The year 2020 is one marked by crisis, uncertainty and change. The Covid-19 pandemic suddenly and dramatically reshaped our lives and the global economy. Then, beginning in May, protests around the world ushered in a powerful movement focused on the need for systematic changes to society’s approach to racial justice and equality. With thousands of people demonstrating their passion for substantive change, a bright light shone on how individuals and organizations must take positive action to drive change in how we interact and respond.
How any organization fares during a crisis depends on strong, steady, collaborative leadership. The best leaders model the way by providing a laser-sharp focus on the needs of the customer, innovating under pressure and leading from within to keep organizations agile, relevant and responsive.
In the financial services industry, the disruption of the pandemic will have a multiplier effect on how consumers manage their finances and interact with their financial services organizations for years to come. Digital adoption rates have skyrocketed as consumers and businesses have been thrust into the digital bank space at lightning speed. And this experience will not go away. The financial challenges of historic levels of unemployment and government response related to debt relief have also changed the way consumers spend and save money and prioritize their financial needs. At the same time, financial services leaders who were making some, but not enough, progress on diversity, equity and inclusion strategies now must take different actions to acknowledge and address historical practices that disenfranchised many people of color and build organizations that are more diverse and inclusive for employees and customers.
Here are three keys to successfully navigating the seismic shifts we have experienced in 2020.
Clearly Understand And Deliver On Customer Expectations
Those organizations that are responsive, creative and steady in how they support their customers during difficult times will build loyalty and deepen relationships that will last long into the future. They will be known for doing the right thing for their customers and communities all the time, but especially when it really matters. Their customers will not forget the service they received.
The rise of digital platforms does not mean the end to human interaction. Our organization’s research shows quite the opposite, with 82% of consumers preferring to use nondigital methods to get advice about complex processes or services and 81% preferring human assistance for solving account problems. In times of uncertainty, people want to know they can connect with other people, especially if their concerns or needs are complex or unusual.
Build A Culture Of Innovation
In times of uncertainty, a common response is to focus on doing what you always have done. It is counterintuitive, but the leaders who are confident and willing to do things differently can have much more impact.
Innovation is always important, but it is an essential focus in times of fast-paced change. And, although leaders often link innovation to technology, it is much more than the latest technology advancement. Our organization has been tracking and recognizing innovation in financial services for 10 years, and we know that the most impactful results are from organizations that build a culture of innovation that permeates the entire enterprise. Innovation across the business is critical to thriving in uncertain times — in products, channels, operational processes, human capital and community impact.
Prioritize Employee Engagement At The Highest Level
Finally, leaders must also prioritize their employees so they are best prepared to take care of customers. This happens when leaders build strong teams that can innovate and understand how to best serve their customers.
Just as leaders should listen to customers to fully understand their journey and needs, they must also listen to employees. Employees look to leaders to set the direction of the organization. Equipped with the best information possible, leaders can make good decisions and clearly communicate those decisions. It is appropriate — and welcome — to communicate that leaders may not have all the answers.
Leaders should also empower employees throughout the organization to quickly act on behalf of customers. Engaged, confident employees will project certainty and empathy to deliver the best customer experience possible.
The events of the first half of 2020 will not be the last catalyst to drive change and innovation that defines the customer experience financial services organizations deliver. There is historical precedence for large-scale events such as these to fuel higher rates of adoption and innovation, and strong leaders take the time to listen and learn, and then act.
Ultimately, leadership is taking the lessons from these world-changing events and understanding how to keep your organization agile, relevant, and responsive both today and in the months and years to come. Learning almost always turns difficult circumstances into positive outcomes.
This article originally appeared on Forbes.
