Leadership of Digital Transformation

The evolution of digital technologies at an exponential pace, especially over the last decade, has led to the emergence of technology-based players that are disrupting practices across all sectors of business. As a consequence, companies are being forced to launch or to accelerate their Digital Transformation in order to remain competitive, or even to just survive. In the financial sector, the rise of disruptive digital players such as FinTechs and neo-banks is threatening the business models and value chains of incumbent banks, driving them to accelerate their transformations and review how they operate. Leadership is a vital success factor for organisations, particularly when leading change. Conducting a Digital Transformation presents further challenges for leaders, in addition to those of running the day-to-day business and dealing with financial, regulatory and risk constraints. This book develops a thorough and concrete understanding of Leadership in the context of Digital Transformation in the banking sector. The author uses a Grounded Theory approach and research from the field involving bank CEOs, getting their real-world insights and perspectives on this major topic. This research approach includes an in-depth analysis of Digital Transformation and how it is shaping banking and interactions with clients, employees and external stakeholders. It also includes a comprehensive study of Leadership, in terms of characteristics, styles and contingency, as well as the specific role a leader should personally play in the context of Digital Transformation. In light of the improved knowledge developed through the author’s research, the book proposes, in the format of a short guide for CEOs, five key managerial recommendations on how to lead Digital Transformation, from strategy through to execution, and on how to embark people within the organisation on this journey.