The evolving approach to strategic corporate foresight at Swiss bank PostFinance in the age of digital transformation

Abstract

There are numerous advantages to adopting a foresight-centric approach to strategy management. In addition to formal output from the process, PF has shown that there is a strong link between foresight and innovation as a foresight-centric planning process, which reflects more open debate and reveals more divergent scenarios for consideration. Through the open conversations (i.e., community-of-practice), employees are more willing to present and debate ideas across all levels of the organization, in turn re-energizing strategic debate and supporting innovation. Quantifiable output from foresight in 2005/2006 includes the development of two scenario-based future “worlds”. The executive team acknowledged that these are the two scenarios which are used as a basis to test the bank’s strategic plans and organization’s readiness for change. After long debates and many workshops, management defined a list of actions required under each scenario, but decided to implement the changes required to prepare for the “convenience” world.