Alignment is a beautiful thing and should be a corporate goal. Alignment on what to do in the future (to achieve the organization’s objective) requires systematic testing and regular testing of the individual’s perception of the strategy, the plans and the KPI’s. Only by comparing the individual perceptions can we identify and remedy misalignment. Unfortunately, misalignment seems to be rampant in the financial services industry: Bank Execs are misaligned with Technology and Analytics. “The reality is most financial institutions are hard-pressed to execute on a fast-follower strategy. To do it, you would need:
- A team of people evaluating technological developments in the market, [accurately] assessing the rates of adoptions, and the potential economic impact;
- A team of people to rapidly deploy the technological innovations after a “go” decision was made; and
- An agile, rapid planning process that took in the inputs from the team in point #1 and made the quick the decision to fund the team from point #2.