The business of banking is different from all other types of businesses in terms of ownership patterns and governance structure thus Banking leaders need to incorporate multiple leadership approaches to lead their institutions.
The performance yardsticks for banking, a highly regulated and supervised industry, are clearly different. To ensure competitive advantage, bank leaders must be ready for challenges and should start viewing change as a norm rather than an exception.
Several studies point to the fact that a single leadership approach cannot work in today’s VUCA times. With time, the broad leadership approach of a bank should be changed in line with the changes in an external and internal business environment.
Today’s Bank leaders need to adopt and incorporate the following 7 leadership approaches to be effective and successful.
- Futuristic Leadership
- Responsible Leadership
- Contextual Leadership
- Participative/collaborative Leadership
- Regulatory Leadership
- Inclusive but Exclusive Leadership
- Customer-Focused Leadership
