{"id":32025,"date":"2021-02-18T13:23:27","date_gmt":"2021-02-18T13:23:27","guid":{"rendered":"https:\/\/digileaders.com\/?p=32025"},"modified":"2021-02-18T13:23:27","modified_gmt":"2021-02-18T13:23:27","slug":"trust-data-and-unlocking-value-in-the-digital-financial-services-workplace","status":"publish","type":"post","link":"https:\/\/digileaders.com\/trust-data-and-unlocking-value-in-the-digital-financial-services-workplace\/","title":{"rendered":"Trust, data and unlocking value in the digital financial services workplace"},"content":{"rendered":"

Digital technology innovations have\u00a0<\/span><\/span>enabled\u00a0<\/span><\/span>v<\/span><\/span>ast amounts of data on work and the workforce\u00a0<\/span><\/span>to be\u00a0<\/span><\/span>available to employers<\/span><\/span>.<\/span><\/span>\u00a0This<\/span><\/span>\u00a0<\/span><\/span>d<\/span><\/span>igitally derived employee information is a new and relatively untapped source of business growth<\/span><\/span>\u00a0because it<\/span><\/span>\u00a0reveals valuable insights that can unlock employee potential<\/span><\/span>\u00a0and improve business results<\/span><\/span>. In fact,<\/span><\/span>\u00a0according to\u00a0<\/span><\/span>recent Accenture research<\/span><\/span><\/a>,<\/span><\/span>\u00a0<\/span><\/span>using\u00a0<\/span><\/span>this information\u00a0<\/span><\/span>properly\u00a0<\/span><\/span>has the potential to generate more than a 6% increase in revenue growth.\u00a0<\/span><\/span>However, u<\/span><\/span>sing it improperly can\u00a0<\/span><\/span>be risky<\/span><\/span>.<\/span><\/span>\u00a0<\/span><\/span><\/p>\n

It\u2019s also important to mention that within financial services, many employers possess information about their employees as customers too. While this presents an additional opportunity to glean valuable customer insights it could potentially pose the risk of a conflict of interest. Privacy issues around customer data gathering are significant, and those issues could be compounded when the customers are employees as well.<\/span>\u00a0<\/span>Thus, t<\/span>h<\/span>ese new<\/span>\u00a0capabilit<\/span>ies<\/span>\u00a0represent both a goldmine and a minefield<\/span>, with trust at the heart of the effort.<\/span>\u00a0<\/span><\/p>\n

When performed in an environment of<\/span>\u00a0trus<\/span>t, transparency and mutuality between employee and employer<\/span>, workplace\u00a0<\/span>data gathering and analysis<\/span>, or\u00a0<\/span>\u201cdecoding\u00a0organi<\/span>s<\/span>ational\u00a0DNA<\/span>,<\/span>\u201d<\/span>\u00a0<\/span>has positive implications<\/span>.<\/span>\u00a0<\/span>When performed\u00a0<\/span>in the absence of trust<\/span>, the same effort has<\/span>\u00a0negative implications<\/span>\u2015<\/span>including\u00a0<\/span>the<\/span>\u00a0erosion of employee morale.<\/span>\u00a0<\/span><\/p>\n

But there\u2019s another very important consideration when it comes to trust and workplace data gathering. The need for higher levels of trust among the employee population could create a stronger case for including more women in leadership positions within the financial services sector.<\/span>\u00a0<\/span><\/p>\n

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Decoding the\u00a0organisation\u2019s\u00a0DNA\u00a0in an environment of trust<\/h2>\n

Decoding\u00a0organi<\/span>s<\/span>ational\u00a0DNA involves using artificial intelligence (AI), algorithms and myriad tracking technologies to create data flows that can be\u00a0analy<\/span>s<\/span>ed\u00a0to drive\u00a0<\/span>behavio<\/span>u<\/span>r\u00a0and process modifications that create greater efficiencies<\/span>\u00a0and spur growth<\/span>.\u00a0<\/span>Accenture\u2019s\u00a0<\/span>r<\/span>esearch also<\/span>\u00a0indicates\u00a0<\/span>that\u00a0<\/span>62% of\u00a0<\/span>firms are<\/span>\u00a0already\u00a0<\/span>taking advantage of these<\/span>\u00a0new sources of workplace data<\/span>\u00a0to better understand how their workplaces function.<\/span>\u00a0<\/span><\/p>\n

However, only<\/span>\u00a030% of leaders are confident\u00a0<\/span>these processes are<\/span>\u00a0being used responsibly<\/span>. That\u2019s\u00a0<\/span>a\u00a0<\/span>significant cause for alarm. If this effort is going to be successful, it must be undertaken within an environment of trust.\u00a0<\/span>There are indications that w<\/span>omen could hold the key to advancing this\u00a0<\/span>type of environment<\/span>.<\/span>\u00a0<\/span><\/p>\n

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Are women the drivers of\u00a0organisational\u00a0trust?<\/h2>\n

Recent PEW research on gender traits and leadership<\/span><\/a>\u00a0reveals the following key insights:<\/span>\u00a0<\/span><\/p>\n