Why is culture so important when implementing new technology?

For business transformation to succeed the drive has to start with the Board. Adopting a culture where the drive to provide better customer outcomes is celebrated – even if it does mean an overhaul of technology and processes – is key to innovation.

Without this cultural shift away from maintaining the status quo at all costs, innovation is doomed to failure. Sadly this ‘not on my watch’ mentality is still strong. Many senior leaders will make choices solely to avoid the risk of change, and so choose the risk of doing nothing. In fact our recent research showed that 77% of respondents who wanted to innovate saw it as a career risk.

For banks wanting to deliver better products and services for their customers and keep costs down, it is clear that cultural and technological change need to go hand in hand.