Banking Consulting
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Overview
Innov8 Change works specifically with banking executives, managers and team leads on how to achieve integrative connections with efficient business models to overcome inadequacies of the previous and current challenges. Innov8 Change Advisory Group subject matter experts draw on deep experience across industries to help the leadership of banks and financial services institutions in finding innovative ways to optimize processes, reduce operational costs, align information technology, incorporate risk management, attain customer loyalty, and be strategically positioned for a changing and competitive market space. Innov8 Change provides advisory, innovative and capacity development services with a deep understanding of banking and financial services with a knowledge of best practices and future-state technologies.
Removing Barriers and Complexities to Improve Performance & Impact
Innov8 Change combines extensive banking industry insight to help your organization enhance its performance, advance in competitive advantages, develop a deeper understanding of your customer and people through direction on the following innovative capacities:
- Improving operational and organizational efficiency
- Integrating Diversity, Equity, and Inclusion in policies, processes, and communication to enhance experience of multicultural populations.
- Responding to change while continuing to grow and remaining relevant and competitive
- Developing innovative ways to understanding your customers for increased engagement.
- Determining which business models will succeed and which ones must change
- Identifying expansion opportunities and developing actionable practical execution plans
- Risk assessment and mitigation strategy development
Cultural Competency Challenges in Banks/Financial Services Organizations:
Problem:
- Most financial services institutions and banks have not kept pace with the growing need for cultural competency integration in the financial services and products they offer.
- Organizational Research suggests a lack of cultural competency in organizational knowledge, processes, and practices in banks and financial services organizations.
- This absence of responsible engagement of diverse populations leads to Individual Harm and Negative Organizational Consequences
- Violation of a moral and ethical imperative
Situation:
- Current Lack of Cultural competency integration which is preventing organizations from working effectively with culturally diverse populations (Cross et.al, 1989)
- Cultural Competency is not explicitly integrated in all aspects of financial services organizational values, structures, governance, communication, staff development, infrastructure, services, operations, policies, and practices (Cross et. al,1989; Goode, 1999; Lewin Group Study, 2002; Ngo,2008).
Why We Should Care:
- Financial services organizations play a crucial role and have immense impact on people’s lives.
- Financial Ramifications can be long lasting and have dire implications for marginalized groups.
- Unconscious Bias- Certain populations are excluded and sidelined in financial services processes, policies, and procedures.
- Much is not known the decision-making processes that affect the financial acculturation, financial transition, and financial well-being of many minority groups.
