I have a problem when changing culture is the answer!
This title is enough to excite anyone one. "Digital Transformation in Banking Requires Big Cultural Shakeups" Source: The Financial Brand by Jim Marous
The core argument is that: to succeed, banks and credit unions must support the elimination of silos, be willing to embrace risk, and have an obsessive focus on the needs of the consumer.
I have been saying for a while "that the next victim of digital will be the hierarchy" but I am more than every convinced that the first issue we need to address is consistency in data.
Let me explain.
Do we trust the CFO for finance. Yes we do but we verify. We get and use b/s, p/l and cash flow as tools to help backed by faith in the accounting software and access controls. We get reporting to the board in reports and use committees for SAP, remuneration and audit, then we have external audit for full verification. We had consistency in finance and this gave us a culture.
So do we trust the numbers person, yes but because we can verify.
Using the same thinking for data. [I am not taking data governance here which is a fantastic tool but is far to limited in scope] We don't have any reporting tools of the same standard. We don't have anything like we do for finance but is not our businesses equally dependent on data as finance and probably increasingly so.
If data is growth will a lack of consistency and the ability to manage data be the Achilles heal for banks and others?