Other Models Might Look Nice...
I’ve seen banks that tout what I call the Silicon Valley model. They invest heavily in innovation hubs filled with beanbag chairs and red felt billiard tables. Drones are flying all over the place. These things create a lot of buzz and hype, but as exciting and hip as they might appear to be, they don’t fundamentally change the core of the bank.
Then there’s the Parallel Bank model. Executives look around and see an institution that must transform itself before it gets disrupted out of existence by digital competitors. They create a brand new and separate digital bank from the ground up. For a while, it runs parallel to the original bank, but usually it fizzles out because, as with the Silicon Valley model, it doesn’t fundamentally change the core.
Blazing a New Trail
We, however, are choosing to blaze a new trail. We are bringing together people from every corner of BNY Mellon’s vast cross-functional talent pool and challenging them to instill new ways of thinking into everything they do. It means using data to set our bank above and apart from our competitors. It means focusing on clients so that their experience is simpler, smarter, and safer. It means collaborating with smart fintechs when we identify a specific reason to do so. It means reimagining everything we do.
Let me dispel a common misconception about core, digital transformations. They’re much less about technology than they are about a company’s culture. We’re discovering new ways of working and behaving differently, as well as challenging “untouchable” processes, decision-making and corporate governance.