informa
/
News

Peer Advice: 7 Steps Toward Change

Tips for financial institutions or others heading for digital transformation.

Accenture's Andy Young believes there are seven steps financial institutions should follow as they build a change program:

  1. Develop a clear narrative for the firm’s transformation, but be ready to adapt it continually.
  2. Prioritize investments in "the new" by ensuring sufficient funding for essential change to the core business, but allow space to develop new business opportunities.
  3. Innovate and scale for value by experimenting and then scaling for business and customer value.
  4. Make change more human by developing a culture that embraces change, stimulates innovation and fosters agility.
  5. Be open to change from outside by considering the firm's role in ecosystems and finding new partners.
  6. Build agility by balancing adaptability and responsiveness with stability.
  7. Enhance the enterprise change capability by developing organization-wide change leadership and building a professional change capability.