The digital revolution has fundamentally changed the world we operate in. Today convenience, trust and simplicity are paramount as companies embrace technology to reshape customer interactions and expectations.
However, delivering the rapid change consumers expect (and disruptive start-ups can deliver) is difficult for large organisations like banks operating in sectors not traditionally viewed as agile.
Well-established processes and behaviours are often continued mostly out of comfort rather than alignment to customer requirements and industry best practice.
In this age of innovation, the danger of a 'business as usual' approach is becoming a stagnant business that no longer meets the needs of its customers or employees.
There're obviously different ways you can tackle these legacy cultures but here at ANZ, to ensure we stay in touch with evolving needs or our customers and employees, the International and Institutional Banking division established the 'Hot House' program.
This program is designed to change mindsets and cultures, helping us rapidly develop and implement new ideas to keep pace with competitor and customer expectations.
A 'Hot House' relies heavily upon the active partnership between Front Office (Relationship and Product), Middle Office, Risk, Finance, Operations and Technology functions to drive end-to-end business transformation.
In the 18 months since the 'Hot House' program was established, over 500 staff from every ANZ IIB customer segment, product, enablement function and region have come together for 32 'Hot Houses' and proposed almost 300 solutions which have been endorsed and implemented.