Like most industries today, the banking industry is experiencing seismic shifts in the consumer demands and expectations. Customer behavior, technology, and competition are all in transition. The most challenging part of these changes is that they are all happening at the same time. Whether it’s the change to regulations or the swift demand in technological advancements, the banking sector is faced with huge challenges all at once.
The bank leaders of today and tomorrow must think through these growing challenges. It will be the progressive and successful executive who will look at these encounters as being interconnected, as opposed to viewing them as silos. For example, innovative products in the industry may often times be developed as a result of customer expectation. However, there are also times when similar products are developed in response to changes in the regulatory environment. Either way, these developments and innovations create a cycle of cause and effect.
The new leaders of the banking industry will embrace these changes and innovations with the realization and understanding of how these changes and developments are all inter-connected.
GSBLSU has assembled the leadership qualities required for being a successful leader in the banking industry of tomorrow. The listed traits are certainly not a list of everything it will take to be an effective top manager in the banking industry, but it is surely a good start.
- Vision - Over the last several years, studies (Booz & Co 2008 and Harvard Business Review 2006) indicate that 40 percent of management don’t trust their senior leadership, don’t believe leadership has a credible plan and don’t have the confidence in leadership’s ability to carry out a plan. A leader of tomorrow will find a way to articulate their vision and gain support for this vision amongst the team. A vision can only come alive if people are willing to voluntarily commit to this vision, normally because there is a compelling opportunity to fulfill a personnel concern.
- Authentic Leadership and Values – True leaders work hard to understand and evaluate themselves. They seek honest feedback from their team and are mindful of their weaknesses. This fosters trust, develops relationships and drives results.
- Ability to Adapt to Change – As we discussed above, the banking industry is changing at an extremely fast pace. Having the strategic flexibility to adapt and change mid-course is an extremely attractive trait today. Leaders in the banking industry need to constantly be monitoring and reviewing products and programs, new technologies, and their market positioning to make sure their particular bank is not stuck in a rut.
- Networking and Communicating - Effective use of informal networks to understand people’s true perceptions can help leaders of tomorrow. A good understanding of how innovation occurs can help boost performance and reduce inefficiencies. By developing informal social circles, customer relationships and networking groups, a core understanding of the industry will be developed.
- Preparation and Risk Management – All too often employees fail to communicate the potential of risk due to fear of “rocking the boat”. It is imperative that risk management is implemented by the leaders of tomorrow, so that everyone on the team is prepared for any unforeseen crisis. An open and progressive culture and attitude towards any risk or potential crisis will help prepare the organization for any change in the industry.
With the myriad of complexities that exist in the banking field today, the aforementioned qualities are some of the many qualities that leaders will need to develop in order to lead their respective banks in the future.
At GSBLSU, our experienced faculty and real day teaching philosophy helps to prepare the banking leaders of tomorrow. In addition, the bank study projects provide and test the banking students on the necessary discipline and aptitude needed to be a leader of tomorrow.
If you are interested in becoming a leader in the banking industry, please click here to contact us. Or, if you know you are ready to take the first step toward becoming a top level officer in your bank, please click here to be taken to the application page.