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There are several core ideas that provide the foundation for transformational leadership and culture that can help future-proof financial institutions and other organizations:
Leaders must paint a clear picture of the desired future state and explain why change is critical. This vision motivates people by defining the transformational purpose. Leaders must align executives, managers and staff around this vision.
Leadership teams should exemplify the behaviors they want the organization to embrace. If leaders cling to legacy models and legacy thinking, others will follow suit. Leaders must be willing to listen, learn and experiment with new ideas and technologies. They must encourage knowledge sharing and collaboration across silos.
Traditional hierarchical structures won't cut it. Leaders must push authority and accountability to cross-functional squads closest to operations. These teams must be trained and incentivized to move fast, ideate, build, test and rapidly iterate based on customer feedback. Rapid experimentation and implementation of new ideas is vital.
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