Collaboration: A must-have in the New Age

In undertaking any large new project, both individuals and corporates typically build a plan. The old adage comes to mind, “fail to plan, plan to fail”. We conjure likely scenarios and aim to design strategies that address known risks and opportunities. The mental serve and return of this process often leads to over- think or mind-chatter.

In an attempt to soften the chatter, I typically find a common theme in my solutions. In the case of Republic Bank Guyana’s role in the New Age, Collaboration stood out as the platform for fostering and strengthening relationships amongst all stakeholders, enabling the removal of barriers and striving for common goals.

The question begins, what do we want collectively? As Guyana's economy develops, it's safe to assume that all stakeholders want capital to be distributed more efficiently to the businesses and organizations that require it. Secondly, the bank wants to improve our customers' online experience as the pandemic's wave of digitization continues to push us to innovate in the digital space.
Globally, there are great examples of digital collaboration in financial services. In Spain, which has a famously competitive commercial banking sector, the banks got together in 2016 to create a smartphone app called Bizum that makes it super-simple to transfer small amounts to friends and service providers.

Thirty-one banks - including ING, Deutsche Bank and Santander – had to collaborate to make it happen. Among the 25-44 age group today, if you go out to dinner and want to split the bill, someone will almost certainly ask: “Tienes Bizum?” With a friend’s mobile number or email address, the transfer is securely made in seconds, from 50 cents to €1,000.

Within banks, collaboration can happen organically. Informal meetings, a jaunt to lunch or a passing in the hallway, often spur discussions and subsequent ideas/solutions. With social gathering restrictions limiting these personal interactions, the focus is placed on software fostering this environment and improve productivity.

Global management firm McKinsey estimates that workers spend 19% of their days searching for information. Shifting tasks from cluttered inboxes to all-in-one platforms that enable real-time collaboration, has the potential to improve employee productivity by an estimated 8-10%. Eliminating the unnecessary back and forth.

Collaboration with our stakeholders is just as urgent. Regulatory compliance is costly and time-consuming, but neither party wants to make it onerous. The process can only be simplified through difficult, idea-generating conversations with our competitors, lawyers and regulators. These must lead to productive collaboration.

We must be open to partnering with FinTech companies who develop software solutions as physical interactions with bank staff are increasingly replaced by customers arranging their financial needs online.

To the surprise of some, Guyana is developing a reputation as a hub for software engineers, some of whom are specialists in Conversational Artificial Intelligence – sophisticated software that allows customers to use voice commands to do things such as finding out how much they spent or earned last week. More than ever, as we collaborate with customers, we are asking: What do you want and need from your bank?

As I settled into my new surroundings, I visualized how I might arrange my books and pictures. Along with my possessions, I mentally placed two words, on the wall beside my door. They glow brightly in my mind’s eye. Constant reminders to ‘Collaborate’ and ‘Innovate’.