks do not do this. Most banks will select a senior executive task him with the transformation and provide some senior and middle management to round out the team. The problem is that the skills required are not normally sitting on the bench in most banks, if they exist at all. Banks who will be successful at transformations will not rush the selection of senior transformation resources. The ability to be honest about the skills that exist within the current enterprise and the ability to develop a skill acquisition and development plan for this team is a key to success. This process can take a substantial amount of time as resources with specific skills in the area of transformational banking are not easy to come by and internal development of these skills require a significant investment of time and money. Spending the time to build the best senior transformation team you can with a realistic view of the skill required and the skills available will setup the foundations for success in the creation of the transformation vision. Use of the same skills assessment through out the build of the wider transformation team will increase the enterprises ability to perform as well as significantly improve quality while reducing time to delivery and costs.
Build the best team you can by matching resources to required skills and augmenting skills gaps with the timely and correct training will lead to successful transformations. This takes patience and planning at the early stages and an avoidance of “the lets jump to delivery” mentality that plagues most banking transformation initiatives.