Confronting the Greatest Risks Facing The Future of Banking from Financial Brand

Few Risks which I see in Industry. Its NOT just in IT , Banking. Its applicable everywhere.

1. Risk of Complacency
2. Risk of Current Success
3. Risk of playing to NOT lose
4. Risk of being a just Banker

"If you stay in the safety of complacency without a notion as to what’s happening in the company or in your industry, your safety zone can become a danger zone overnight"

According to Sonia Wedrychowicz, Managing Director and Head of Technology Transformation at JPMorgan Chase
“If you are successful and comfortable – don’t allow yourself and your company to fall into the trap that it will last forever … that’s the best time to transform and change!”

According to the book, “Top Dog”, by Po Bronson and Ashley Merryman, “Competitive fire will never ignite, or be expressed, when our orientation is just to get through the day. Competitive fire will flourish when long-term goals are high, and when it’s accepted that risks and mistakes go hand-in-hand, and we are free to let ambition reign.”

From my perspective, I have seen that “bankers being bankers” tends to result in 
- lower acceptance of change; 
- an adherence to legacy policies, processes, and thought patterns; 
- and the resultant risk of not being able to keep up with consumer demands.

What is Strategic Thinking?

Understanding Strategic Thinking

Many of us, have misconceptions about what constitutes strategic thinking. I don't think you'll find a generally accepted textbook definition of the term, so I'll put my stake in the ground and make this assertion:

Strategic thinking is more about looking at the past and present than it is the future.

Strategic thinking is introspection, not necessarily forecasting. Strategic thinking is asking:

• What's working and not working--and why or why not?
• Why do consumers do what they do, or not do what they don't do?
• Why does that one pesky competitor of ours always eat our lunch?
• What assumptions about the business do we hold dear, but not might be true? (think bank branches)

While I'm sure there are others, there are two common barriers to strategic thinking:

• Some aren't equipped to address those questions. Reality is, many of executives, got to where they are because they're really good at managing people and/or operations. When they get to the senior ranks, there's this unwritten rule that somehow--magically--they're going to turn into strategic thinkers. Doesn't work that way. Sorry.
• The truth hurts. Here's an uncomfortable thought: Maybe the reason things aren't working out like planned, or why that competitor beats you every time is the result of decisions YOU made or actions YOU took. Sure don't want that coming to light in the strategic planning process, do you?

Digital Transformation Pyramid