8 Secrets to Creating Organisational Change Without Rocking the Boat

Over 56% of CEOs are increasing their digital investment - but transformation still fails for most.

What’s going wrong, and how can financial services leaders turn change into success?

We analysed insights from 19 leading research sources to uncover the best strategies for driving digital change in financial services.

As firms across the sector push forward with transformation, the pressure to adapt is higher than ever.

Understanding the barriers is crucial - especially with 56% of CEOs planning to increase their investment in digital change.

What Are the Barriers to a Successful Change Programme?

In a 2018 study, 73% of enterprise transformations failed to scale effectively to deliver a sustained return on investment.

Leaders often struggle to get full stakeholder support. Are you pushing for too much change, or not enough?

Change can create friction. Here are 8 secrets to delivering it without disruption.

1. Communication Is Key

Strong communication with stakeholders, staff, and customers is essential. Keeping people informed builds trust and boosts engagement with new processes.

• Communicate frequently via in-person, email, and video channels.
• Foster a two-way dialogue so employees can raise concerns or ask questions.
• Give context and explain the benefits to drive understanding and buy-in.

2. Choose Your Team Wisely

The right people can accelerate transformation by 20-30% according to McKinsey.

In 2021, many firms prioritised hiring senior technical staff - a trend that’s continuing. Microsoft forecasts 149 million new jobs by 2025 in areas like:

• Cybersecurity - e.g. Chief Security Officer
• Software development - e.g. UX Designer
• Data and AI - e.g. Data Analyst
• Cloud infrastructure - e.g. Cloud Architect
• Compliance and privacy - e.g. Risk Manager

"Attracting a diverse talent pool, developing their skills, and fostering workforce buy-in is crucial for successful transformation. Embracing hybrid working models can make an organisation more attractive as a workplace."

Isabelle Jenkins, Leader of Industry, PwC UK

3. Invest in Technology

Putting a significant portion of your tech budget into change initiatives can reduce risk and improve efficiency.

The right tools help transitions run smoothly and enable staff to serve customers more effectively.

Priority investment areas include big data and analytics, AI and machine learning, robotic process automation, and cloud platforms.

4. Train as You Change

Hiring talent is vital - but so is training your team. By the end of 2022, 54% of employees needed reskilling.

Many have low to moderate digital aptitude. Introducing new systems without upskilling risks pushback - but 68% of staff are willing to retrain.

Upskilling saves money - up to £49,100 per employee - and increases satisfaction, retention, and performance.

91% of candidates said a company’s training offer affects whether they join.

"Companies that invest in their people, commit to their development, and respect their ideas build loyalty, making change management easier."

Daniel Newman, CEO, Broadsuite Media Group

5. Anticipate Problems and Risks

Effective risk management is vital to avoid disruption.

Firms that proactively identify and address risks are far more likely to succeed than those with an ad-hoc approach.

• Employee resistance
• Lack of staff awareness
• Weak stakeholder commitment
• Insufficient budgeting
• Poor leadership or governance
• Unclear timelines or communication

Planning for these risks in advance gives your team the confidence to move forward.

"In a world dominated by financial and regulatory risk, digital transformation risks are often overlooked. By managing these risks, boards can improve customer experience, future-proof their companies, and contribute to a resilient financial ecosystem."

J.H. Caldwell, Global Risk Advisory Leader, Deloitte

6. Celebrate the Small Wins

Recognition keeps motivation high during long or complex change programmes.

31% of employees reported they work harder when they feel appreciated.

Celebrating progress not only boosts morale, it also shows that your change plan is working - encouraging further momentum.

"Small wins matter because they happen more frequently than big breakthroughs. Waiting only for big wins can lead to frustration and quitting. Small wins provide the forward momentum needed for long-term success."

Professor Teresa Amabile, Harvard University

7. Treat Legacy as a Resource

Legacy systems often get a bad reputation. But the most successful organisations don’t just discard them - they evolve them.

Longstanding systems can hold valuable insights into what staff and customers expect.

Appoint leaders to identify which parts of legacy infrastructure still serve the business well, and find ways to integrate them into modern platforms.

"Supporting the needs of digitally savvy customers is a major challenge for established organisations. Legacy financial services often rely on decades-old technology. Migrating to new systems requires a clear vision and a progressive plan for modernisation."

Isabelle Jenkins, Leader of Industry for Financial Services, PwC UK

8. Future-Proof Your Plans

Change is not a one-off event. Your transformation plan needs to adapt as the landscape evolves.

Ask forward-looking questions:

• Does our plan have strong ESG foundations and align with our sustainability goals?
• Are we prepared to meet future regulatory requirements?
• What can we learn from our competitors’ successes or mistakes?
• Will this path meet our customers’ expectations in five or ten years?

Digital change should create long-term value. Revisit your strategy regularly to stay on track.

By applying these 8 principles, your organisation can navigate digital transformation with confidence.

⬇️ Download the full PDF guide

References

Communication In Change Management, Live About, 2022

The New Tech Talent You Need To Succeed In Digital, McKinsey, 2021

Microsoft Launches Digital Skills Initiative, Microsoft, 2020

How The UK Financial Services Industry Can Create Sustainable Change, PwC UK, 2022

Implementing Technology Change, FCA, 2022

How To Make Digital Transformation Easier, Enterprise Times, 2021

Upskilling Workforce Can Save City Firms Millions, City A.M., 2022

Upskilling or Hiring to Sustain Digital Transformation, WBR Research, 2021

The Big Power of Small Wins, Medium, 2022

Digital Risk in Global Financial Services, Deloitte, 2022

The Four Building Blocks of Transformation, Strategy+Business, 2021

The Importance of Praise in the Workplace, Investigo, 2017

Reviewed by

Sabrina McClune, 19.06.24

Sam Kendall, 08.05.25