| |May 20189CIOReviewpeer to peer lending and ambitious fintechs who are all gunning for a slice of lucrative market share.To stay relevant we expect to see a constant evolution in banking and consequently in operations. A number of themes are emerging that will be part of the future of operations. Below I describe a few of these:1. Silos ­Banks will be more adapt-able, faster to market and more scalable. Historical bounda-ries between opera-tions, technology, product, and risk will disappear. De-pendencies between departments will not be constrained as new teams are created with change agents that have relevant exper-tise who are collectively fully empowered to devel-op and deploy bank-wide solutions. Change delivery disciplines such as Agile will be funda-mental to successfully delivering the required volume and pace of change.2. Convergence ­ The allocation of financial and people resources into systems development will be prioritized. Highly-automated systems that allow clients to transact real-time will fundamentally change the way they interact with the bank. Clients will be trained to be able to configure the systems without having to request the bank to develop expensive technology patches. This will improve customer loyalty for those banks that are able to do this first and are able to incorporate the ever-changing and onerous risk and compliance requirements.3. Functional & multi-product experts - Operations teams will be organized across the value chain which includes functions such as onboarding, transaction management, and servicing. This is a shift from the traditional product unit set-up that is typical in banking operations. The result will be flatter structures, reduced number of teams and an increase in the breadth of products supported by tech-savvy operations experts.4. Client facing value ­ Operations will have more customer touch points with clients and their role will become more sophisticated as they help them migrate to new ways of banking. Operations will lead customer events, tapping into the areas where there is clearly a demand for sharing expertise. 5. Values and Behaviors ­ Success in the new world will be underpinned by the banks' greatest asset ­ its people. Navigating through a constant evolution will be much easier for people that have a growth mindset and are able to work together. A stronger emphasis on Values is expected, with a premium placed on collaborative work styles. Gone are the days of the big boss delegating and command-and-control workplaces. Seasoned leaders and subject matter experts that can `leave the title at the door' for the good of the organization will thrive.The above trends will typify the evolution of operations and the integral role they play in helping the organization in the coming period. Operations will play an integral role by having a real impact on earnings' growth and controlling costs. Operations will play an integral role by having a real impact on earnings' growth and controlling costs
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