Frank Schwab

I help navigate digital transformation

Navigating the Jungle of Strategy Meetings - Taming Zebras, Wolfs, Hippos, and Rhinos

Strategy meetings play a crucial role in helping organizations achieve their objectives and propel their implementation efforts forward. However, these meetings can sometimes encounter disruptions in the form of Zebras, Wolfs, Hippos, and Rhinos - colorful metaphors for challenging personalities that can negatively impact the decision-making process.



When seeking to understand the key reasons for the failure of strategy implementations, one can pinpoint recurring themes such as ‚inability to manage change,' 'conflicts with established power structures,' 'encountering cultural resistance,' and 'ineffective communication.' Consequently, achieving success in your business transformation efforts greatly relies on your ability to comprehend and navigate the individuals and dynamics you will encounter.

 

Let's examine a specific component: strategy meetings. Strategy meetings play a crucial role in helping organizations achieve their objectives and propel their implementation efforts forward. However, these meetings can sometimes encounter disruptions in the form of Zebras, Wolfs, Hippos, and Rhinos - colorful metaphors for challenging personalities that can negatively impact the decision-making process.

 

Let’s have a look at the characters first: 

 

The ZEBRAs “Zero Evidence But Really Arrogant”

 

Zebras, often hailed for their confidence, can unwittingly sabotage strategy meetings. Their penchant for asserting opinions without factual evidence can derail discussions and lead to decisions grounded in subjective views rather than objective data. Their arrogance may stifle alternative viewpoints, creating an echo chamber of ideas.




The WOLFs “Works on Latest Fire”

 

Wolfs thrive on tackling the latest fires, often at the expense of long-term strategic discussions. Their ability to focus on immediate concerns can divert the meeting's attention and impede progress toward long-term goals.


The Hippo “Highest Paid Person's Opinion”

 

Hippos, often revered due to their position, can unintentionally cast a shadow over other voices in strategy meetings. Their opinions, given undue weight, might suppress diverse perspectives and discourage open dialogue.


The Rhino “Really Here In Name Only”

 

Rhinos, while physically present, may lack active engagement, leading to unproductive meetings. Their passive presence can hinder meaningful discussions and lead to missed insights. 




It is not about getting rid of the wild animals - it is about taming them

 

While Zebras, Wolfs, Hippos, and Rhinos are wild animals they also come with benefits. A Zebra may have innovative ideas and a diverse perspective that stimulates the strategic discussion. The wolf is able to address urgent matters swiftly and effectively and has skills in crisis management and quick problem-solving which can be valuable in certain strategic situations. And a hippo can bring to the table their ability to provide strategic direction, guidance, and decision-making based on their experience, expertise, and authority within the organization. And the main benefit of a rhino is their potential for passive observation and awareness. Their presence allows them to absorb information, gain insights into ongoing discussions, and stay informed about the organization's direction and decisions.

 

The influence of Zebras, Wolfs, Hippos, and Rhinos can undermine the efficacy of these meetings, leading to suboptimal outcomes. However, by adopting counter measurements, organizations can navigate these challenges successfully. That raises the question, how to tame them best.

 

Facts & figures are king to tame zebras 

 

The best way to encounter zebras is by encouraging a data-driven approach, where opinions are backed by solid evidence. It is recommended to gently challenge Zebras to present substantiated facts supporting their claims. Or you can provide alternative viewpoints supported by data, showcasing the importance of a balanced discussion to tame Zebras. And it is helpful to lead by example by presenting your own arguments with well-researched facts and figures.

 

Allocate time, delegate responsibility, align with strategy and balance the discussion when dealing with wolfs

 

To tame wolfs it is recommended to allocate specific time slots for addressing urgent matters in order to maintain a balance between short-term and long-term discussions. And you can assign someone to handle immediate issues outside the meeting and provide a summary during discussions. A further measurement to tame wolfs is to emphasize how addressing urgent matters aligns with the organization's overarching strategy. It is also recommended to strive for equilibrium between addressing immediate concerns and discussing long-term objectives.



 


Foster an inclusive culture, emphasize data, ask for equal input and challenge hippos respectfully

 

It is important when dealing with hippos to foster an inclusive culture where all participants feel valued and encouraged to share their insights. You also should encourage data-backed opinions, demonstrating the importance of evidence in decision-making. A proven method to tame hippos is to create opportunities for input from all team members to ensure a comprehensive view of the situation.  It is also helpful to politely challenge hippos' opinions and present alternative viewpoints supported by data.




 

Set clear expectations, create opportunities for input, assign follow-up tasks and establish feedback loops to awakening rhinos participation

 

A measurement to encourage rhinos participation is to communicate the purpose and role of all participants to set clear expectations. You may designate specific moments for Rhinos to share insights or ask questions during discussions. It is recommended to assign follow-up tasks related to meeting discussions to encourage engagement beyond the meeting. You may also gather feedback from Rhinos to make improvements and enhance their participation.

 

A structured agenda, a facilitator role, data-driven culture, diverse participation and an inclusive environment are overarching strategies to make best out of your strategy meetings

 

To effectively manage all types of participants consider implementing the following overarching strategies:

 

1.     Have a well-structured meeting agenda that includes dedicated time for urgent matters, strategic discussions, and input from all team members.

2.     Assign a skilled facilitator to guide discussions, manage contributions, and ensure everyone's voice is heard.

3.     Cultivate a culture of evidence-based decision-making where opinions are supported by data and facts.

4.     Invite a diverse group of participants to ensure a variety of perspectives and insights are considered.

5.     Create a safe and inclusive environment where all participants feel comfortable sharing their thoughts, regardless of their rank or role.

 

By proactively addressing the challenges posed by Zebras, Wolfs, Hippos, and Rhinos, you can promote effective, balanced, and productive strategy meetings that lead to well-informed decisions and successful outcomes.



Published in strategy, transformation, digital, meeting, zebra, wolf, hippo, rhino, Navigating-the-Jungle-of-Strategy-Meetings on 04.10.2023 17:15 Uhr. 0 commentsComment here

3 key strategies how APIs support the digital transformation of a bank

In general Application Programming Interfaces (APIs) can play a key role in enabling banks to become more competitive and customer-centric, while also reducing costs and improving their bottom line. Essentially there are three strategies how API support the digital transformation of a bank.





1 Better Partnership Banking

 

APIs enable banks to open up their products and services to their partners. Making use of APIs banking products and services can be seamlessly integrated into the business processes of the partners and, as a result, customer experiences can be significantly improved.

 

For example, by implementing APIs, BBVA was able to integrate its products and services into partner businesses, resulting in a 20% revenue growth. These partners, especially new FinTechs, had better access to financial information, which allowed them to build better services. Recently, companies like nerdwallet, Spreedly, Cardlytics, Automated Financial Systems, Execupay and Mx technologies have partnered up with BBVA. 

 

By opening up its APIs to third-party developers, Barclays was able to integrate its services with partner businesses and significantly improve customer experiences. 

 

Banks like Barclays also benefit from the adoption of open banking through APIs. Beyond the standard free offerings required by compliance with European Union’s PSD2 regulation, banks can provide Premium APIs. This direct monetisation provides a lower risk and higher returns. 

 

As of the end of 2022 Q4, there were 246 regulated third-party providers in the UK. They all make more than a billion API calls every month. 

 

 

2 Higher competitiveness through innovation

 

APIs allow banks to open up their systems and data to third-party developers, enabling the development of new financial products and services. This helps banks continue to innovate and to stay ahead of the competition. Good examples are developer platforms of Capital One and HSBC.

 

Capital One has launched a developer platform that offers third-party developers APIs, allowing them to integrate Capital One services into their applications. This has resulted in the creation of new financial products and services.  An example of these products is the Digital Auto Financing Credit Application, which allows customers to launch a credit application entirely online. 

 

Also, HSBC launched a global developer portal. This portal provides access to APIs for third-party developers to integrate HSBC services into their applications, creating new financial products and services. 

 

Reports in the Open Banking Implementation Entity (OBIE) showed that more than 6.5 million users actively use open banking-backer products in the UK. These products provide end users (individuals and small businesses) with innovative services to support money management.

 

 

3 Increased Efficiency

 

By automating processes and reducing manual intervention, APIs can help banks increase operational efficiency and reduce costs.

 

By implementing APIs, Wells Fargo was able to automate many of its manual processes and reduce operational costs. Processes such as fraud detection, payments, and data services are well integrated into the API gateways of the bank.

 

By using APIs to automate its processes, Bank of America was able to reduce its costs and improve the efficiency of its operations.  For example, the bank was able to expand its cashPro payment API to give choices of over 350 payment types to customers. 

 

 

Conclusion

 

By applying the three strategies APIs can play a crucial role in transforming a bank.

 

 

https://FrankSchwabSpeaks.com


 

Sources/Credits

 

https://www.bbva.com/en/bbva-recognised-as-a-world-leader-in-open-banking/
https://developer.barclays.com/open-banking

https://developer.capitalone.com/home/

https://develop.hsbc.com

https://developer.wellsfargo.com

https://thepaypers.com/online-mobile-banking/bank-of-america-to-cover-over-350-payment-types-with-cashpro-payment-api--1258728

Presentation is supported by Microsoft Powerpoint, http://www.Microsoft.com

Some text is supported by ChatGTP, http://chat.openai.com

Some pics are supported by Craiyon, https://www.craiyon.com 

 

Published in api, banking, DigitalTransformation, technology, apibanking, openbanking, 3-key-strategies-how-APIs-support-the-digital-transformation-of-a-bank  on 23.02.2023 19:35 Uhr. 0 commentsComment here

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