Financial organizations seeking to implement a fintech (financial technology) solution typically already have a holistic vision for how it will impact their business including threats, opportunities and the role technology will play. They also take a top-down, enterprise-wide approach to strategy.
Individual business units with entrepreneurial leaders acting on their own can obtain positive outcomes from leveraging a fintech initiative.
The most sustainable successes occur when a major digital strategy like implementation of fintech initiative is formulated at the top of the enterprise.
At these digitally integrated organizations, the C-level and senior leadership are continuously learning, and ultimately take action based on building synergy across the enterprise. They’re adept at spreading best practices as leadership, eliminating inefficiency, ensuring compliance with internal and external policies and regulations, and aligning resources and priorities for maximum impact.
These leaders also have a very realistic perspective and understand that the rate of change in business is fast – and strategies that make sense today may be obsolete in a year or two. So these leaders are flexible and ready to adapt if the indicators show that it is necessary.
Fintech may involve significant change to existing ways of working. It may also de-emphasize the importance and need for certain roles and skills while requiring new and different ones.
Cultural and organizational change of this magnitude has a higher probability of success when the CEO takes a highly visible role in promoting it.