The world of financial services is undergoing a seismic shift. With the rise of digital technologies, the traditional banking and financial services industry (BFSI) is facing unprecedented pressure to adapt and transform. A recent report by Knolskape, a learning-tech company, highlights the urgent need for BFSI organizations to shed their legacy systems and adopt a more strategic approach to digital transformation.
The Disconnect Between Ambition and Execution
The report, based on insights from over 6,500 employees and 35 financial institutions across geographies, reveals a stark disconnect between the ambition to transform and the execution of that transformation. Many BFSI organizations are chasing digital transformation without addressing deeper structural issues, leading to a lack of progress and a widening gap between ambition and reality.
Lessons from F&N and Lee Hsien Yang
Two recent examples of successful digital transformation can be found in the stories of Fraser & Neave (F&N) and Lee Hsien Yang, the Singaporean business magnate. F&N, a 100-year-old beverage company, has successfully adapted to changing consumer preferences and technological advancements by embracing digital transformation. Lee Hsien Yang, on the other hand, has disrupted the traditional banking and financial services industry in Singapore with his innovative approach to financial products and services.
The Need for Human Insight
In this moment of technological euphoria, it is essential to defend the human habit of questioning the obvious, tolerating ambiguity, and debating before deciding. This habit must be defended with conscious effort, not nostalgia. The responsibility to keep human insight alive is a question of governance, of leadership — and of daily practice.
Conclusion
The BFSI industry is at a crossroads. To stay relevant, organizations must shed their legacy systems and adopt a more strategic approach to digital transformation. By learning from successful examples like F&N and Lee Hsien Yang, and by embracing human insight and creativity, the BFSI industry can revolutionize financial services and create a brighter future for its customers and employees alike.
Originally published on https://m.economictimes.com/opinion/et-commentary/why-fmcg-giants-like-hul-may-need-outsiders-to-spark-real-change/articleshow/122664483.cms
