As banks and financial institutions strive to keep up with the blistering pace of change in the finance sector, introducing innovation is not without its challenges.
In particular, the culture shift involved in introducing new technologies and more innovative, agile ways of working to a 150-year-old building society was no mean feat – but that’s exactly what happened at Yorkshire Building Society, as COO Stephen White shared with us in this month’s FinTech Magazine.
To make sure the bank evolved to incorporate the latest tech and continue improving the customer experience, it was necessary to introduce a culture shift and get staff thinking in a more agile, innovative way.
One way YBS did this was by introducing an innovation centre. Its glass walls and prominent location at the front of the office welcomed in both colleagues and members of the public alike. “We were conscious for it to not just be seen as an IT initiative,” commented Head of Technology Operations Darren Newbould. “Having a place to go which isn’t anyone’s patch – a common ground – is really important.”
Head of Innovation Delivery Natalie Juryta adds that developing the culture within the company was of vital importance, and YBS put a lot of emphasis on managing this. “We create cultural ambassadors to help nudge the culture in the right direction,” she explains. “We have helped people feel that have a voice and it’s OK to speak out.”
You can read more about YBS’ cultural shift and commitment to innovation in our company report.