Đột phá về Chiến Lược với Tư Duy Thiết Kế | Dr. Sơn Đỗ Lệnh, Private bank hàng đầu Thuỵ Sỹ |#TQKS 60

The Importance of Planning and Innovation in Business

Key Insights on Planning

• Mike Tyson's quote emphasizes that everyone has a plan until they face unexpected challenges, suggesting that over-planning can be counterproductive.

• The speaker advocates for a flexible approach to planning, focusing on rapid experimentation rather than perfecting plans.

Introduction of the Guest

• The host introduces Dr. Sơn Đỗ Lệnh, who has returned to Vietnam after nearly 20 years abroad, highlighting his expertise in innovation and digital transformation.

• Dr. Sơn is currently the Director of Customer Experience at a leading Swiss private bank, showcasing his extensive background in various sectors including banking and education.

Dr. Sơn's Professional Background

Diverse Experience

• Dr. Sơn has notable achievements across multiple fields such as banking, data management, education, and consulting.

• He has led significant strategic transformations within organizations, particularly focusing on business operations and cultural agility.

Recent Projects

• Recently, he spearheaded a strategic transformation program for a top Swiss bank aimed at redefining its asset management platform.

• This complex system is utilized by over ten banks globally and represents one of the most intricate platforms in asset management.

Discussion on Innovation

Defining Innovation

• Dr. Sơn will discuss innovation at an upcoming event, addressing its application across different contexts.

• He acknowledges that while "innovation" is a broad term often discussed superficially, it holds deeper significance from his technological perspective.

Core Understanding of Innovation

• For Dr. Sơn, innovation fundamentally involves viewing old problems through new lenses to devise novel solutions with practical applications.

• He stresses the importance of questioning existing norms and exploring new methodologies tailored to specific contexts.

Personal Experiences with Innovation

Notable Innovations

• Reflecting on his career journey, Dr. Sơn identifies key experiences where he successfully implemented innovative changes within the banking sector.

• One significant experience involved transforming an investment portfolio management platform developed over two decades by thousands of individuals.

Challenges Faced

• Transitioning this established system required overcoming numerous challenges learned through both painful failures and rewarding successes.

• His work with one of the largest global companies highlighted substantial lessons about managing large-scale innovations effectively within complex environments.

The Journey of Innovation in Portfolio Management

Understanding the Transformation Process

• The transition to a platform for portfolio management is a lengthy process, not something that can be achieved overnight. It requires careful planning and execution.

• Core to innovation is the ability to observe, ask questions, and seek new solutions for existing problems. This mindset is essential when starting any project.

• It's crucial to comprehend what the platform entails, including its components and the people involved in using it. Understanding the end-to-end journey across various departments is vital.

Identifying Challenges

• Questions should be raised about why current processes exist as they do and whether there are alternative methods available. This inquiry leads to untangling complex issues within the system.

• Observations often reveal a tangled web of processes that are interwoven and complicated, making initial analysis challenging.

Complexity Beyond Technology

• The primary challenges faced at the Swiss bank stem from human factors and processes rather than technology itself. While tech updates are necessary due to obsolescence, they aren't the core issue.

• Regulatory changes have added complexity; banks must now expose information previously kept confidential due to new laws regarding banking secrecy.

Navigating New Regulations

• As regulations evolve, old processes must adapt or integrate with new requirements, leading to overlapping complexities that complicate operations further.

• For instance, bankers now face stringent questioning protocols regarding clients' funds sources—this includes inquiries into anti-money laundering (AML) compliance.

Information Flow Challenges

• The flow of information between departments becomes convoluted as data moves through manual systems alongside automated ones. This hybrid approach can lead to inefficiencies.

• Bankers must verify client information meticulously before proceeding with transactions; this involves multiple checks across different teams which adds layers of complexity.

Mapping Out Processes

• A comprehensive map of how information flows through various departments helps identify bottlenecks where automation could enhance efficiency.

• Recognizing areas where manual processes dominate allows for targeted improvements that streamline operations and add value effectively.

This structured overview captures key insights from the transcript while providing timestamps for easy reference back to specific points in the discussion.

Inconsistent Data and Organizational Challenges

The Core Issue of Inconsistent Data

• The primary problem discussed is the inconsistency in data flow among various parties, leading to a lack of uniformity in data management.

• It is emphasized that no project has been free from issues related to consistent data over the past 10 to 20 years due to financial pressures and customer demands.

• Organizations often seek quick wins, resulting in fragmented processes and structures rather than comprehensive solutions.

Organizational Dynamics and Pressure

• There is a need for organizations to adapt their structures efficiently; however, current market pressures lead them to accept suboptimal solutions.

• An analogy is drawn comparing organizational growth challenges to expanding a home without sufficient resources or time for proper renovations.

Technology's Role in Addressing Issues

• Despite advancements in technology, such as those seen in Swiss banking systems, many underlying issues remain unresolved due to increasing complexity.

• As businesses grow (like adding more family members), they face challenges that require temporary fixes instead of foundational changes.

Business Adaptation and Historical Context

• The discussion references Steve Ballmer’s tenure at Microsoft, highlighting how pressure can hinder innovation and adaptation within established companies.

• Transitioning from legacy systems requires risk-taking; new strategies must be embraced alongside existing operations.

Rethinking Strategies for Future Success

• A call for rethinking business strategies emerges as organizations recognize the need for foundational changes after decades of operation.

• The concept of "rethinking" involves reassessing all aspects of business operations, including what currently works well but may rely on inefficient practices beneath the surface.

Rethinking Processes in Investment Management

The Need for Rethinking

• Emphasizes the importance of rethinking existing systems when developing new modules, acknowledging that it may not be feasible to rethink everything.

• Introduces concepts of "rethink" and "remove," suggesting a need to simplify processes by eliminating unnecessary elements.

Simplifying Complex Systems

• Discusses the complexity of platforms that consist of numerous underlying systems, including databases and servers, which require careful management.

• Stresses starting the rethinking process from the human perspective rather than the technical systems, focusing on streamlining the end-to-end journey.

User Experience Focus

• Advocates for using design thinking to visualize ideal processes from customer requests through to banking operations.

• Highlights the goal of simplifying organizational structures and technology systems to support streamlined processes effectively.

Organizational Structure Changes

• Describes a three-layer model: user experience at the top, followed by organizational processes in the middle, and technology at the bottom.

• Identifies internal (bankers and assistants) and external (actual customers) users as critical components in understanding system interactions.

Efficiency Improvements

• Notes that significant changes were made to enhance efficiency within investment management frameworks after restructuring.

• Discusses how rapid changes in market conditions necessitate quick adaptations in investment strategies, aiming for faster implementation times compared to previous lengthy processes.

Challenges in Implementation

• Illustrates challenges faced during strategic shifts due to geopolitical factors affecting investment decisions.

• Explains efforts made to reduce implementation time from days or weeks down to minutes by improving inter-system connectivity.

Resistance to Change

• Acknowledges difficulties encountered when attempting to alter long-standing practices within established banking institutions.

• Reflects on resistance among staff towards rethinking established methods, drawing parallels with patients' reluctance post-heart surgery.

Understanding Organizational Change and Process Optimization

The Challenge of Changing Established Habits

• Many employees in banks are resistant to change due to ingrained habits and established processes that have been optimized over time.

• Employees often lack the perspective needed to recognize inefficiencies in their routines, as they do not "zoom out" to see the bigger picture.

Inefficiencies in Banking Processes

• For instance, banker assistants spend significant time researching potential clients for political connections, which can be a lengthy manual process.

• The current method involves multiple steps that could be automated, such as checking client information through various channels.

Automation Opportunities

• By utilizing CRM systems effectively, bankers could streamline the process of gathering client information and assessing risks automatically.

• A major pain point is the disconnect between technology teams and business units; effective communication is crucial for successful transformation.

Strategies for Encouraging Change

• To facilitate change, it’s essential to create cross-functional teams that include diverse backgrounds and expertise during process observations.

• These multidisciplinary teams can provide varied perspectives that help identify inefficiencies and improve overall understanding of processes.

Leadership Buy-In for Transformation

• Convincing top management about the need for streamlined processes is critical; clear strategic direction helps mitigate resistance from lower levels.

• Change should be perceived as beneficial rather than imposed; demonstrating immediate advantages can motivate staff to embrace new methods.

Learning from Past Failures

• Reflecting on large-scale projects reveals that rigid adherence to outdated processes can lead to failure; flexibility is key in adapting organizational practices.

Transformation Challenges in Organizational Change

Overview of a Two-Year Transformation Project

• A leader reflects on a two-year transformation project, expressing pride in the documentation and processes established, but hints at underlying issues as the celebration concludes.

• The project faced delays in delivering results, leading to leadership changes due to dissatisfaction with the slow progress and outcomes.

Pressure for Quick Results

• There is significant pressure to deliver quick wins; stakeholders are more concerned about tangible results like revenue and customer satisfaction than process adherence.

• The lack of visible change after two years raises concerns among employees about the effectiveness of the transformation efforts.

Team Dynamics and Execution Issues

• A newly formed team struggles with execution; despite confidence from experienced members, they fail to adapt quickly enough to changing circumstances.

• The project's large scale hampers its success; there is a reluctance to implement new processes that could lead to better outcomes.

Importance of Small Wins and Experimentation

• Emphasizes the need for small wins and rapid experimentation rather than extensive planning before implementation.

• The speaker stresses that while plans may look good on paper, real-world execution often diverges significantly from theoretical frameworks.

Lessons Learned from Transformation Efforts

• Reflecting on personal experiences, there's an acknowledgment that stronger advocacy for change was necessary within leadership circles.

• Citing Mike Tyson's quote about plans changing upon impact, it highlights the importance of adaptability over rigid planning.

Understanding Transformation Beyond Digital

Broader Implications of Transformation

• Discussion shifts towards what "transformation" entails beyond just digital aspects; it encompasses strategic shifts as well.

Different Types of Transformations

• Various forms of transformation are identified: strategic direction changes, business model adaptations, operational adjustments, cultural shifts, and workforce transformations.

• Technology is acknowledged as only one part of business transformation; successful change requires addressing broader business strategies alongside technological advancements.

Digital Transformation: What Does It Really Mean?

Understanding Digital Transformation

• Digital transformation involves using technology to change strategies, business models, operations, and culture within an organization. The focus can vary based on the company's context.

• Emphasis should be placed on strategic transformation as it impacts all other areas of the business. This is where significant value can be derived.

Types of Transformations

• There are three main types of transformations:

• Efficiency Transformation: Streamlining processes for maximum efficiency.

• Sustaining Transformation: Expanding existing models by adding new products or services.

• Transformative Change: Completely rethinking business models and strategies unrelated to current operations.

Balancing Different Transformations

• Companies often focus primarily on efficiency transformation but risk neglecting opportunities for sustaining or transformative changes.

• A historical example is Blockbuster's failure to recognize Netflix as a competitor, leading to their decline due to an overemphasis on operational efficiency.

Levels of Transformation

• The three levels of transformation (efficient, sustaining, transformative) represent a hierarchy from low to high impact. Organizations should not overly concentrate on one level but balance efforts across all three.

• Current banking practices largely fall under sustaining and efficiency transformations; however, there is increasing pressure from digital competitors.

Future of Banking in a Digital Age

• The banking sector faces intense competition from digital banking solutions that do not resemble traditional banks anymore. Regulatory pressures also contribute to this shift.

• As customer journeys evolve with technological advancements like AI, the future landscape of banking will likely require more innovative approaches beyond conventional methods.

Customer Experience and Technology Integration

• With a background in both banking and technology innovation, insights into how customer experiences will transform are crucial. The expectation is for seamless digital interactions without needing physical bank branches.

• Emerging trends suggest that "Banking without a Bank" will become prevalent as automation increases and customers demand instant access through mobile devices and IoT technologies.

This structured overview captures key discussions around digital transformation in various sectors while emphasizing the importance of balancing different types of transformations for sustained success.

The Evolution of Banking and Its Integration into Daily Life

The Concept of Invisible Banking

• The speaker discusses how modern banking has become "invisible," integrating seamlessly into various aspects of daily life, such as purchasing goods or socializing with friends.

• People engage with banking services not solely for financial transactions but to establish relationships and receive support, akin to having a personal assistant.

Personal Assistance in Travel Planning

• The speaker illustrates the role of personal assistants in travel planning, emphasizing that individuals prefer to delegate tasks like booking flights rather than spending time searching for options themselves.

• This model reflects a shift towards banking services that act more like supportive roles in everyday activities rather than just transactional entities.

Lessons from Developed Banking Systems

• A discussion arises about potential lessons from developed banking systems, such as Switzerland's, that could be applicable to developing economies like Vietnam.

• However, the speaker argues that direct applications may not be suitable due to differing contexts, cultures, and human behaviors between developed and developing nations.

Challenges in Implementing Strategic Changes

• The speaker shares insights on common pitfalls when companies hire consultants for strategic changes; often they fail to implement plans effectively due to contextual mismatches.

• It is highlighted that resistance to change is not always due to unwillingness but can stem from existing constraints and a lack of understanding of potential benefits.

Bridging the Gap Between Technology and Business

• The conversation shifts towards the disconnect between technology professionals and business leaders. Effective communication is crucial for successful collaboration.

• The speaker notes personality differences: tech professionals tend to be introverted while business leaders are often extroverted, creating challenges in dialogue.

Importance of Cross-functional Teams

• Building cross-functional teams is emphasized as essential for fostering better communication across disciplines. Exposure helps team members understand each other's languages and perspectives.

• As individuals become familiar with different terminologies through collaboration, it enhances their ability to communicate effectively within diverse teams.

Understanding Transformation and Communication in Business

The Importance of Continuous Learning

• The speaker expresses a strong passion for learning, particularly from conversations with professionals outside their field, such as business, sales, and marketing.

• Over time, this accumulation of knowledge leads to personal transformation; the speaker emphasizes that transformation is a gradual process rather than an overnight change.

Bridging the Gap Between Tech and Business

• There is a growing desire among non-tech leaders in Vietnam to understand technology better to facilitate digital transformation within their businesses.

• The speaker highlights the importance of communication between tech professionals and business leaders to foster understanding and collaboration.

Key Considerations for Business Leaders

• When engaging with tech teams, business owners should focus on practical outcomes like revenue, profit margins, and customer satisfaction rather than technical jargon.

• Understanding how tech impacts daily operations can help align team efforts with overarching business goals.

Effective Communication Strategies

• Business leaders do not need extensive technical knowledge but should ensure that all team members understand how their roles contribute to the company's bottom line.

• Clear communication about the impact of each role fosters motivation and alignment towards common objectives.

Embracing Change Through Inquiry

• Change is constant; thus, it’s crucial for leaders to ask "Why" and "Why not" when addressing challenges or considering new approaches.

• This inquiry mindset encourages critical thinking and innovation within teams.

Design Thinking as a Tool for Innovation

• The speaker introduces design thinking as a method that enhances innovation by focusing on observation and data collection before problem-solving.

• Design thinking is often misunderstood as merely artistic design; however, it encompasses broader applications in business contexts.

Process of Design Thinking

• It involves generating numerous ideas from observations before narrowing down to specific solutions through analysis.

• This iterative process allows teams to explore various possibilities before defining the core problem they aim to solve.

Understanding the Challenges of Compliance in Banking

The Pressure on Bankers Regarding U.S. Clients

• Bankers face legal pressure to report clients with U.S. ties, such as those who have lived in the U.S. or hold American citizenship.

• Each year, bankers must declare the number of clients with U.S. connections to government authorities, highlighting a significant compliance requirement.

Identifying Client Needs Through Design Thinking

• The current manual process for compliance involves receiving emails from the government and requires proactive communication between bankers and assistants.

• A design thinking approach is necessary to understand real client needs rather than just focusing on compliance tasks.

Gathering Insights from Stakeholders

• Engaging with various stakeholders, including bankers and regulators, helps gather valuable insights about their challenges and needs.

• Many bankers dislike reporting requirements because they do not generate additional revenue; instead, they prefer focusing on investment opportunities for their clients.

Recognizing Core Issues Beyond Compliance

• The primary issue is not merely completing forms but ensuring that bankers know what actions they need to take daily for effective client management.

• There is a need for a centralized system where bankers can easily access their daily tasks, including compliance checks and client engagement activities.

Generating Solutions through Iterative Design

• By identifying daily task lists (to-do lists), teams can create solutions that streamline processes while addressing broader client management needs.

• Potential solutions include mobile apps or integrated dashboards that provide comprehensive overviews of required actions for each banker.

Emphasizing the Importance of Design Thinking Mindset

• A design thinking mindset encourages looking beyond initial requests to uncover deeper client needs and potential solutions.

• This approach allows teams to address multiple issues simultaneously rather than getting stuck on one specific problem.

The Value of Holistic Problem Solving

• The classic principle of "getting things right" versus "getting the right things" emphasizes understanding broader contexts before jumping into solutions.

• Innovators should adopt design thinking principles to effectively tackle complex business challenges by seeing the bigger picture rather than focusing narrowly on immediate problems.

Conclusion: Broader Implications for Strategy and Innovation

• Understanding that many issues may not be what they initially seem can lead businesses toward more effective strategies when applying design thinking methodologies.

The Journey of Transformation and Global Experience

The Climb to New Heights

• The speaker describes a metaphorical journey where an individual reaches a peak but misses the opportunity to explore higher mountains with better views, emphasizing the importance of recognizing greater possibilities beyond immediate goals.

• The concept of design thinking is introduced as a tool that helps individuals identify various peaks (goals) they can pursue, rather than settling for just one. This approach encourages exploration and efficiency in achieving transformation.

Exploring New Business Models

• To discover new business models, it’s essential to explore multiple options instead of jumping into execution based on initial ideas. A thorough exploration allows for better decision-making regarding which paths to take.

• Emphasizes the need for experimentation in business strategies, advocating for rapid testing of ideas while minimizing costs and maximizing results. This iterative process aids in identifying the most promising opportunities.

Insights from Global Experiences

• The speaker reflects on their international experiences and how global citizenship has become more common due to technological advancements and remote work opportunities, making it easier for individuals to seek careers abroad.

• They share personal anecdotes about their journey abroad, offering advice to young professionals looking to develop their careers internationally. Key insights include understanding societal needs and aligning personal aspirations with market demands.

Design Thinking in Career Development

• The discussion highlights the importance of gathering personal desires alongside societal needs when planning career paths. It suggests that individuals should assess their strengths against what society requires before making decisions.

• Encourages young professionals not only to think critically about their career choices but also to embrace flexibility in exploring different fields until they find what resonates with them best.

Navigating Life's Uncertainties

• The speaker shares wisdom from family influences about stepping outside comfort zones, reinforcing that everyone seeks broader experiences throughout life.

• They stress the significance of collecting diverse experiences and knowledge over time, which can lead individuals toward fulfilling careers aligned with both personal interests and societal needs.

Reflections on Career Paths

• Discusses how many people are now working for global companies while still residing in Vietnam, highlighting the interconnectedness of today’s job market across borders.

• Concludes by encouraging continuous exploration within one's career path—testing various roles or industries until finding a suitable fit—while employing design thinking principles throughout this journey.

Career Journey and Personal Insights

Initial Steps in Education and Career

• The speaker reflects on the uncertainty of filling out application forms for studies, initially relying on computer skills to complete them successfully.

• After completing a PhD, the speaker naturally transitioned into postdoctoral research, focusing on human-computer interaction.

• Despite enjoying research, the speaker felt uncomfortable in their academic environment and preferred teaching over traditional academia.

Transitioning to Industry

• The current job is filled with challenges that excite the speaker; they enjoy collaborating with business and tech professionals.

• Exposure to various processes across different departments has inspired personal growth and learning opportunities.

• The speaker emphasizes finding roles that align with personal strengths and interests rather than strictly adhering to predefined categories like tech or business.

Exploration and Innovation Mindset

• The speaker identifies as an explorer who enjoys navigating between different fields rather than being confined to one area.

• They liken their career journey to observing traffic at intersections, appreciating diverse perspectives while managing chaos effectively.

Achievements and Core Qualities

• Recognition through numerous innovation awards suggests underlying qualities beyond mere effort; curiosity plays a significant role in their success.

• A strong desire for exploration drives continuous self-improvement; learning something new daily is essential for avoiding stagnation.

Personal Growth Through Learning

• Engaging in activities like chess helps refresh the mind; the speaker values both personal and professional innovation equally.

• They advocate for constant transformation within oneself as well as within organizations, emphasizing adaptability as crucial for progress.

Change Management Philosophy

• The importance of questioning existing processes is highlighted; asking "Why" and "Why not" fosters a mindset geared towards improvement.

• In an era characterized by rapid change, effective change management becomes vital as companies must adapt or risk obsolescence.

Insights on Change Management from Global Leaders

Learning from Experience

• The speaker reflects on their experiences working with large international corporations, emphasizing that change is a constant in business management.

• They note the importance of how leaders confront change, drawing insights not only from their own roles but also through relationships with global leaders across various sectors.

Authentic Leadership and Innovation

• The speaker observes that while many leaders express a desire for innovation, there can be a disconnect between what they say and what they actually do due to external pressures.

• They highlight the distinction between leaders who "walk the talk" versus those who merely "talk the talk," suggesting that true commitment often requires significant sacrifices.

Cost of Change

• The discussion touches on the costs associated with planning and executing change initiatives, noting that lengthy plans can lead to high stakes if they fail.

• An alternative approach is proposed: experimenting quickly and affordably rather than committing to long-term plans without testing ideas first.

Opportunities in Vietnam's Market

• The speaker expresses interest in contributing to Vietnam’s dynamic market, particularly after engaging with young professionals and investors.

• They are currently exploring various small-scale experiments in Vietnam as part of their commitment to practical application of leadership principles.

Future Prospects in Banking Sector

• There is optimism about growth within Vietnam's banking sector, driven by an increasing middle class and rising financial needs among youth.

• The speaker believes their international experience could provide valuable insights into improving banking services tailored for this evolving demographic.

Conclusion and Call for Engagement

• The conversation wraps up with gratitude towards the audience for listening, encouraging feedback and comments on the discussed topics.

• Listeners are invited to subscribe for more content related to innovative practices in banking and technology management.