Overcoming resistance to digital transformation
How A. Farber & Partners overcame a fear of change and improve operations by introducing new technologies
Maureen Terralheiro, vice-president of back-office operations and continuous improvement specialist at A. Farber & Partners, outlined how one of Canada’s leading insolvency trustee firms overcame a fear of change and introduced new technologies to improve operations.
In a presentation for PEX Live: OPEX Financial Services 2022, Terralheiro said it was important for companies, especially in change-adverse sectors, to make a strong case for change. Shifting customer and employee expectations, persisting with processes and technologies that have not been reviewed for a long time, lack of standardization, poor customer experiences and inconsistent training were among the reasons why A. Farber & Partners needed to embark on digital transformation.
Owing to the highly regulated nature of A. Farber & Partner’s work, Terralheiro said “people became complacent, using the regulator as an excuse to keep the status quo”. She said, however, that introducing technology such as self-service functions was important as the company expects an increase in volume with interest rates rising and government pandemic-relief schemes ending.
Register for free to PEX Live: OPEX Financial Services 2023, taking place this July, and join a host of leading names as they discuss the latest operational challenges and change management innovations within the financial services industry.
