Change Management in Financial Services

Why Change Management in Financial Services Is Essential

The financial services sector, handling trillions of dollars across retail and institutional customers, faces the stark reality of implementing large-scale change efficiently and effectively.

This is particularly relevant at a time when technological development is driving new government regulations and the adoption of new operating models.

The emergence of new technology is at the root of many financial sector issues. In fact, our Best Practices in Change Management benchmarking survey of leaders in the banking industry highlights that technology and the need for digital transformation is the biggest challenge facing the industry over the next five years.

Top CM Challenges in Banking

It's often said that 25% of tech projects fail and up to 50% show no return on investment (ROI).

In many cases, the people side of change hampers success, from outright resistance and low stakeholder engagement to lack of buy-in from leadership and poor sponsorship. This is where change management practices come into play.

Remember that successful change management is more than a cost—it's a strategic investment that can significantly amplify success rates and ROI. As such, any financial institution needs to navigate these transformative times.

Unlock Profitable Change Prosci advisors offer in-depth knowledge of financial services operations and expertise in navigating complex change successfully. Partner with Prosci to empower your team to succeed.

Successfully Navigating Finance Transformation With Change Management

Financial services leaders need to implement structured processes from those with expertise in driving change to address the pressing challenges of digital transformation, regulatory compliance and organizational restructuring.

Institutional change capacity is the throughline that determines how well your firm responds to macroeconomic trends.

More than just training, communicating and implementing new policies, change management is about ingraining change into an institution's operations and culture. The challenge for executives and leaders in financial services is navigating this change with high levels of adoption and ROI.

Prosci has 30 years of valuable change management expertise, and it’s evident in this balance.

With a proven track record of guiding financial institutions through complex transformations, the Prosci Methodology, along with our extensive network of experts, provide financial organizations with essential tools and valuable insights. This enables them to navigate the intricacies of change, ensuring a smoother transition and a stronger return on investment.

With a deep contextual understanding of the challenges facing these institutions, our experts in the finance sector are ready to help you take that next step.

Meet Prosci's Financial Services Experts

I help people embrace new ways of working with the intentional application of the Prosci Methodology and tools, and by teaching that focusing on the people side of change is what accelerates change success.

Michael Hochhaus

Former VP, JPMorgan Chase Performance Consulting

My goal is to demystify change with a methodology and toolset that reduces ambiguity. I encourage people to be bold and brave, personally and professionally, as they experience and lead others through change.

Josy Jamieson

Former change management consultant at TD and BMO Financial Group

Our experts have seen firsthand how a structured change management methodology can dramatically improve results in financial organizations.

Even on a cross-industry level, our research reveals that organizations implementing high-level change management programs are seven times more likely to meet or exceed their goals.

Correlation of Change Management Effectiveness with Meeting Objectives

From using the PCT Model to create a comprehensive organizational change framework to overcoming individual resistance with the Prosci ADKAR Model, the Prosci Methodology is built on applying repeatable, flexible practices that scale.

Build Internal Change Capability Whether in the C-Suite, middle management or an individual contributor, we’ve provided role-based training to help build organizational change capability in a cost effective manner.

How Prosci Helps Drive Change in the Finance Sector

Over the past few decades, Prosci has been instrumental in helping multinational financial service enterprises navigate the complexities of change. By applying our methodology and expert guidance, our network of instructors and advisors has helped these institutions thrive in times of change.

Here are some of our most notable success stories:

Top U.S. investment firm

A leading U.S. investment firm replaced its legacy payroll and time-tracking systems with Workday. With millions of dollars in daily trades and trillions of assets under management, leadership at this firm was adamant that the company needed to accomplish this while maintaining its edge in a competitive, high-growth industry.

They partnered with Prosci to facilitate this Workday adoption and build capacity to help the firm keep pace with accelerated change in the long run.

These processes included:

Certifying 131 of the firm's employees in the Prosci Methodology
Running numerous specialized change management workshops
Obtaining the Enterprise Change Management License
Building an internal Change Management Center of Excellence

As a result, 70% of key stakeholders completed readiness activities four months before the launch, setting a solid foundation for successful implementation.

Read the full case study here.

SURA Asset Management

SURA Asset Management, a Latin American financial services leader, embarked on a substantial digital and cultural transformation. The multinational organization faced significant regulatory changes and disruptive initiatives. SURA realized substantial benefits with the help of Prosci.

Here are some of the key achievements SURA realized by partnering with Prosci:

Reducing operational costs by $240K
Expanding their client base and decreasing client turnover
Saving $706K through enhanced customer loyalty and retention

These impressive results demonstrate that Prosci effectively steers organizations through complex change landscapes.

Read the full case study here.

International bank

An international bank needed help establishing an Organizational Effectiveness (OE) network that would oversee large changes impacting over 80,000 employees and 16 million clients. The bank’s OE group partnered with Prosci, who guided the initiative with a four-pillared approach:

Design an operating model of change
Align existing frameworks with the Prosci Methodology
Standardize change management across all departments
Establish a learning curriculum to continue building capacity

By the end of the partnership, the multinational bank had realized key outcomes from the original OE mandate. These included a robust governance structure, a scalable approach to tackling change initiatives and higher overall levels of employee awareness and engagement during times of change.

Read the full case study here.

Become a force for change in your firm The Prosci Change Management Certification Program gives you the tools and skills to apply methodologies like the Prosci ADKAR® Model to active projects in your company.

Financial Services Change Management Solutions

Prosci has spent decades dissecting the science of change management to refine our methodology with success lessons. Our team has the knowledge, expertise and resources to drive institutional change for your organization.