Accenture's Andy Young believes there are seven steps financial institutions should follow as they build a change program:
- Develop a clear narrative for the firm’s transformation, but be ready to adapt it continually.
- Prioritize investments in "the new" by ensuring sufficient funding for essential change to the core business, but allow space to develop new business opportunities.
- Innovate and scale for value by experimenting and then scaling for business and customer value.
- Make change more human by developing a culture that embraces change, stimulates innovation and fosters agility.
- Be open to change from outside by considering the firm's role in ecosystems and finding new partners.
- Build agility by balancing adaptability and responsiveness with stability.
- Enhance the enterprise change capability by developing organization-wide change leadership and building a professional change capability.