CULTURAL FLEXIBILITY – THE “SECRET SAUCE”
FOR TRANSFORMATION AND INNOVATION
The massive changes ahead described in the scenarios will impose high demands on both banks’
senior management and their employee base as a whole. Labour supply will become more
constrained (e.g. Due to demographics and new digital capabilities) and the structure of work will
be subject to changes (e.g. Due to automation and artificial intelligence). Much of this is already
widely discussed – yet it largely remains ignored in practice.
Notwithstanding, profound transformations have to be conceptualised and implemented, altering
both the understanding of particular roles as well as the organisation as a whole (i.e. Transformation
management, not mere change management). Only few organisations have begun the process
of identifying, initiating and implementing the necessary changes in a structured manner.
We see much room for improvement in banks’ organisational culture, especially within the following areas: