Jasmeet Narang | FinTech Magazine
Jas Narang has worked for Santander UK for 25 years, a move that followed a dynamic career that has included operation of commercial P&L teams, supply chain management and Six Sigma process management. After periods in Japan and the US, he joined Santander UK following the acquisition of his previous company, GE Capital.
For the past two years, Narang has driven the transformation program for the bank, using his business and commercial experience to help Santander UK transform its journey to create better digital services for customers.
He is the pioneer driving Change Management – a business model solution that has transformed the way Santander UK structures its workforce to produce more innovation, a healthy corporate culture and better customer experiences.
Drive innovation through change
As the fifth largest retail bank in the UK, Santander UK has implemented Change Management practices, which have resulted in a better distribution of talent across the bank, and faster implementation of new ideas, which in turn has benefited the customer.
A very visible result of Change Management is the fact that unlike other banks, Santander UK will not be moving towards a branchless model, instead classifying itself as a ‘hybrid challenger’. The reason for this is that a number of the bank’s customers have expressed a desire to continue using local branches, even though mobile banking has become so popular.
Passionate about working with people and interacting with new ideas and cultures, Narang believes being open to change is at the heart of providing better customer service – and therefore building a stronger business. He says: “I’m hugely value-driven: if it’s the right thing to do for the organisation, then I’ll give it my all. It doesn’t matter how big or steep the challenge is. I don’t find anything too big or challenging if it’s the right thing to do for the people, the organization or for our customers. This has stood me in good stead over the years and will hopefully continue to do so as I develop my career.”
Bright prospects for the future
As the next 18 to 24 months unfold, Narang is quietly confident about how the market will affect Santander UK. He believes a solid strategy will help the bank weather the storm. Although rising interest rates are a concern for all financial institutions, Santander UK’s role as a retail bank and not an investment bank means it has not been exposed to the ups and downs faced by other organisations.
“We are very much a retail bank, not a large investment bank. Therefore, we have not invested in any sector A or derivative B, or product C. The main part of the banking business is mortgages. And the reality is that when times are tough, customers think about paying off their mortgage before a credit card or personal loan, or any other type of loan. Everyone wants to protect their house first as a natural human behavior.”
Customers deserve a flexible approach in difficult times
As economic instability continues on a global scale, a responsibility to help customers through difficult times remains a high priority for Santander UK. The bank’s flexible approach means customers benefit from a flexible approach to repayments. Narang says personalization is key to helping customers maintain their mortgages and affordably repay their loans.
“You can’t have a cookie-cutter approach because people deserve better. I always say, ‘You can’t stack them high and sell them cheap’. Customers don’t go for that anymore. That used to be the case 10 or 15 years ago , but not anymore.”
His own experience as a consumer influences his view of how products and services should be managed. “I want to feel that I am wanted by the bank. You customize things for me that are tailored to my needs here and now.”
Ultimately, Change Management has contributed greatly to Santander UK’s agile customer experience.
Narang concludes: “I am very, very passionate about the Change Management aspect and involving people. It is the cornerstone that separates us from other banks and organisations.”
Read the whole story HERE.
