Maintaining a best-in-class operating model is central to the success of any financial services firm. But that’s only part of the picture. A sound strategy, an eye for risk management, and a company’s culture—especially its people—are just as important in the long term.
Ensuring these elements complement each other is key as digitization continues to disrupt the banking world. Disruption is healthy: It gets us out of our comfort zones and makes us very conscious of the competitive landscape, with both fintech and financial services companies looking for a seat at the table. It reminds us that we must continuously innovate and evolve so that we can best support our clients.
The challenge to any financial institution is to drive innovation while delivering on all the day-to-day tasks that keep our businesses running. BNY Mellon processes some $2 trillion of payments each day globally. The firm settled $230 trillion of securities last year and it cleared and settled 88 million transactions with the Federal Reserve.1 Balancing this immense volume of transactions while transforming our business isn’t just challenging; it’s critical to our success.
To be successful, start with people and look through their lenses. Take your best talent and make them a part of your most significant initiatives so they have ownership of the processes.
Here’s our approach for delivering transformation to run a simpler, smarter, safer firm:
Colleagues at the World Economic Forum once said the Fourth Industrial Revolution is characterized “by a fusion of technologies that is blurring the lines between the physical, digital, and biological spheres.”2 Although our mission at BNY Mellon is to drive operational excellence, it’s in keeping with that “fusion of technologies” that this company’s culture and people are at the forefront of our continued transformation.
Know your business and its operations. Understand the end-to-end process from initiation to execution and always seek opportunities to streamline.
It's important to remember the dozens of smart, nimble fintechs that have our industry in their crosshairs. Act now because tomorrow might be too late.
Get to know clients as well as you know your own teams. Collaborate with them and deliver meaningful results.
Some of our most valued clients as well as competitors are themselves technologically savvy, global banks. Let’s not forget that they’re watching what we do and how we do it very closely.
Having the most technologically advanced tools in the world won’t amount to much if you don’t empower your best people to learn and leverage them.
No matter how impressive an invention might appear, always, always ask how it may be improved upon as if the success of the entire company depended on it. Because it might.
When everyone is working collectively towards a common goal, we're able to accomplish more in a short period of time.
As President Kennedy said: “We choose to go to the moon in this decade and do the other things, not because they are easy, but because they are hard.” Urge colleagues to come up with “moonshots” of their own with the aim that their ideas have the potential to deliver exceptional results to our clients.
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