Top 3 Leadership Challenges Financial Institutions are Facing

This post is authored by Tom Governale, Client Director.

The value of a financial institution’s workforce hinges on the effectiveness of the business strategy and how talent is executing within that strategic framework. If you add in the many unexpected market changes the financial industry faces, we can deduct that the organization’s ability to respond quickly and innovatively, while executing against their strategy, is crucial to its success.

This quality of acting fast and strategically, also known as Strategic Speed, is essential for the talent in financial institution organizations to possess in today’s marketplace.

Our research shows three specific people factors that drive strategic speed: clarity, unity, and agility. Download our infographic to learn more.

Aside from unknown market changes, the top challenges I’m addressing with my financial service customers include:

1. Succession Planning

Boards and supervisors are looking at succession planning and leadership development to ensure they have sufficient depth of talent and are identifying and developing future leaders.

2. Securing and Retaining Top Talent

Securing and retaining talent has become essential to competing and innovating in this environment, as financial institutions fight for skilled people not only with their traditional sector rivals but also against a new wave of competition from technology giants and start-ups.

3. FinTech Transformation

Tech transformation is requiring financial institutions to reshape their workforces. Not only are the number of products increasing for internal operations, but the more customers are demanding digital resources, the quicker financial institution’s need to respond to their demands.

Separating hype from reality will remain a key challenge for financial institution leaders in the coming years.

We have worked with many financial institution organizations that have successfully aligned their leadership development initiatives to business strategy. Our programs, such as Adapting to Constant Change, and Connecting People to Strategy, develop leadership capacity to understand and lead through these challenges.

Interested in learning more? Visit our Financial Services resource page to learn how to influence change in your leaders.