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Mfundo Clement Nkuhlu, Chief Operating Officer at the Nedbank Group, has served within the financial services company for more than 16 years. Mfundo holds a BA (Hons), Strategic Management in Banking (Insead), and has completed the Advanced Management Program at Harvard Business School, in the USA. Mfundo believes that banks need to navigate through dramatic changes in innovation and regulation, and that in working with others it is his responsibility to be able to anticipate and assess impact on his people, the work environment, the business operating model, the culture and diversity, and solutions to the market.
In the latest Business Unusual podcast, Ralf Fletcher, CEO of Topco Media, engages in conversation with Mfundo Nkuhlu to discuss value creation, being able to adapt, and how strategies are changing due to digital disruption. Mfundo goes in-depth on Smart Work, monitoring progress, successful execution of transformation strategies, and culture alignment.
Key takeaways to listen out for in this podcast:
- The secret to success is combining hard work with smart work. Surround yourself with smarter and skilled people as this leads to amazing opportunities for growth and making headway.
- Never stop learning. Learning and growth must be treated as a life-long enterprise. This will help you come to grips with the reality that challenges WILL arise.
- A great skill to hone is being inclusive in your thinking. Value Creation will come from collaborating with others. This is an opportunity to test and refine your ideas as you implement them.
- Remember that an idea may be good on paper, but it essentially comes down to how you’re able to put it into practice with the help of a great team and culture.
- When all is said and done, it ultimately comes down to the people – they take your organisation forward. People require empathy and trust to get things accomplished – you will see tangible outcomes when you treat your people well.
- The success of your organisation is bound by the overall success of our society. We need to understand the society we live in, the community and its people to work towards successful Transformation.
- Recognise that the world we live in is driven by high-paced change, data and digital transformation. The Digital Revolution allows for more accuracy in our predictive behaviour.
- Your organisation’s digital technology stack needs to form a robust digital system that is also agile; there needs to be mobility to respond to human needs. This is why business models are changing.
- Each touchpoint of your customer experience needs to reflect, to the customer, that they (their needs) are being understood. Customers want their experience to be predictable and consistent across the board.
- There are underpinning values that support the culture alignment and transformation efforts of an enterprise. Balance between culture and orientation is the key to symmetry and capability.
Mfundo was appointed as Chief Operating Officer in January 2015. He joined the group as Head of Nedbank Africa in 2004 and became Head of Corporate Banking in 2005. He became a member of the Group Executive Committee in 2008 and Managing Executive of Nedbank Corporate in 2009, delivering strong and consistent performance in the business. He was appointed to the boards of Nedbank Limited and Nedbank Group Limited on 1 January 2015. He also serves on the board of Ecobank Transnational Incorporated, in which Nedbank holds a 21,2% interest.
As a member of the Group Executive Committee, Mfundo is closely involved in the oversight of business strategies across Nedbank and is responsible for leading and delivering changes to the target operating model. Before joining Nedbank, Mfundo was the Executive responsible for strategy, revenue and economic analysis at the South African Revenue Service and Chief Director of the Department of Trade and Industry, where he was responsible for Africa and the Middle East, as well as for the development and coordination of the economic strategy for the New Partnership for Africa’s Development (NEPAD).
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