‘Effective communication is essential in shift to agile business frameworks’ – BNF Bank CEO

BNF Bank CEO David Power has stressed the need for effective communication in a bid to remain agile, be adaptive, and undergo rapid change within the business environment.

He was speaking during a breakout panel titled “Unlocking long-term value through effective transformation” at EY Malta’s Future Realised Conference, an event held on Wednesday, focusing on the presentation of the corporative service provider’s 19th Attractiveness Survey. The survey found that Malta’s attractiveness for foreign direct investment (FDI) has gone up marginally in 2023 to 59 per cent, yet is still far behind pre-pandemic times.

During the discussion, Mr Power highlighted the bank’s leadership commitment to its digital transformation through “advocacy, clear communication, training and empowerment of staff”.

“We have defined clear and measurable goals and objectives for the transformation that are regularly assessed,” he explained.

“Most importantly, we celebrate our achievements and discuss improvements as a team,” he continued.

When the panel discussion turned to the topic of adopting an agile mindset within the business space, Mr Power emphasised that culture change is “one of the biggest challenges” faced by BNF Bank when shifting to a structure that “embraces flexibility, adaptability and rapid change”.

Being agile is a key factor for whether or not a business succeeds, especially considering today’s rapidly changing market conditions, characterised by turbulent macroeconomic conditions, all the way to the growing prominence of emerging technologies.

“Effective communication is essential in the shift to agile frameworks,” he said.

Mr Power concluded that training is “key”, but the “positive impact” from key employees is “imperative in extending the acceptance of change”.