Why True Transformation in Financial Services Should Serve Employees, Regulators, and End Users Equally

Business transformation is often framed as a reaction to technology or market pressures. A more successful approach, however, redefines the very concept of the ‘customer’—a foundational approach that expands the definition beyond end-users to include two often-overlooked groups: the internal employees tasked with making change happen, and the regulators who oversee the market.

For Emeline Natacha Simeze, SVP of CX Transformation at M&T Bank, transformation isn't about tech—it's a human challenge. Drawing on a career leading change initiatives at firms like EY, Cambridge Associates, and Wells Fargo, she has a pragmatic view. "If you transform and you do not satisfy the external customer need, then what did you transform for? You just wasted resources, money, and time."

• The customer committee: It all starts with understanding the collective needs of every stakeholder group. According to Simeze, designing a future state should begin with listening to the unified voice of customer. "External users want cheaper, more functional, and easier-to-access products. Internal employees want better technology, efficiency, and streamlined processes. Regulators want to see a clean, auditable risk process that protects both the client and the institution. That combined feedback is the voice of the customer, and that is where your strategy starts," she says.

Today, gathering VOC is a sophisticated data operation. The approach can range from simple surveys to advanced AI-enabled analysis that can surface hidden themes and perform root cause analysis automatically. "Surveys are the most basic tool, often processed with platforms like Qualtrics to inform decisions. But today, AI can automatically gather that same data, reorganize it into themes, and even perform root cause analysis. The sophistication of your approach depends on your technical maturity," she explains.

• Growing pains: But even with perfect data, Simeze notes the process is anything but smooth. Transformation almost always creates internal friction, forcing a difficult change on the internal users who must adopt new tools and processes. "You cannot improve the external customer experience without first addressing the internal users who deliver the product. That is why the process is often painful. It forces a change in habits and requires people to adopt new tools and processes, which involves managing pushback and planning for long-term resiliency and scalability," she outlines.

• From pain to profit: Navigate that internal challenge, however, and the payoff is clear. The return on investment becomes obvious when positive client feedback translates directly into measurable business growth, building both resilience and growth. "The payoff for that internal pain comes when you start getting positive client feedback, which you then turn into financial proof. It translates directly to growth, creating happy customers who become advocates and boost your bottom line without a billion-dollar marketing spend," she says.

Simeze also points to structural elements that she believes companies often overlook. The first is risk, which she frames as an essential design principle that should be woven into the fabric of the strategy from day one. "You have to design controls directly into your processes. Risk management should be embedded in the framework so it is managed daily, not as an afterthought at the end," she cautions.

Agility is just as important, as even the most well-designed transformation can become ineffective if it's too rigid to adapt. A related, and often bigger, misstep stems from a disconnect from the long-term company vision, leading to expensive projects that are obsolete upon delivery. "I’ve seen transformations take two years to execute, and by the time they deliver, the company is already changing gears. The project is obsolete before it’s even rolled out, because the company has moved on and you have to move with it," she advises.

So how do you get it right? Simeze boils it down to a simple framework for navigating the lost art of transformation. She describes a model for bridging the gap between a company's current state and its desired future state. "The gap analysis forces you to ask what is needed in terms of people, technology, and streamlined processes to get to the future state," she concludes. "My belief is that the gap between the current and the future state is bridged by the right people, the right technology, and flexible, agile processes that can adapt with time and change."