Whether due to regulatory reform, alternative business structures, service diversification or the introduction of New Technologies, the pressure is rising for all organisations operating within the financial and business services sector to transform themselves if they are to remain relevant.
Introduction of technologies such as Artificial Intelligence (AI) and automated document management, are removing the need for humans to undertake many routine, transactional analytical and processing tasks. Not only does this change to new ways of working require a different set of technical skills, the technological shift results in direct and indirect consequences for the workforce, which need to be managed very carefully.
Rising costs and increased levels of competition, combined with customer demand for quicker, lower cost services, require businesses to look at ways of reducing marginal costs by increasing output with existing capacity or investing in growth. The abilities of managers to adapt, and expand where necessary, their service portfolio, identify growth segments, simplify processes and create leaner supply chains are all business imperatives.
As a largely people centric industry, financial and business services need to proactively manage their talent, investing in the management and leadership skills of existing staff as well as introducing new. Successful managers will be those robust in nature, aligned with their organisations values and with strong social intelligence. They will be capable of Leading People and Managing People and be able to engage and focus their teams in times of rapid change and turbulence.
If you or your business operate within the financial and business services sector, you recognise the points set out above and would like to find out how UCQ can help improve your performance, contact us today.