20 years in banking

Twenty years ago, I switched careers from telecom to banking. Little did I know then the journey I was beginning.?.

My first role was Digital Banking Director, where I built the Contact Center, developed internet and mobile banking solutions, and helped clients adopt them to simplify the way they bank.?

Since then, my career has progressed through interesting times and outstanding organizations. I fostered a sales culture at a moment when “sales” was rather a dirty word for a banker. I led the shift from promoting products to establishing a customer-centric organization in the post-crisis new normality.?

I contributed as well to the complete transformation of a newly acquired, rundown group, into a modern, digitally-focused market disruptor in Central and Eastern Europe. I moved around the globe and directly experienced the high pace of innovation characteristic to Asian banking.

Twenty years later, I am back in Romania, leading a team of more than 4,000 professionals who serve two million customers, and spearheading a major transformation in Retail Banking during COVID. As I look back with a bit more gray hair, I wish to share some of the lessons I have learned:?

1. Think customer first

Before banking, I managed a Contact Center for a mobile phone company (some of you might remember Nokia 5110 as fondly as I do). There I first heard about the Customer—quite a new thing in post-communist Romania. Subsequently, I became obsessed with putting the customer first, long before banks began to discuss customer centricity in the wake of the 2008 crisis.

Banking is about responding to customers’ needs. As those needs evolve, bankers have to evolve constantly as well. The good news is that we have the tools (data, advanced analytics, open banking, etc.) to provide personalized customer engagement. We simply need to open our ears and hearts to understand what our customers really want. To do this properly, we have to go beyond the first customer-facing layer and embed customer obsession into all organizational levels and functions, up to the CEO.?

2. Is all about people

Banking is not simply about technology. Banking is about people (customers, employees, shareholders) who use technology to reach their goals. Building teams, understanding my colleagues’ strengths, and helping them maximize their potential is probably the best part of my job. Empowering people and standing behind them through both good and difficult times creates a bond of trust, a foundation upon each great things can be built.

COVID brought fundamental changes. In addition to rapidly adopting work from home or hybrid models (with advantages and disadvantages), more and more people came to realize that they are part of a global workforce and can work easily from Romania or India for companies in Austria or Singapore. Further, switching from one domain to another is much easier, particularly as a wealth of MooC platforms facilitate acquiring new skills.?

3. Technology is not a goal in itself, but is a game changer

In my job, I remain connected to what is happening at the forefront of technology because I am spearheading digitalization efforts.

Technology has changed dramatically—the first mobile app I launched was SMS-based, the pinnacle of 2002 technology—and it will continue to develop faster and faster. Today’s apps are native, development is performed in Agile using low code platforms, while machine learning is extracting the power from smart data. Quantum computing is around the corner, and blockchain is a reality.

Thus, there is a tendency to jump to something new, particularly for the front end, because it has just been launched, and is cool. In too many cases, though, this comes at the expense of back end and integration work, which leaves you with the proverbial pig with lipstick.

However, while you do not need to shift to a new technology just because it is available and is hyped, you must stay abreast. For incumbent banks, this is one of the greatest challenges: ensuring that your tech stack is strong enough to power the personalized, seamless engagement the clients desire. We are solving this problem by making smart choices, sometimes saying no to interesting things, and having as our North Star the use of technology as a facilitator for customers’ journeys.?

4. Retail banking is not glamorous - but I love it

When people talk about banking, many visualize a glamorous picture, with megadeals, business class flights around the world, and soft spoken conversations in high-end locations. This may be true in some areas, but is not the case in retail banking.

Retail banking is about hard work, determination and consistency, and doing things right for the customers each and every time. It is still worth every effort because you have a chance to change people’s relation with money, to help them use their money to achieve their dreams.

Each time we launch a new product or app, in addition to professional satisfaction, I am happy that we are taking one more step to provide a better experience for our customers.

Further, on a more personal note:?

5. Never settle

I thrive when I leave my comfort zone and experience new things. I have worked in three industries (engineering, telecom, banking), lived in three countries, and worked in more than twenty. Approximately every two years, my role expanded or changed completely—probably the most extreme change was from running a Power Plant to managing a Contact Center. Sometimes my “new shoes” were quite uncomfortable in the beginning, but I always enjoyed the new experience.

Each step took me out of my comfort zone (sometimes to a new continent as well) and challenged me to become a better professional and more complete person.?

6. Never stop learning

I have had the opportunity to work in different cultures and learn from different people. In addition, it is important to me to continue to learn in a more organized way. I allocate at least half an hour daily to learning something new. Some topics help me in my work—such as the latest specializations in Open Banking and Platforms or Artificial Intelligence in finance. Others are broader—like machine learning or the Python programming specializations that I am attending now—or completely unrelated—like my passion for modern history. This keeps me young (at least my brain).

I am excited about my next twenty years in banking. The future is “Digital with a Human Touch,” and I am privileged to build this future together with my teams.