Slowing Down to Move Fast - Culture as a Competitive Advantage

Jeff Semonovich, CIO, Western Alliance Bank

Jeff Semonovich, CIO, Western Alliance Bank

Jeff Semonovich is Chief Information Officer for Western Alliance Bank, Member FDIC, a $60 billion national business bank named #2 best-performing of the 50 largest public U.S. banks for 2021 per S&P Global Market Intelligence.

In the age of real-time everything, a people-first culture is indispensable

The appetite for technology innovation in financial services is limitless, and Banking CIO Outlook readers know the focus on speed is ever-increasing. Evidence is everywhere: faster payments, real-time cores, open banking, Banking as a Service (BaaS), blockchain and digital assets, and fintech disruptors upending expectations for digital experience, speed and convenience.

As CIOs, we shouldn’t let the expectations of driving continual technology innovation distract attention away from the equally, or arguably more, important aspect of our roles: investment in our people and culture and establishing a clear set of priorities that guide their success. At Western Alliance Bank, we define our culture with five core values: Integrity, Creativity, Passion, Excellence and Teamwork. Teamwork is all about people and relationships, and a culture that fosters a highly collaborative community of engaged, ego-free professionals who are empowered to contribute their very best.

I recall during our pre-pandemic preparations, as we were readying technology to support a fully remote workforce, we had a team of all IT disciplines in a command center responding to a myriad of issues and challenges, making decisions on the fly to “make it happen.” The team dispersed and began the work. Then, shortly afterward, someone who was not a member of the VPN team came up to me and said, “What if we approached it this way….” She described an approach that saved time and effort while still achieving the outcome that we were after. We enthusiastically adopted her idea. A people-first culture is inclusive and empowers individuals to contribute without boundaries. It also allows us to slow down, see the alternatives and then move faster.

When technology works, it’s invisible

Being client-obsessed is part of our “People, Performance, Possibilities” ethos. To put that into practice, our focus is on providing a seamless client and employee experience at every touchpoint. After all, our clients and our people don’t generally need to grasp how our technology solves problems. They need only know that it is there when and where they need it.

Faced with the ever-rising threat of security breaches, the increasing expectation to provide real-time responsiveness, and the perceived competition from fintechs that promise improved experience and convenience, as IT leaders, we can fall into the trap of thinking that our primary focus is to move faster. We feel that if we’re not rushing ahead, we risk falling behind.

Of course, we want to outpace our competition. We need to continuously deliver value and improvements in our technology offerings with agility. It is unacceptable to miss an opportunity because we were too slow, unprepared or incapable of delivery. But while speed is important, we can’t lose sight of why we move fast: to deliver technology that works, is invisible and meets our client’s needs.

“Our people-first culture means our technology team is, above all, part of the company team, able to grasp the needs of colleagues and customers and enact solutions that answer those needs”

So, in an environment where we need to move fast, deliver innovative technology solutions that just work, and navigate all of the distractions that threaten our success, what is the secret sauce? I don’t have the one answer, but I do know a major ingredient to success is a people-first culture where the team works together, with a shared set of values, encouraging and empowering individuals to be who they are and contribute in ways they feel most comfortable. That’s what slowing down to move fast looks like. As Augustus Caesar said: “More haste, less speed.”

Just as our bankers are responsive to clients to help them achieve their business ambitions, our teams work fast — and smart — to consistently refine the tools and processes that smooth the path to client success. Our people-first culture means our technology team is, above all, part of the company team, able to grasp the needs of colleagues and customers and enact solutions that answer those needs.

If you’ve built a strong culture, the rest will follow

When organizations lose sight of the human-centered aspects of information technology, they may struggle to navigate challenges that can, as a result, impede innovation, risk management, efficiencies or the pace of work. We all have made the mistake of rushing into a solution because of our professional bias. After all, we are “the professionals;” we have been trained in our discipline, and we should know the solution.

A strong culture, however, can operate with trust and humility. Even if our team has spent weeks deliberating on an appropriate technology solution, if a business partner offers an alternative that can help us reach our goal more efficiently, we’re willing to take a collective breath, listen and agree to pursue the alternative approach.

How do we get there? For CIOs across the industry, recruiting top talent is always a priority. But being a brilliant developer isn’t enough. At Western Alliance, we look to hire effective communicators who can work across silos. That means people who are purpose-driven, performance-oriented and seek the ability to thrive as individuals while engaging in the collaborative outcomes of a team.

At the end of the day, for a fast-moving, entrepreneurial organization, technology is as much about people and productive partnerships as it is about systems integration and solutions. Ultimately, our company culture gives us a strong competitive edge: Success = f(People, Culture, Priority).

You might say, “As a CIO, your definition of Success as a function of People, Culture, and clear Priorities, does not mention technology at all.” I would say, “Now you’ve got it!”

Information Technology

Risk Management

Financial

Blockchain

Digital Experience