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Leading Change in Financial ServicesWednesday, March 22, 2017
Sponsored by:
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Our Program Today
Discuss how the rapid pace of technology change and the use of technology in our personal lives is driving evolution in business technology
Gain insight into how firms are adapting service models and practices to meet the evolving client needs
Share best practices on how to re-examine recruiting practices and talent assessment to meet today’s needs
Consider techniques for leading change in all aspects of the business, and core practices for managing change
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Our Panel
Sandy Schwan– Evolving Strategies Managing Partner
Moderator:
Joe Dedovesh– FIS GlobalVice President, Technology
Ryan Burns– Northern Trust Senior Vice President, Global Funds Services
Kevin Johnson– Kevin Johnson and AssociatesFounder and President
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Polling Question
Which technology do you believe will most significantly impact financial services?
a) Robotics/Artificial Intelligenceb) Cloudc) Distributed Ledgerd) Interactive Technology/Voice Responsee) More than one of the above
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The Evolution of Technology: The Pace of Change
Joe Dedovesh, FIS Global
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Its Impact on the Development of Social BusinessesThe Evolution of Technology
Source: Forbes Jan 10, 2012
1960sInfants
Technology is a curiosity.
We are in our infancy and the
future of technology is
unknown.
1970sToddlers
Technology is in the background.
We are learning yet
uncomfortable in the use of
technology.
1980sChildren
Technology changes our
behavior.
We are focused on improving customer
behavior and satisfaction via
technology.
1990sTeens
Technology takes a major leap and
connects us.
Use of web applications is
evident. We want more out of
technology at a faster pace.
2000sYoung Adults
Global growth of technology is out
of control.
We are used to technology in
everyday of our lives and want
more automation.
2010sMaturity!
We are technology! It’s fully integrated into our daily lives.
We want to control the direction of
future capabilities – Social business
take hold.
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Gartner’s Top 10 Predictions for IT Organization in 2017 and BeyondThe Evolution of Technology – 2017 and beyond
1. By 2020, 100 million consumers will shop in augmented reality
2. By 2020, 30 percent of web browsing sessions will be done without a screen
3. By 2019, 20 percent of brands will abandon their mobile apps
4. By 2020, algorithms will positively alter the behavior of more than one billion global workers
5. By 2022, a block-chain based business will be worth $10 billion
6. By 2021, 20 percent of all activities an individual engages in will involve at least one of the top seven-digital giants
7. Through 2019, every $1 that an enterprise invests in innovation will require an additional $7 in core execution.
8. Through 2020, Internet of Things (loT) will increase data center storage demand by less than 3 percent
9. By 2020, loT will save consumers and businesses $1 trillion a year in maintenance, services, and consumables
10. By 2020, 40 percent of employees can cut their healthcare cost by wearing a fitness tracker
Source: Forbes “Gartner’s Top 10 Strategic Predictions for 2017 And Beyond “November 15, 2016”
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Client Change in Financial Services
Ryan Burns, Northern Trust
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How have client needs changed over the past 5 years?
At Northern Trust, we understand that the funds industry is constantly evolving and it is imperative that we are informed of these developments and plan accordingly. In addition to our clients receiving continuous attention from our relationship teams, we keep our clients informed of the evolving issues that affect them. Our knowledge-sharing and thought leadership program covers a variety of trends and industry developments, both in clients’ immediate markets and in the wider areas that have the potential to impact on their business.
We invite clients to participate in our Client Advisory Group allowing for participation in setting the strategic priorities for Northern Trust
A monthly newsletter summarizing the most topical developments in the fund management industry with particular emphasis on fund news and regulation change
An ‘Insights on Regulation’ program, including educational forums and workshops
Webinars on a range of asset and fund servicing topics, such as distribution challenges and evolving industry trends
White papers on the challenges and opportunities posed to investment managers by major regulatory initiatives across the U.S.
Workshops and online training sessions for clients on how to maximize their use of our online portal, Northern Trust Passport®
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How have client needs changed over the past 5 years?
Increased numbers of constituents looking for access to data, resource constraints which drive the need for greater ease of data use, and growing regulatory burdens make it imperative that service providers be nimble and pro-active in delivering solutions to client needs. We look to expand areas of data connectivity via some of the following mechanisms:
• Dashboards: Provides high level overview of the state of funds andactivity interactively
• Meaningful reporting: Reports designed specifically for fund companies for increased transparency
• Mobile app: Access your latest reports and insights via mobile device
• Automated Feeds: Custom feeds leveraging industry standard capabilities
• Report center: Comprehensive reporting engine with scheduling and automated distribution capability
• Alerts: “Push” technology for notification of key events based on user preferences
• Data Direct: Integrates data directly into your excel spreadsheets using Web Services
• Export capabilities: Available on all key passport tools
• Reports and queries: Can be downloaded in Excel, PDF and HTML
• File cabinet: Document management tool organizing key relationship documents accessible to authorized users
Data visualizationData portabilityData automation
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How are we using technology to interact with clients?
Delivering insightful information using innovative and intuitive technology.
Key Passport Features:• Reporting Center: Comprehensive reporting engine with flexible scheduling and
distribution capability
• Dashboards: Provides custom high level overviews of the state of your funds
• Data Direct: Integrates data directly into your excel spreadsheets
• Alerts: “Push” technology for notification of key events based on user preferences
• File Cabinet: Document storage facility
• Insights & Research: Regulatory, industry and company updates
• Mobile App: Access to reports and insights via mobile device
• Atlas Market Interactive: On-line global market profiles and reference documentation
• Transaction Initiation: On-line trade instruction for cash and securities to facilitate straight-through processing with audit trail
Northern Trust Passport®
Data Direct Mobile App
Website
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How are we using technology to interact with clients?
Objectives: • Simplify – Develop technology platforms that
easily interact to enable business goals of our clients
• Standardize – Leverage industry standards and best practices to facilitate business scale – benefit to both NT and clients
• Efficient – Deliver solutions that easily adapt to the evolution of the markets in a cost effective manner
• Protect – Ensure solutions meet the security needs of Northern Trust and our clients
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Technology Support Model: Constantly Evolving Approach
Technology
Notification of Service Issues/Errors
• Designated call tree based on client requirements
• Client access to technology contact
• Email notification
• Internal ITIL process
• Escalation through Relationship Management Team
Network and Infrastructure
• Global Network Operating Center (GNOC) Monitoring
• Continuous Network to Network call tree
Business Day Support
• Dedicated IT Centers of Excellence around the globe providing 24x7 Technology Support. Support model being extended to provide greater coverage
• Passport Help Desk – in all areas of the globe
Reporting
• Monthly or Quarterly Functional Service Meetings
• KPI Reporting to agreed SLA
• Inquiry tracking and transparency around type, frequency, and trends
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Polling Question
In what way have you seen talent recruitment and assessment change most significantly in the past 5 years?
a) Candidate Identificationb) Candidate Assessmentc) Interviewingd) Talent Pipeline Reportinge) Other
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Talent and Technology: Changing Practices
Kevin Johnson, Kevin Johnson & Associates
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Technology expands the reachto engage candidates
that are beyond our traditionalrelationship spheres
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TRADITIONAL RELATIONSHIPS
Homogeneous Candidate Pools
HomogeneousHiring
People are hiring within their sphere
of relationships
SOCIAL MEDIA RELATIONSHIPS
EXPANDED RELATIONSHIPS
Affinity Groups
Diverse Partnerships
Expanded Candidate Pools
Heterogeneous Hiring
Organization becomes reflective of the talent available to the broader market
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Affinity Groups
www.nbmbaa.org
www.prospanica.org
www.womenintechology.org
www.ellevatenetwork.com
www.nasphq.org
www.ieee.org
www.ml4t.org
www.seo-usa.org
www.toigofoundation.org
cupusa.org
www.latinosinfinance.org
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HBCU
Howard University Morehouse CollegeFlorida A&M University
Fisk University
Hampton University
Spelman College
Clark Atlanta University
North Carolina A&TPrairie View A&M University
Xavier University
Historically Black Colleges and Universities
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Applicant Tracking Systems (ATS)
ResumeREPOSITORY
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Digital Interviewing
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Reporting ToolsReporting Tools
Talemetry
Symmetry
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Technology expands the reach to engage candidates that are beyond our traditional relationship spheres
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Polling Question
What have you found to be the greatest contributor to managing change successfully?
a) Active and visible executive sponsorshipb) Frequent and open communication about changec) Applying a structured approach to managing changed) Employee Engagement and Participatione) Other
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Leading Change
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Thank you!
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