Accenture/Rorrer, Degenhardt, Shock & Lam: Transforming commercial lending? Put people first.

Accenture
United States
                                                           
Banking

Credit
Transforming commercial lending? Put people first.

May 13, 2019
In brief

•    Even positive change can feel threatening to many who wonder if they will be left behind as the commercial lending business moves forward.
•    Investing wisely in employees will lead to increased adoption and value for commercial banks.
•    Commercial banks can create a high-performing organization that thrives during times of change.

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Most commercial lenders are looking to make their first transformational investment in a decade or more, aimed at helping them better compete in the digital economy. The prospect of change, however—even positive change—can feel threatening to employees who see their hard-earned status being jeopardized, or who wonder if they will be left behind as the business moves forward. That’s why delivering transformation and innovation in a way that brings their employees on the journey with them will be critical to the success of any organization's change initiative.

Three elements to create a change culture

Based on our experience, we find that investing in three people-centric elements can help commercial lenders create and sustain a true culture of change. Successful execution will rely on clear commitment, direction and accountability from leadership.

1. Define the path to optimal outcomes

Be sure employees see and embrace the vision for the organization’s future, so they internalize the “why” of the change and buy into—and be a part of—the journey.

2. Align the organization for the future

Know where the employee base is at all times throughout the journey and tailor solutions to bring them along.

3. Accelerate your team’s abilities

Propel commercial lending transformation by creating an empowered workforce and making intentional investments in employee skill development.
Banks, turn the key on lending change

Commercial banks are wise to invest in digital lending technology to keep pace with non-traditional competitors—but the key to bringing about the necessary transformational change is still people.
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About the Authors

Jared Rorrer

Managing Director – Global Commercial Credit

Tyler Degenhardt

Managing Director – Financial Services, Talent & Organization

Allison Shock

Senior Manager – Financial Services, Talent & Organization

Eric Lam

Manager – Financial Services, Talent & Organization
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