Leaving the Past Behind

31-May-2022

Addressing the challenges and capitalizing on the opportunities that lie ahead in the wake of COVID to achieve long-term organizational transformation

By Maisa Shunnar, Group Chief Digital Transformation Officer, BisB

Plenty remains unclear about COVID -19 – we continue to ponder how long it will last, the possibility of new variants emerging, and its definitive effect on the global economy. Nonetheless, our current level of uncertainty pales in comparison to the initial panic that swept across the world at large when it first hit. Relatively, our fears are at bay as we have armed ourselves with the knowledge of how to stay safe, taking the requisite precautions. Collectively, we have learned to cope with unimaginable circumstances, finding newfangled work and life routines, adapting to a new normal. As a result, we each have our own takeaways as individuals, as societies, and as companies.

Inarguably, the pandemic has ushered in the need for drastic, substantial, and intentional change; particularly within the corporate world. Critical issues have been brought to light, which were previously overlooked and can no longer be swept under the carpet, or postponed. Organisations today are being put under a microscope and are being held accountable by stakeholders who are more aware than ever, who are demanding increased transparency and expecting nothing less than an instant shift in how things are done. There is no longer room for vague plans of transformation, in particular with regards to the impact of organisations on society. Everything from the leadership, to the work culture and value system fostered within is being considered.

In fact, the pandemic itself, a catalyst of change, is a fitting analogy of the perfect storm, to which organizations reacted to differently. Beyond digital readiness, across the board, the ones that were swift to act often boiled down to their degree of willingness to openly embrace change and leave behind traditional concepts. For decisions to be actioned and leave the boardroom table, it needed to be spearheaded by progressive and forward-thinking leadership. Arguably, the most radical changes that have transpired across organizations as a result of the past two years have been in three key areas: digitization, work culture, and business continuity.

The pandemic not only fast-tracked digitization overnight, it left organizations with an ultimatum; get up to speed or get left behind. With the safety measures implemented during a time when people were social distancing and isolating, digital services were critical for people to be able to conduct their daily financial transactions. At BisB, digital innovation lies at the core of our strategy. We began our digital transformation journey back in 2017, and therefore, when the pandemic hit, we already had the required digital infrastructure in place. We focused on digitalizing the most used services through the Branches to limit physical interactions and successfully shifted 31 such services and products on our mobile application and website and 14 services and products on our self-service kiosks. Our state-of-the-art mobile application enabled clients to complete their banking transactions safely and securely with utmost ease and convenience; and our 24/7 self-service kiosks available across our branches allowed clients to complete an endless list of functions independently.

On the other side of the spectrum, the regulators and central banks across the world stepped in with measures to protect economic stability along with easing stress on short-term and long-term funding. Central Bank of Bahrain issued number of directives to mitigate the financial repercussions on customers such as supporting deferral of installments and relaxed LTV ratios for consumers, while giving concessionary repo arrangements and reduced cash reserve ratio for retail banks.

When it comes to work culture, priorities have evolved. Naturally, the entire situation took a toll on employees’ emotional wellbeing; whereby they were quickly forced to learn to work-from-home, all while questioning the stability of their jobs in an uncertain future. A common challenge employees are still facing is the lingering feeling of disconnection from their place of work, and as a result, they are left questioning their purpose. This particular challenge presents us, as leaders standing at the forefront of our organizations’ ability to change, with the opportunity to do better, to enrich our connection with our employees, to encourage open and honest conversations, and to prioritize employee mental wellbeing by creating more flexible work policies. We must realign employees with their purpose, cultivate a more engaging environment that gives them a sense of belonging and boosts morale.

We’ve always considered our people to be our most valued asset at BisB. Besides our human resources team implementing flexible working-from-home models, webinars revolving around work-life balance were held to help employees navigate their way through unfamiliar territory. More recently, in line with our commitment of fostering a work culture that inspires innovation, a social committee was formed which works towards strengthening the cohesiveness and spirit of teamwork throughout the Bank.

Business continuity is a far more complex matter. Although it is tempting to focus on aggressive growth across all business fronts, or form intricate compliance and risk strategies to curb setbacks; this alone no longer ensures survival. With increasing awareness around how companies impact their communities, both employees and clients prefer to be associated with organizations that acknowledge their responsibility towards the society, and, the environment, considering the recent shift in adopting ESG practices. Meaning, organizations ought to reinvent how they function and reconsider where they have placed themselves within their sectors to make a real positive difference and have a relatable, authentic purpose; wholeheartedly committing to comprehensive organizational change. However, this can only be achieved when the basics are met, organizations need to question whether their core values are still relevant, whether their employees are happy, and whether the operational infrastructure will be able to withstand the demands of a post pandemic world.

As we anticipate an unknown future, we need to begin addressing challenges head on, all while capitalizing on new opportunities that the pandemic has unearthed. Moving forward, we must take firm steps forward towards sustainable, long-term organizational transformation. In order to do this, it is crucial to leave behind the traditional, rigid stratagems of the past.

Instead, we must embrace an open mindset, and accept that there are no longer predefined, concrete models of what the new, shiny, ideal corporate agenda ought to look like. The stark reality that we’ve come to realize is - while we may have been under the illusion of a ‘cookie-cutter’, one-sized fits all formula to ensure organizational success - it never truly existed, and never will.