One of the most common themes in the financial services industry these days is devising a digital culture. The topic is especially common on mid-senior management level, according to my personal observations. The drivers behind going digital drive are various. However, fact of the matter is that most of the organisations in the banking and finance are going digital these days. The driving forces behind the vary, as some institutions are trying to innovate, others to catch up, third to follow the trend. Going digital, is the current buzzword that sells a lot, for sure. But what does digital culture mean? In all honestly, I was struggling to define that myself. In my mind, going digital is all about moving fast and having a cool UI. For banks and other financial institutions, it can mean going after Z gen customers. Mostly, it is a challenge that they seek help on. The most comprehensive definition that I have recently seen could be found on that brilliant MIT article that defines digital ready culture with the following four values across industries, including banks and finance: impact, speed, openness and autonomy. Knowing, how traditional banking cultures differs from the digital tech culture ( think of even how the likes of Mark Zukerberg and Sergio Ermotti dress) I must admit that the culture shifting challenge in banking and finance is something rather exciting to be part of on a daily basis. It is really interesting to help and see how senior finance leaders, most of which are representing the Baby Boomers generation act as change catalysts for the organisations they lead on daily basis, that they can serve generation Y and Z as well as compete with newly established institutions. Something that can be anticipated for sure is there will be huge changes and fantastic opportunities in the banking and finance industry. Chances are these can be seized by the right mix technology and people that can help organisations navigate the culture shift challenge.
Boris Grozev is a seasoned fintech executive. Entrepreneur by heart Boris has helped number of businesses to create and implement business development and product enhancement strategies. His advisory work in Emerging and Frontier markets has promoted culture and technology change, fostered innovation and lead to tangible results. He invests in variety of asset classes and shares his experiences from the journey to financial independence. Boris is a fast learner, whose leadership abilities, ambition, stamina, passion to succeed and attitude naturally spread to others helping to achieve common goals.