HKUST Business School Magazine

Being agile, staying connected with broader ecosystems He added that a key aspect of HSBC’s ongoing transformation has been the buy-in from the top leadership team, who recognize that technology enables the future growth of the business and ensure that the bank is fully committed on this front. Making that clear, where appropriate for the nature of the initiative, HSBC has shifted from traditional waterfall methodologies, which involve detailed upfront planning followed by large-scale execution, to “Agile” practices. The latter allows staff to break down projects into smaller, manageable deliverables, making it easier to push forward efforts to transform quickly. “This project management method enables us to have smaller development cycles and faster measurable outcomes, starting with minimal viable products,” Obradović said, adding that he has also been keen to create a fail-fast, fail-forward mindset within the organization. “It’s okay to fail, but what’s important is that you fail fast, learn, adjust, and go again and let that approach become a critical part of development and learning.” To keep things moving, he noted, it is similarly important to be connected to the broader ecosystems and the external landscape to understand what is happening around you. Therefore, HSBC works closely with big tech companies, fintech ecosystems, start-ups, regulators and other key industry players to stay abreast of developments and be fully informed about emerging trends and best practices. The bank also invests heavily in understanding their clients and how the needs of different market segments are evolving, in order to identify gaps, reshape the business, and deliver on expectations. “Tech is now a constant presence in our everyday lives,” Obradović said. “Understanding how it impacts and enables your ability to deliver on clients’ needs is an essential aspect of future-proofing your business.” Embracing digital transformation Of course, the transformation journey has many complexities and is bound to be challenging, especially if an organization is reluctant to switch from traditional ways of doing business. In such cases, Obradović’s advice is to clearly communicate the benefits of the change and its alignment to organizational goals. For this to happen, though, everyone needs to get involved with the process, and change needs to flow from the top and not be seen as just a stand-alone IT department initiative. “HSBC has embraced transformation, and that makes all the difference,” he said. Indeed, that bank’s senior leadership team has consistently supported innovation and experimentation, with a view to fostering a culture which looks to the future. This can be found in initiatives that include idea- sharing platforms, in-house competitions, recognition programs, and dedicated think tanks which experiment with emerging technologies in separate, controlled environments. HSBC has a strategic partnership with the School of Business and Management of The Hong Kong University of Science and Technology that aims to accelerate the bank’s digital journey by connecting academic research to industry practice. Through this partnership, researchers and professors from HKUST work on use cases together with subject matter experts from HSBC. Earlier this year, the Hong Kong Science and Technology Parks Corporation (HKSTP) and HSBC have entered into a three-year strategic partnership agreement to drive innovation and create a more effective bank-fintech collaboration ecosystem. Biz@HKUST 18 Cover