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Fearless - How safety and trust can help financial services thrive

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Long-term Accenture research shows that most transformations that fail do so because of fear and lack of trust. Learn more.

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Fearless - How safety and trust can help financial services thrive

  1. 1. HOWSAFETYANDTRUSTCAN HELPFINANCIALSERVICESTHRIVE EVENDURINGDISRUPTIONAND TRANSFORMATIONALCHANGE FEARLESS Long-term Accenture research shows that most transformations that fail do so because of fear and a lack of trust. These issues must be addressed by financial services (FS) firms if their change programs are to succeed. Fear and anxiety are the result of a decade of cost cutting and job losses since the financial crisis. WHAT FS EXECUTIVES THINK 76% said employees’ inability to adapt to change was one of the biggest barriers to their ability to drive through change. 74% said fear of change, because of a poor track record, was one of their greatest obstacles. BUT... Fear and anxiety reduce creativity, collaboration and innovation—the very traits a 21st century organization needs to become a market leader. 1. BUILD TRUST IN THE VISION AND LEADERSHIP • Find the ‘inner purpose’ in your vision. • Set a clear direction. • Communicate early, transparently and often. • Be consistent in your words and actions. • Create time for change leadership. • Be intentional about developing positive relationships. • Seek diverse views, listen well and be open. • Demonstrate judgment and explain why. • Build trust at every layer of the organization. 3. CREATE SAFE TEAMS AND TRUST ACROSS THE ORGANIZATION • Understand your organization dynamics down to a team level. • Address trust deficits at the start. • Nurture safe team environments. • Redesign work with greater freedom. • Enable small, iterative steps to change. • Adopt design thinking for human-centered change. • Break down organizational silos. • Engage your team in their own change journey. • Remove barriers to new mindsets, behaviors and skills. • Give people space to change. • Nudge small steps, don’t tell. • Celebrate and learn from experiments. • Create a learning culture. • Build grit and resilience ahead of tough times. 2. SHIFT BEHAVIORS, MINDSETS AND SKILLS IN A SAFE SPACE THREE STEPS TO CREATING A FEARLESS ORGANIZATION THE STATE OF CHANGE IN FINANCIAL SERVICES Accenture’s bottom-up research shows fear and anxiety among FS teams and employees are the greatest impediments to change. Largely because of this, change in FS plays out in a ‘Yes, But’ landscape. • Leadership issupportive. • People understand and agree with the vision. • Change benefits are being realized. • Business performance is improving.People feel they lack needed resources. • Systems and processes get in the way. • Conflicting priorities jeopardize business benefits. • Complex current state / legacy environment. • Most of all, fear and anxiety. ABOUT THE RESEARCH This report draws on a number of recent Accenture research studies: Read the full report here• The 2017 FS Change Survey • Transformation GPS • The FS Agility Index Study

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