By Francesc Fajula.
28th June 2016. It seems undeniable that the current technological revolution, which is still in its early stages, has clashed with any other previous business and industry models. This is certainly true, among other sectors, in banking, where the digital medium has been penetrated but where perception of it among the main actors in the sector is still very traditional.
That is not the case for tech giants outside of the sector, such as Apple or Google, who have seen a business opportunity in digitalization to access the world of Finance.
It is therefore up to the banking sector to step forward and undertake a total digital transformation of its structures as well as its business. This is what clients are demanding and we would be blind not to see it, in the face of a surge in bank operations through mobile devices and the various different online banking services.
Also, banks cannot afford to ignore the rise in new processes in collaborative economy such as crowdfunding, which are driving a model for collective funding outside of banks.
Lastly, they can also not overlook the needs and preferences of their new generation of clients, among which is the Millenial Generation.
In view of all this, the digital transformation seems an indispensable step towards competitiveness in the sector. But for the digital transformation to be productive, at Banco Sabadell we believe that the people who make up the bank must join senior management on board for this journey together.
In that line of thought, we already decided in 2010 to integrate an ideas social network in our digital ecosystem, with the first objective already achieved: BS Ideas has allowed ideas to surface that, because of their disruptive nature, would otherwise have remained invisible.
Secondly, it has allowed the organization to meet another of its strategic objectives: to carry out an internal map of talent, detecting the enterprising profiles within the bank that will play an important role in its process of transformation.
BS Ideas has helped to generate disruptive ideas and draw up a map of enterprising profiles within the bank
Today we can state that one of the main returns obtained through BS Ideas is the creation of an environment that allows people to think out of the box. But it also fosters a process of collective and interdisciplinary intelligence that brings the different profiles and areas of the bank together in one channel for participation.
The truth is that participation figures are emphatic: 96% of employees have registered, and participate regularly in the platform, where an average of 3,500 ideas are shared every year.
Returning to the bank’s digital transformation, it must be highlighted that senior management has supported the BS Idea project from the start because of its integrating nature, conscious of the fact that our employees can only take part in this journey if they feel they are a part of it.
In this sense, having an ideas social network has contributed to building a foundation for a corporate culture based on digital competency and values like participation, transparency and entrepreneurship.