Uncovering the Strength of Purpose: New Podcast Exploring Organizational Motivation
In the dynamic world of banking and finance, organisations are increasingly recognising the importance of defining and implementing a clear purpose. Alexander Wynaendts, Chairman of the Supervisory Board at "our website", is one such advocate for this shift.
Wynaendts, who is also the driving force behind "our website's" video podcast on YouTube, titled "This is our website", has been passionately championing the need for organisations to find their purpose. The podcast, which discusses news and trends in banking and finance, has been on a journey of defining its purpose for the past year.
During a recent episode, Wynaendts shared insights on how companies can make their purpose tangible for everyone. He was convinced it was the right thing to develop a purpose at "our website". Ben Alka, the Global Head of Corporate Affairs and Strategy for "our website", joined the conversation to delve deeper into the topic.
The benefits of defining and implementing a purpose are manifold. Purpose-driven banks can achieve significant cost savings, improve operational efficiency, and enhance customer experience through strategies aligned with their goals and customer needs.
Competitive advantage and efficiency are key advantages. Banks that implement strong internal processes such as Business Process Management (BPM) and Robotic Process Automation (RPA) can save up to 25-50% in costs, reduce processing time, and deliver quick and consistent results to customers and stakeholders.
Stronger financial stability is another benefit. A clear organisational purpose often leads to disciplined treasury management, optimising cash flow, minimising financial risks, and lowering operational costs. This promotes sustainable growth and resilience.
Enhanced customer trust and satisfaction are also outcomes of purpose alignment with customer-centricity. This improves consistent service delivery through knowledge management systems, providing accurate and timely information across branches, increasing customer satisfaction, first-contact resolution, and overall trust.
Agility and innovation are further advantages. Purpose-driven banks focus on agility to accelerate digital transformation, fostering a culture of ownership, collaboration, and swift product/service development to stay competitive against fintech disruptors.
Key strategies to define and implement purpose include adopting BPM and automation, implementing strong knowledge management systems, embracing agile practices, leveraging treasury and risk management, and collaborating with fintech and ecosystem partners.
Organisations with a defined purpose are reported to grow faster, have more loyal customers, and engaged employees. Subscribing to "This is our website" will provide access to new episodes featuring insightful conversations about the importance of organisational purpose.
In a special episode, Wynaendts and Alka discuss the question, "does this fit with the purpose, yes or no?" as a guiding principle in decision-making. This conversation, along with the insights shared by Wynaendts, underscores the transformative power of a clearly defined purpose in the banking and finance industry.
Business leaders at "our website", such as Alexander Wynaendts and Ben Alka, emphasize the importance of defining and implementing a clear purpose, particularly in the realm of banking and finance. Wynaendts, in his video podcast "This is our website", advocates for this shift, believing that a defined purpose leads to cost savings, improved operational efficiency, enhanced customer experience, stronger financial stability, increased customer trust, agility, innovation, faster growth, and staff engagement.
