For this study we conducted more than 100 interviews with leading financial services strategy executives across the banking and insurance sphere of over 20 countries. To identify how they perceive and shape their role in uncertain times, this study focused on the current market perspective, strategy in today’s FS organization and the role and scope of responsibility of Chief Strategy Officers (CSOs).
Key results based on the three focus topics
- 1Market perspective
Despite concerning economic prospects, many CSOs believe in the resilience and adaptability of the economy. However, strategy executives see the EMEA financial services sphere in a major upheaval. Additionally, technology – especially artificial intelligence – is perceived as main disruption driver in upcoming years. - 2Strategy in today’s FS organization
While the majority of CSOs perceive their institutions well-enough prepared to cope with strategic challenges, they believe their strategy process can be selectively enhanced to further enforce flexibility and business integration. A balanced strategic planning approach should incorporate both long-term strategic principles and short-term strategy capabilities. - 3CSO’s role and scope of responsibility
As most CSOs are stretched across many different areas, they can create value in different configurations. Therefore, CSOs are increasingly getting more involved in transformational initiatives beyond the pure strategic agenda.
Recommended reading
Crypto Survey 2023
Investment behavior and needs of retail crypto and digital asset investors
Five levers for FS strategy executives to increase impact
-
Upgrade your strategy agility
Strengthen dynamic strategy capabilities to enable short-term decision-making as a response to the increasing frequency of important (political and) market changes and (technological) tipping points (in addition to a structured strategy process).
-
Make your strategy matter
Secure a clear mandate for the role of CSO and responsibility and obtain the alignment of relevant senior stakeholders before strategic decision-making.
-
Ensure grip on strategy enforcement
Reflect on your role regarding strategy execution – define clear KPIs to measure strategy success or, if required, take on direct responsibility for execution to ensure conceptual/ strategic work unfolds its impact.
-
(Help) Walk the talk
Confirm leadership “buy-in” and ensure management action and communication is coherent with strategy – e.g. supported with incentives and strengthened strategic controlling.
-
Enhance your team
Make your team one of your management priorities – recruit team members with a diverse range of capabilities as well as progressively upskill your team to improve technology and innovation expertise.
Jonas Heydasch and Benjamin Schneider also contributed to this report.
Contact us
