Digital Ecosystems – The Biggest Obstacle is Corporate Culture

Whitepaper Contents – What to Expect: Challenges and opportunities for banks in implementing the ecosystem many corporate transformations fail, but why? Why Corporate Culture is Crucial Five Measures for a Successful Transformation PAWLIK Digital Approach: Implementing a Digital Ecosystem by Fostering Corporate Culture

Brief Overview – Whitepaper Contents

Challenges and Opportunities for Banks in Implementing the Ecosystem

To successfully implement a digital ecosystem, existing mindsets regarding customers and traditional distribution structures need to change. In the analog world, customer contact and associated consultations primarily took place in branches. In response to customer challenges, bank advisors sold suitable products. In the digital world, a pure product-oriented approach is no longer sufficient because customers expect holistic solutions instead of individual products.

Read about the challenges for banks and the areas of action in this chapter.

many corporate transformations fail, but why?

A survey by TME in 2018 found that 39% of the surveyed participants considered corporate culture as the main obstacle to building a digital ecosystem in their bank. This is related to ineffective and insufficient communication, including the involvement of employees and exchange across all hierarchy levels. Employees are not engaged in a timely manner, are inadequately informed about upcoming changes, and often do not have the opportunity to actively participate in the process.

PAWLIK Digital Approach: Implementing a Digital Ecosystem by Fostering Corporate Culture

The approach consists of four steps that encompass all components of a digital ecosystem and allow for sequential integration. The focus is on the transformation management strategy, which accompanies all phases. The measures to be applied must be individually tailored to each institution to achieve the best possible results.

The goals of these measures are to:

  • Create employee acceptance
  • Foster change and opinion leaders
  • Conduct transformations systematically, within budget, and results-oriented
  • Lead the company to a sustainably successful outcome during and after the implementation of the transformation.
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