The Future of Financial Services in the Age of Disruption
What will leaders in the financial services and tech sectors need to thrive in the future?
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[post_content] => Sydney Finkelstein is the Steven Roth Professor of Management and Director of the Center for Leadership at the Tuck School of Business at Dartmouth College, where he teaches courses on Leadership and Strategy. He is also the Faculty Director of the flagship Tuck Executive Program, and has experience working with executives at a number of other prestigious universities around the world. His latest
bestselling book is SUPERBOSSES: How Exceptional Leaders Master the Flow of Talent. He will be a keynote speaker at the IMI National Management Conference on 29th September 2016.
IMI: Based on your current work – if you only had 6 words of advice to give a business – what would they be?
SF: Great leaders create other great leaders.
IMI: What does this mean?
SF: Imagine a world where the work you did really mattered. Where the person who you call your boss changed your life by helping you accomplish more than you ever thought possible. Where your own opportunities would multiply in ways you may have been afraid to even dream of. That’s the world of “superbosses”, leaders with an incredible track record of generating world-class talent time and again. By systematically studying business legends and pop culture icons like Lorne Michaels, Ralph Lauren, George Lucas, Larry Ellison, Miles Davis, Charlie Mayfield, and Alice Waters, what superbosses actually do comes into focus. And anyone can do these same things. Superbosses identify, motivate, coach and leverage others in remarkably consistent, yet highly unconventional and unmistakably powerful ways. Superbosses aren’t like most bosses; they follow a playbook all their own. They are unusually intense and passionate — eating, sleeping, and breathing their businesses and inspiring others to do the same. They look fearlessly in unusual places for talent and interview them in colorful ways. They create impossibly high work standards that push protégées to their limits. They partake in an almost inexplicable form of mentoring, one that occurs spontaneously and with no clear rules. They lavish responsibility on inexperienced protégées, taking risks that seem scary and foolish to outsiders. When the time is right superbosses may even encourage star talent to leave so they can then become part of a strategic network of acolytes in the industry.
IMI: Where should we look for further information?
SF: I put together a list of interesting articles related to this subject:
Superbosses aren't afraid to delegate their biggest decisionsThe rise of the superbossesGeorge Lucas: Management Guru?The Power of Feeling UnthreatenedHire People and Get Out of the WaySydney Finkelstein is a keynote speaker at the IMI National Management Conference taking place on Thursday 29th of September. To register for this event, please click here.
[post_title] => "Great leaders create other great leaders" Six Word Wisdom from Sydney Finkelstein
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[post_content] => Described as ‘The Jane Bond of Innovation’, Nilofer Merchant has grown businesses — from Fortune 500s and silicon valley web start-ups — for 20 years. She will be a keynote speaker at the IMI National Management Conference on 9 October 2014. As an innovative thinker and practitioner, Nilofer will share her thoughts and experience on how we best align our organisations to succeed against our business challenges today and into the future.IMI: Based on your current work – if you only had 6 words of advice to give a business - what would they be?
NM: Not everyone will, but anyone can.IMI: What does this mean?
NM: Most organizations think of work in boxes. As in engineering does this and marketing does that. Or, even more personally as Tom is responsible for delivering X and Susan is responsible for Y. This is to put work into neat little boxes to create some type of measurability. It’s a relic of the industrial era when the way to profitability and market performance was on efficiency and productivity. But if you look around your workplace, you’ll notice the most obvious truth. Most things are not failing because so and so didn’t do such and such. It’s because of a gap. A gap between organizational silos. A gap between understanding. A gap between the organizational boxes. In order to close the box, you need to organize not around boxes but around purpose. Organize not by “who should be here” but who wants to be here. And while not everybody will rise up to solve the situation, create new products, etc … what you’ll discover is an amazing reserve of talent that exists. Things you didn’t know were possible will happen. Because anybody can.
IMI: Where should we look for further information?
NM: Visit my website nilofermerchant.comNilofer Merchant is a keynote speaker at the IMI National Management Conference taking place on Thursday 9 October. If you are interested in attending click here to register.
[post_title] => "Not everyone will, but anyone can" Six Word Wisdom from Nilofer Merchant
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Rory was appointed Creative Director of OgilvyOne in 1997 and ECD in 1998.
He has worked on Amex, BT, Compaq, Microsoft, IBM, BUPA, easyJet, Unilever and won numerous awards along the way.
In 2005 he was appointed Vice Chairman of the Ogilvy & Mather Group UK. He was elected President of the Institute of Practitioners in Advertising in 2009 for two years.
Rory is also a visiting professor of Warwick University and was recently awarded an honorary doctorate (D. Litt) by Brunel University.
He will be a keynote speaker at the IMI National Management Conference on 8 October 2015. IMI: Based on your current work – if you only had 6 words of advice to give a business - what would they be?
RS: "Think like a biologist"
IMI: What does this mean?
RS: There is a dangerous tendency for people to look at businesses and markets as though they were pieces of engineering: and should be managed and understood in Newtonian terms. Today more than ever it's more useful - at least most of the time - to use the mental models we use to understand complex and evolving systems.
Source:www.askabiologist.asu.edu
IMI: Where should we look for further information?
RS: A great first place to start is by reading Robert H Frank's book The Economic Naturalist, and his later work The Darwin Economy. Nassim Taleb's Antifragile is a long but mind-reshaping read.
The other areas of worthwhile study are evolutionary psychology and behavioural economics. These seek to understand how (and why) people - often unconsciously - make decisions in reality, and why this may differ from narrow and naive theories of economic rationality.
Where to start here? Predictably Irrational by Dan Ariely. Nudge by Thaler and Sunstein. And The Rational Animal by Griskevicius and Kenrick.
Sapiens, by Noah Harari, Butterfly Economics by Ormerod, Adapt by Tim Harford and The Origins of Wealth by Eric Beinhocker would also be an essential read.
Rory Sutherland s a keynote speaker at the IMI National Management Conference taking place on Thursday 8 October. This event has now reached maximum capacity however if you would like to be added to the waiting list, please email your contact details and company name to conference@imi.ie.
[post_title] => "Think like a biologist" Six Word Wisdom from Rory Sutherland
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[post_content] => Frances Ruane served as Director of the ESRI from 2006 to 2015. She previously taught in the Dept of Economics at TCD, and earlier in her career she work at Queens University in Canada and at the Central Bank of Ireland and the IDA. In Ireland, her current activities include chair of the Interdepartmental Group on Making Work Pay for People with Disabilities at the Department of Social Welfare, membership of the Public Interest Committee of KPMG, and an Honorary Professor in the Department of Economics at Trinity College, where she contributes to the MSc in Economic Policy Studies. She is also a Research Affiliate at the ESRI and a member of the Royal Irish Academy.
IMI: Based on your current work – if you only had 6 words of advice to give a business – what would they be?
FR: Look positively beyond the immediate.
IMI: What does this mean?
FR: After a period of rapid growth, the global financial crisis meant that Irish businesses had to concentrate on handling immediate challenges. They managed that disruption well and this contributed to the strength of Ireland’s recovery. But the focus on the immediate has left many businesses with legacy issues (debt burdens, under-investment in innovation, poor staff morale). And now businesses need to prepare for the medium term when we discover what is really meant by ‘Brexit means Brexit’. Forward looking businesses leaders need now to ask: what could Brexit mean for my market and company? Where am I exposed to risk and how can I mitigate it?
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One of the most common struggles people have in life is speaking in public.
Source: www.webdesignerdepot.com
You may have always managed to avoid these scenarios like the plague. You may also be in a place where enough is enough and you just want to be equipped to be comfortable and confident to present without the all the drama attached.
From a personal perspective, it can be sometimes easy to wiggle out of these stressful scenarios. Sooner or later from a professional context, avoiding a presentation at work or leaving it until the last minute can start to impact your career or work life.
Where to start – start with yourself and your thoughts
Most people have the same fears, looking silly, what will people think, being forgetful, babbling or not getting to the point. It is really important to overcome these fears and understand where these unhelpful beliefs come from. Once you challenge these beliefs you can make huge strides which will impact both your personal and professional life.
Understanding stress
Most people become stressed when it comes to public speaking. Surveys often quote that the number one fear amongst the population is public speaking. To put this in context fear of death is number two on the list. It is useful to remember the purpose of stress. Stress is a function of the human body designed to protect you, once you reframe how you see stress it will make public speaking such a different experience. To help with this reframe remember: FEAR stands for False Evidence Appearing Real. The more relaxed you are the easier it is to communicate, so find ways to relax before presenting.
Confidence
Helpful beliefs about your self is a great start to increasing your confidence. Always play to your strengths. What people tend to do is compare themselves to others and then they never match up. Comparing yourself to others can be limiting and damaging. Everyone has their own personality and style. Play to your strengths be your authentic self. Sometimes you just got to imagine that confident state and fake it until you make it can be a good strategy until it comes second nature to you.
Structure
Always start with the audience in mind. What is the purpose of your presentation? What would interest them? It is really important to capture the audience’s attention and maintain their attention. Here preparation is key. Have structure, a beginning, middle and end. Ensure you know what key messages you would like them to remember and find ways to make those messages memorable. Remember: what would you like the audience to think, feel or take action on.
Engage the audience
Many people would love to have the confidence to engage the audience but just don`t know how. This is about understanding your audience and meeting their needs. Build rapport, be brave and curious when it comes to audience interaction. Being able to read people`s body language and influence people will increase your ability to engage the audience. Remember, always put yourself in the audience’s shoes.
Practice makes perfect
If you ever learned to drive a car, you will know you didn't just drive automatically to your destination without guidance. Treating presentations the same will help you improve. Seek feedback from others on how you could improve and look specifically at what others do. Remember, look back, reflect on what you did well and find ways to improve. Focus on presentations as a learning experience to becoming an expert to presenting with impact confidently.
William Corless is an ICF accredited ACC Coach.
He brings over fifteen years’ experience in general management, supply chain, team development and strategy.
William is an IMI associate faculty and teaches on Presenting With Impact._____________________________________
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Thimon de Jong runs over the past ten years has consulted with leading organisations such as Ikea, Deloitte, Aon, Samsung and GDF Suez, on sharpening their business strategies to sync with wider socio-cultural trends. Thimon runs his own company, Whetston, a strategic foresight think tank. He also teaches at Utrecht University on how sociocultural trends can be used to improve business strategy. He will be a keynote speaker at the IMI National Management Conference on 8 October 2015. IMI: Based on your current work – if you only had 6 words of advice to give a business - what would they be?
TDJ: Develop a digitally balanced business strategy
IMI: What does this mean?
TDJ: Society, human behaviour, business: our world is rapidly getting more and more digital. But parallel to this development, the need for the real, the personal and the unconnected is growing. In the future, a successful strategy will cater both these trends with a digital balance in any part of business: products, services, marketing communication, HR etc.
IMI: Where should we look for further information?
TDJ: This fall, I will release a series of articles on this, published via LinkedIn and my website: www.whetston.comThimon de Jong is a keynote speaker at the IMI National Management Conference taking place on Thursday 8 October. This event has now reached maximum capacity however if you would like to be added to the waiting list, please email your contact details and company name to conference@imi.ie.
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Chris Roebuck
24th Apr 2019
Related Articles
"Great leaders create other great leaders" Six Word Wisdom from Sydney Finkelstein
"Not everyone will, but anyone can" Six Word Wisdom from Nilofer Merchant
"Think like a biologist" Six Word Wisdom from Rory Sutherland
"Look positively beyond the immediate" Six Word Wisdom from Frances Ruane
“I have just been asked to do a presentation”... Relax and take your finger off the panic button
"Develop a digitally balanced business strategy" Six Word Wisdom from Thimon de Jong
The Future of Financial Services in the Age of Disruption
The financial services and technology sectors have changed immeasurably over the last ten years, but in the next ten they will utterly transform.
The financial services and technology sectors have changed immeasurably over the last ten years, but in the next ten they will utterly transform. Extreme customer-centricity, tightening regulation, digitisation, disruptive competitors – these are just some of the challenges facing traditional operators and burgeoning competitors.
To tackle these macro trends, IMI came together with industry through interviews, focus groups and workshops to design the Future of Financial Services Leadership programme. With participants coming from the banking, fintech, big tech, regulatory and start-up sectors, the programme aims to shift the mindset of participants from running their business to transforming their business.
We sat down with Chris Roebuck, Economist and Programme Director, to discuss the programme in more detail. For more from Chris and for a deeper look at the challenges in the sector, look out for his extended interview in this week’s Sunday Business Post (28th April 2019).
Financial Services have changed hugely over the last 10 years (Photo source)
Q. Can you give an overview of what the programme is and what it’s aims are?
It’s all about the fundamental questions of “where do we need to be in the future”, “where are we now” and “how do we get there”. These questions need to be answered to provide a clear and simple strategy to deliver a sustainable and profitable future. The problem is that gaining such clarity in such a complex and dynamic environment is very difficult for most senior leaders.
Their traditional career development has given them an in-depth understanding of their area of expertise but to answer these key questions (and indeed be a credible and effective strategic leader for their organisations) requires an understanding of the big picture both inside and outside their organisations – the evolving ecosystem.
That’s our objective; to give them the critical knowledge of the wider ecosystem, market dynamics, and the leading-edge developments available to them. This combined with the enhancement of their leadership will enable them to guide their teams, colleagues and organisation to have that profitable and sustainable future.
So, it’s not just about being in the market, it’s about being a market leader in all senses.
Q. Let’s get into the programme now in more detail. Can you just tell me how the programme came about?
There has been a growing sense that the industry needed to “go up a gear” to take on board what is happening in Financial Services across the globe and within the whole world of digitisation and other technological developments.
IMI worked with the Banking and Payments Federation and other key stakeholders, including the Government and the IFS 2025 plan to identify the key challenges and how to meet them to build a financial services sector fit for the future.
The initial ideas of “what do we need to do and who do we need to deliver it” were then tested with focus groups of industry experts to come up with the programme to achieve that via leading edge thinking and solutions being enabled by simple practical actions.
Q. Who are you looking to participate?
It primarily for those who are going to be the leaders in the sector over the next 5 – 10 years, so high potential middle managers and above.
It’s for people who are open to change, to challenge their current mindset, to develop new ideas, who want to understand the big picture not just their own job role, who then want to be able to take their teams and organisations forward by not only having the right strategy and plans but by being able to inspire their people to make them a reality.
It doesn’t matter which functional area they come from and it’s better to have a wide spectrum of people from across different areas as success in making this transformation is about creating “one organisation” that takes forward the whole internal ecosystem as one.
Piecemeal disconnected functional change will just not work here.
Q. And what will be the benefits for those individual participants?
They will be the catalysts for success in the future of their organisations.
They will understand the big picture as well as their own areas of expertise. They will recognise the challenges and opportunities that now exist, they can then help create a road map for their organisation’s future, they will be inspired to inspire others to go on that journey to success and they will have the capabilities to deliver it.
Above all they will have started their journey from being an expert in their field to also being a strategic thinking leader who sees the way forward and can leader their organisations to a sustainable and profitable future.
Q. And the impact on the organisation – how will this programme add value to them?
It’s fundamental to the programme that participants not only develop their own capability, performance and future focus but also that of their teams and wider organisations. As I said before the current changes in financial services mean that piecemeal change won’t work – it must be ecosystem wide, aligned and integrated.
Through the programme, and working in close partnership with organisations, we will help them build a cadre of leaders, not just now but in the future, who are capable of collaborating together so the whole organisation is able to identify and deliver the changes needed to be optimally positioned for the future.
__________________________________________________________________________________________________ Chris Roebuck is programme director for the Future of Financial Services Leadership programme, aimed at preparing leaders in the sector for the future economy. The programme is in association with IFS Skillnet and the Banking and Payments Federation Ireland. Chris was Visiting Professor of Transformational Leadership Cass Business School London 2009 -18.
