More of our leaders need to go digital and we aim to inspire that by highlighting leaders already embracing the digital world. Many leaders feel less knowledgeable or involved in digital transformation and social media, which is why we believe it is important to take inspiration from some of the more digital leaders, to understand more of their personal journey and get access to some of their insights.
We continue by sharing our next interview of another curious and brave leader – Lotta Lovén. Lotta is head of Channels at the largest bank in Sweden, Swedbank. Lotta is passionate about involving Board Members and the Top Executive Team as ambassadors in the digital transformation.
Lotta Lovén’s journey to become a #rebornDigital Leader
So how did Lotta come into the executive leadership position she currently holds? Listen to Lotta’s inspiring response where she shares details about how her broad background within the banking industry, inside and outside of Swedbank, has fueled her journey (if the video does not open, you may watch it here);
When asked what is most exciting about working at Swedbank, Lotta shares that she is excited about the bank providing efficient services affecting many private and corporate customers. Currently, Swedbank supports 4.5 million private customers and more than half a million corporate customers.
There are many routes that make you successful as a digital leader, and one key aspect is to get the right attention and involvement from members of the Board and the Top Executive Team. According to Lotta Lovén, the key success factor is to turn them into ambassadors for their own, digital transformation. They become pilots to test new services and set aside time to provide feedback to improve the customer experience. Making sure to get invited to Board and Top Management meetings is vital to obtain the involvement required.
Are there any characteristics of the leaders who embrace digital quicker and adapt faster than others? Lotta Lovén has found two in specific: They are curious and understand the necessity to change. Swedbank has been in the marketplace for 200 years and has executed many of their services in the same way until the recent introduction of digital services.
In one aspect, the bank is in the forefront as 90% of the private customers already are using digital services. However, the bank has implemented digital add-on services on top of existing channels, not from the perspective of being a fully digital company. Now, the bank is continuously adapting as they are experiencing that their customers not visit their branches, Lotta says.
Digital is becoming the hub of their business. When asked what has been most surprising so far, Lotta shares two views: First, the bank’s customers adapt very quickly to advanced, digital services. One example is the mobile app allowing customers to buy and sell stocks. Now, 25% of the total number of stock transactions comes through mobile. Secondly, the digital transformation journey has turned out to be so much more complex than expected due the legacy IT-systems and infrastructures unprepared for the transformation.
Which #Digital Trends, Businesses and Leaders to monitor?
Which trends and examples of businesses and leaders does Lotta believe we should keep our eyes on going forward? Listen to her insights here (if the video does not open, you may watch it here):
Lotta shares that all businesses involving end-consumers are interesting, and she points us at Airbnb and initiatives involving crowdfunding and crowdsourcing. Lotta believes that we will see a transformation within the payment area as well. She also shares that Swedbank is looking outside the financial sector to get inspiration, especially from companies offering services and acting as aggregators. Finally, Lotta is convinced that customers are looking for companies with strong values, representing good causes and the opportunity to tune into the cause. One leader she is excited about in particular, is the co-founder, serial entrepreneur and CEO of Zappos, Tony Hsieh.
Give and get inspiration and value through networks
What networks does Lotta Lovén believe will bring value to both to herself as well as to the bank? Don’t miss out on her response to our final question – which furniture she would be (if the video does not open, you may watch it here) …
Lotta shares that she primarily is looking to connect with people with cutting-edge expertise. Finally, as a furniture, Lotta Lovén would be ……… a smart arm chair as she wants to get across as very convenient and nice to hang out with.
How to become more #digitallyInvolved
To further expand your own network of inspiring digital leaders – we recommend you to follow the leader mentioned by Lotta; Zappo’s CEO @TonyHsieh . You can also follow @RichardBranson founder of Virgin, know for his positive entrepreneurial and disruptive approach. In Financial Services an active digital leader is the CEO at Schwab @WaltBettinger and you can see an inspirational interview by Fortune on Leadership with Walt here.
You can also read McKinsey’s latest advice to financial services companies on how to go digital here. If you want to check out the largest crowdfunding sites you can find them listed here. And finally for inspiring leaders at the company Airbnb, also mentioned by Lotta, check out our previous interview with their Manager of Growth Gustaf Alstromer here, and follow him at @gustaf .
We believe it is important to share insights from inspiring #digitalfirst thought leaders, if you are one of them or know someone we should talk to, please send us a hint via https://digoshen.com/contact/ or via twitter @digoshen .
At Digoshen we believe that Companies, Boards and Business Leadership Teams need to understand more of the digital world to fully leverage the potential when bringing their business into the digital age.
We provide inspiration and support to help transition business leaders into more insightful digital positions for themselves and their companies.