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Keen to take an informed approach to the current transformation age, BlueChip attended the annual Amplify Festival, held in Sydney from June 3 to 7. Hosted by AMP, it featured a program of international speakers including entrepreneurs, innovators, trend-spotters, disruptive thinkers and academics. In the midst of business disruption in which the dynamics of economy are shifting, here’s what the expert future gazers believe is on the horizon for financial services:
- People: hire people who can collaborate across cultures and understand nuances in language to ensure clarity, especially when emerging markets such as India and China are working with established Western cultures.
- Skills: we increasingly use technology to communicate and project management expertise needs to be honed to work effectively in the virtual world. This gives greater-than-ever importance to interpersonal skills, which might otherwise be left behind. For this reason, communication skills training needs to go back on the development curriculum in organisations.
- Customer centricity: transformational leaders spend more time talking to customers, to identify their challenges and how the business can solve them, than talking to management. The key take out for financial services? Know your customer, not just your products.
- Trust: is the key currency, not products. It’s important to remember that the virtual world is still composed of human beings; it just provides greater visibility of individuals and organisations than the real world. Managing reputational risk online and building your personal brand online is essential for helping this currency work for you, not against you.
- Collaboration: rewarding collaborative, rather than individual, achievements will create a fertile environment for growth and innovation. Great ideas can come from anywhere within the business and young, fresh recruits should be encouraged to share their ideas with open minded leaders and boards.
