Want FREE Templates on Digital Transformation? Download our FREE compilation of 50+ slides. This is an exclusive promotion being run on LinkedIn.

Marcus Insights
Evolving Corporate Strategy in Digital and Regulatory Financial Landscape

Need help finding what you need? Say hello to Marcus. Based on our proprietary MARC [?] technology, Marcus will search our vast database of management topics and best practice documents to identify the most relevant to your specific, unique business situation. This tool is still in beta. If you have any suggestions or questions, please let us know at support@flevy.com.

Role: Senior Manager, Corporate Strategy Development
Industry: Financial Services

Situation: Responsible for developing long-term strategic initiatives in a financial services company where digital transformation and regulatory compliance are key priorities. Internally, aligning various business units with the overall corporate strategy and fostering a culture open to digital innovation is challenging. Externally, the financial services industry is undergoing significant changes due to fintech innovations and evolving regulatory environments. Our current strategic development processes are not adequately proactive or comprehensive to navigate these changes effectively.

Question to Marcus:

How can we evolve our corporate strategy development to better incorporate digital transformation and regulatory changes, ensuring alignment and agility in a dynamic financial services industry?

Ask Marcus a Question

Based on your specific organizational details captured above, Marcus recommends the following areas for evaluation (in roughly decreasing priority). If you need any further clarification or details on the specific frameworks and concepts described below, please contact us: support@flevy.com.

Digital Transformation

Digital Transformation in the financial services sector is paramount to staying competitive amidst fintech disruptions. To integrate digital transformation effectively, consider implementing Agile methodologies that allow for incremental improvements and faster response to market changes.

Invest in technologies like AI and blockchain for personalized services, improved Risk Management, and more efficient compliance with regulatory changes. Encourage a culture of innovation by setting up internal incubators or partnerships with fintech startups to co-develop digital solutions that align with your strategic objectives.

Learn more about Digital Transformation Risk Management Agile

Regulatory Compliance

Compliance is a moving target in financial services, especially with the advent of new technologies and international regulations. Develop a flexible strategy that includes a robust risk assessment framework to identify how regulatory changes impact different aspects of your business.

Use regulatory technology (RegTech) to streamline compliance processes. Training programs should be designed to upskill employees on new regulations, and a cross-functional compliance task force can ensure that strategic initiatives are compliant with the latest regulatory requirements.

Learn more about Compliance

Strategy Development Example

Revisit your corporate Strategy Development process with a focus on proactivity and comprehensiveness. Utilize Scenario Planning to prepare for future digital and regulatory changes.

Build a strategy that is flexible enough to adapt to unforeseen market shifts yet focused on your core capabilities and customer needs. Engage with stakeholders across all business units to ensure their buy-in and to incorporate their on-the-ground insights into the strategy development process.

Learn more about Strategy Development Scenario Planning Strategy Development Example

Change Management

Successful strategy implementation hinges on effective Change Management. Communicate the need for change compellingly to overcome resistance.

Develop a comprehensive change management plan that includes clear objectives, stakeholder engagement, leadership alignment, training, and communication strategies. Leverage change champions within the organization to facilitate the adoption of new digital tools and compliance practices.

Learn more about Change Management

Stakeholder Management

Stakeholder Management is critical when navigating through strategic shifts. Map out internal and external stakeholders, understanding their interests and influence on your transformation and compliance efforts.

Regularly engage with them to gather insights and feedback. This proactive approach can help in aligning different business units with the Corporate Strategy and mitigating any external risks associated with regulatory changes or market dynamics.

Learn more about Stakeholder Management Corporate Strategy

Corporate Strategy

Reassess your company’s corporate strategy to ensure it is resilient and adaptable. Integrate digital transformation goals and regulatory considerations into the heart of your Strategic Planning.

Establish a dedicated strategic team that monitors the financial landscape for emerging fintech trends and regulatory updates. This team should also be responsible for aligning the digital transformation efforts across all business units with the overall corporate strategy.

Learn more about Strategic Planning Corporate Strategy

Innovation Management

Encourage a culture of continuous innovation to catalyze digital transformation. Establish frameworks for evaluating and investing in new technologies that can give your company a competitive edge.

Foster partnerships with fintech firms and create internal innovation labs to pilot new digital products and services. Balance innovation with risk management to ensure compliance and protect your firm’s reputation.

Learn more about Innovation Management

Risk Management

Adopt a comprehensive risk management approach that encompasses both Financial Risks and those associated with digital transformation and regulatory compliance. Implement advanced analytics to gain insights into potential risks and develop strategic responses.

Ensure risk management is embedded in all strategic initiatives and that there is clear communication about risk appetites and thresholds across the organization.

Learn more about Financial Risk Risk Management


Implement agile methodologies across your strategic development processes to enhance adaptability and response to change. Agile can facilitate better collaboration among business units, more efficient Project Management, and the ability to pivot quickly in light of new information about digital advancements or regulatory updates..

Learn more about Project Management Agile

Corporate Culture

Develop a Corporate Culture that is open to change and innovation, which is critical for implementing new strategies effectively. This involves leadership commitment, fostering an environment that encourages experimentation and learning, and rewarding behaviors that align with digital transformation and adaptability to regulatory changes.

A culture that supports cross-departmental collaboration can also facilitate better alignment with the corporate strategy.

Learn more about Corporate Culture

Did you know?
The average daily rate of a McKinsey consultant is $6,625 (not including expenses). The average price of a Flevy document is $65.

How did Marcus do? Let us know. This tool is still in beta. We would appreciate any feedback you could provide us: support@flevy.com.

If you have any other questions, you can ask Marcus again here.

Trusted by over 10,000+ Client Organizations
Since 2012, we have provided best practices to over 10,000 businesses and organizations of all sizes, from startups and small businesses to the Fortune 100, in over 130 countries.
AT&T GE Cisco Intel IBM Coke Dell Toyota HP Nike Samsung Microsoft Astrazeneca JP Morgan KPMG Walgreens Walmart 3M Kaiser Oracle SAP Google E&Y Volvo Bosch Merck Fedex Shell Amgen Eli Lilly Roche AIG Abbott Amazon PwC T-Mobile Broadcom Bayer Pearson Titleist ConEd Pfizer NTT Data Schwab

Additional Marcus Insights