In our Stars of the Accelerator series, we explore the transformation journey of the participants in the Leadapreneur Accelerator.
The banking industry is going through an era of transformation. Fintech is disrupting the industry at a bewildering pace. Some may view these rapid changes as a threat; some view it as an opportunity to evolve. Banker Terence, believes in the latter. By joining the Accelerator, he hopes to dismantle outdated ways of thinking about banking, and embrace the exciting new opportunities that are brought by the rise of digitization. His motto is “Be Flexible. Be Bold."
As Head of Credit Risk Management Services, Terence noticed that the credit extension process was due for some fine-tuning. Shortening this process would benefit the bank by reducing the resources it allocates to making the process work, thus saving costs. Also, stakeholders would appreciate a faster and more streamlined process.
With the new process, the team had already become more productive. They are operating the same process with four FTE as opposed to the previous five FTE.
Terence and his team are introducing tech solutions such as:
- An electronic checklist which eliminates the cost of paper and printing.
- An e-platform that facilitates collaboration between the team and Relationship Managers.
Furthermore, Terence believes that true collaboration and shared goals are the key drivers of this project. When all team members care deeply about the project, incredible things can happen.
Showing vulnerability allowed the team to feel safe in sharing their opinions. This allowed them to identify gaps in the process and collaborate to address them. Since the team members felt heard and validated, they became more invested in the project and the team dynamics improved.
Terence used to be weighed down by his own ego and by the conventional corporate culture that preaches competition over collaboration. Since joining the Accelerator, Terence was able to overcome his oppressive drive to outperform his colleagues. He now realizes that there is strength in showing vulnerability.
Congratulations Terence in becoming a Star of the Accelerator!