Undoubtedly, banks are more than transactions. You see, client relationships should be the center of everything. A client-centric culture is something which each banking leader must prioritize. That’s the main reason why leadership is vital, as it could make or break the whole organization.
Here are some of the crucial leadership skills one must possess in order to succeed in the banking sector:
- Robust EQ (Emotional Intelligence)
Today’s world is focused on the user experience. Banks are revolutionizing to foster strong client relationships, and that accountability can take a toll on bank staff. A strong banking leader must help his or her staff navigate and regulate emotional challenges by keeping a healthy emotional quotient and being a role model. For the workforce to present an efficient client experience, companies must have a culture where employee experience is a top priority.
Not only are the transformations fast-paced, but they also take place on various fronts. Organizations should eliminate old restrictions and be more adaptable with policies to meet and respond to demands in a timely manner. Stepping out of tradition is crucial, given the increase of disruptive fintech startups.
Deltec International Group Chairman Jean Chalopin said at the 2019 Deltec Annual Conference in The Bahamas, “Twentieth-century banks were all about humans, buildings and paperwork. Meanwhile, in 21st-century banks, data is more about servers and software.” The role of a leader in driving banking innovation is established on the foundation of flexibility and knowing the digital ability in changing legacy systems. It also includes how the bank could make better products for today’s clients.
- Technological Literacy
From security to innovation, everything is based on technology. Bank leaders should be tech-savvy with the speed at which technology advances. Banking leaders should think outside of the portals of the banking mindset to get ahead of the competition.
A keen eye on the current technologies and trends will allow leaders to gear up for upcoming challenges within the industry. It will introduce new solutions to existing problems and transform the banking experience at large simultaneously.
Essentially, banks must compete for client satisfaction and not the number of transactions. They must be driven by a value-creation attitude. Those leadership skills are the initial step for bankers to take a jump into the future of smart banking.
Disclaimer: The author of this text, Robin Trehan, is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.