What does it take to not just survive, but thrive, in an industry as cutthroat and ever-changing as banking?
According to a 2023 report by Accenture, 74% of banking executives believe that resilience and adaptability are the most critical skills for navigating the sector’s rapid digital transformation.
In a world where every decision carries the weight of millions, where innovation is the only constant, and where resilience isn’t just a trait—it’s a survival skill, one word emerges as the ultimate differentiator: tenacity.
For Pai Li Gan, Group Chief Consumer Banking Officer at Alliance Bank Malaysia Berhad, tenacity has been the driving force behind her nearly three-decade-long career. Alongside our recurring guest, Taruni Ramamurthi, Head of Financial Services Industry (FSI) for Malaysia and the Philippines at Amazon Web Services (AWS), Pai Li Gan recently shared her insights in a riveting episode of Banking After Hours.
Together, these two visionaries peeled back the curtain on their journeys, revealing how grit, adaptability, and a relentless drive for innovation have propelled them to the top of the financial world.
From navigating career pivots to spearheading digital revolutions, their stories are a masterclass in leadership and resilience. But what can their experiences teach us about thriving in today’s fast-paced, tech-driven banking landscape?
According to a 2023 McKinsey report, banks that prioritise agility and innovation grow revenue 2.5 times faster than their peers. Pai Li Gan and Taruni Ramamurthi’s stories not only underscore this finding but also offer a blueprint for success in an industry where the stakes have never been higher.
So, what can we learn from their experiences? How can tenacity and innovation shape the future of banking in a world that demands constant evolution? Let’s dive into the blueprint these visionaries have to offer.
Tenacity As The Foundation of Leadership
Reflecting on a career spanning nearly three decades, Pai Li Gan highlighted the importance of persistence in achieving success.
“If you’ve decided that this is something you want, then plan for it, but stay the course,” she advised.
Pai Li’s steadfast commitment to her goals has been a defining feature of her journey from commercial banking to investment banking and ultimately to consumer banking. Each transition, she explained, came with unique challenges that required adaptability and resilience.
Taruni Ramamurthi reverberated with this sentiment, sharing advice she once received from a mentor once.
“For tenacity, 24 hours is your test. Celebrate your wins, but don’t linger. Similarly, if something doesn’t work out, don’t spend more than a day moping. Get back to work and move forward.”
@fintechnewsnetwork Never Dwell: The 24-Hour Cycle to Success. Every day in our fast-paced world is a test of resilience. As Taruni from AWS reminds us, success is a fleeting 24-hour thrill—one moment you’re riding high on a win, and the next, you’re back to baseline. When setbacks come, there’s no time for prolonged moping; simply reset and harness that energy for tomorrow’s challenges. #fintech #womenempowerment #leadership #digitalbanking #fyp #foryou #Malaysia #aws #womeninfinance
♬ original sound – Fintech News Network – Fintech News Network
This principle, she believes, is a crucial survival skill in an industry characterised by rapid change and unpredictability.
Pai Li’s emphasis on consistency also extended to her leadership style. She believes that tenacity is not just about personal perseverance but rather more about fostering it within your team. At Alliance Bank, she has worked very hard to instill such a mindset across all levels of the organisation, creating a culture of resilience and long-term thinking.
How Digital Innovation Reshaped Alliance Bank’s Credit Cards
Pai Li’s journey from investment to consumer banking illuminated the transformative power of technology in the financial sector.
“Consumer banking is evolving into the digital space,” she remarked. “You really can’t segregate traditional banking from digital banking anymore; they’re becoming one.”
Her role at Alliance Bank has been pivotal in driving this evolution, particularly through initiatives like the introduction of virtual credit cards.
“The virtual credit card was an idea that was many steps ahead,” Pai Li revealed.
Convincing stakeholders to embrace this innovation wasn’t easy, especially when pitching it to a boardroom accustomed to physical cards. Despite initial resistance, Pai Li’s determination really paid off.
@fintechnewsnetwork It Doubled Their Credit Card Business – Pai Li Gan, Group Chief Consumer Officer, Alliance Bank shared how she convinced the bank’s board of directors to embark on virtual credit cards and doubled their credit card business. DigitalBanks DigitalBanking CreditCard Fintech FintechMalaysia @alliancebank
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“We’ve grown our card base from 90,000 to 200,000,” Pai Li Gan shared, highlighting the success of the initiative that Alliance Bank had. The bank too, not only managed to revitalise its credit card business by leveraging digital solutions but also enhanced consumer security and convenience.
Taruni, representing AWS, underscored the importance of cloud technology in enabling such innovations. She said that failing fast without overhead can be a key advantage.
“Platforms like the cloud allow banks to experiment with new ideas, like virtual cards, with minimal risk.”
This agility, she explained, is essential for staying competitive in a fast-paced digital economy.
Pai Li’s vision for digital transformation also extended beyond products. She mentioned that for the past few years, Alliance Bank has integrated the digital sales team together with the contact centre team. Such restructuring ensured a seamless flow of customer service, allowing issues to be addressed holistically rather than in isolated silos.
“I’d like to push for a system where there’s no wrong door,” the Alliance Bank’s Group Chief Consumer Banking Officer emphasised, highlighting her commitment to enhancing customer experiences.
Fail Fast, Learn Fast
Both leaders stressed the value of agility in decision-making. Pai Li Gan shared her philosophy:
“Fail fast, but don’t stay too long in the pits. The fastest way to recover is to regroup, pivot, and decide what to do next,” is what she said.
Her approach to leadership involves empowering her team to take calculated risks and learn from their experiences.
Taruni expanded on this idea, drawing from Amazon’s leadership principles.
“You don’t walk into a meeting looking for compromise,” she said. “Stand steadfast in your convictions but also commit to the team’s decision, even if it’s not your own,” Taruni continued.
This sort of balance between conviction and collaboration, as Taruni noted, is critical for fostering innovation and trust within teams.
Pai Li also recounted a significant moment in her career when she championed the virtual credit card project despite scepticism from stakeholders. She admitted that explaining a virtual product to people who only used physical cards was a real challenge. However, her persistence and data-backed conviction ultimately won over the board, leading to a groundbreaking product launch.
The Human Element in Consumer Banking
For the Group Chief Consumer Banking Officer at Alliance Bank Malaysia Berhad, Pai Li Gan, consumer banking is fundamentally about people. For those outside of the financial sector, one thing about investment banking is that you live in a cloistered world, chasing deals and working in small teams.
“In consumer banking, it’s all about the people—your products, your services, and the fair treatment of customers,” she explained.
The human connection, she believes, is what makes consumer banking uniquely impactful.
Her leadership at Alliance Bank has focused on breaking down silos and fostering collaboration.
“When I joined, the teams were somewhat segregated. Today, heads carry more than one duty, allowing for overlap and a broader perspective,” she shared.
Her approach has not only improved efficiency but also enriched the employee experience by exposing them to diverse roles and challenges.
Taruni then highlighted how this human-centric approach extends to digital transformation.
“Pai Li’s decision to integrate the digital sales team with the contact centre team is a game-changer,” she said. “It’s about creating a seamless customer journey, where speed and convenience are prioritised.”
The blending of channels exemplifies how technology can enhance human interactions rather than replace them.
Pai Li also puts into perspective on the importance of mentorship in fostering leadership. Throughout her years in Alliance Bank, she has worked with many strong-headed individuals who taught her to see things through.
“Now, I try to instill that same determination in my team,” she said.
Her approach involves challenging leaders to take ownership of their ideas while providing unwavering support.
The Future of Banking Is To Balance Technology and Humanity
As the conversation drew to a close, both leaders reflected on the future of banking. Pai Li Gan focused on the need for constant engagement with customers. She said that payments are able to touch every single customer across demographics, as it is one of the most high-frequency touchpoints.
This, she argued, is why digital banks must prioritise user-friendly designs that cater to both tech-savvy Millennials and older generations.
Taruni also gave her thoughts, pointing to a much broader trend such as open finance and initiatives like Project Nexus as opportunities for further innovation. She wholeheartedly believes that these developments will push the industry forward, creating new possibilities for collaboration and growth.
Both leaders agreed that staying relevant in the financial sector requires a balance between technological advancement and a deep understanding of human needs.
“If you’re not slightly uncomfortable all the time, then something is not right,” Taruni said, advocating for a mindset of perpetual learning and adaptation.
Leadership Lessons for the Next Generation
When asked what advice they would give to younger bankers, both leaders point out on the importance of continuous learning and adaptability. Pai Li encouraged aspiring professionals to become “the purple people”—individuals who understand both technology and its business applications.
@fintechnewsnetwork How Do You Succeed in Banking? Pai Li Gan, Group Chief Consumer Officer, Alliance Bank said to rise to the top in banking you need to be what she described as the “Purple People” @Alliance Bank Malaysia Berhad #fintech #womenempowerment #leadership #digitalbanking #fyp #foryou #Malaysia
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“You need to be interested in a myriad of things, with a bit of polymath thinking,” she advised.
Taruni added that humility and curiosity are essential.
“Be honest and admit when you don’t know something. Reach out and ask for help. It’s the only way to stay relevant and keep growing,” she said.
She also stressed the value of learning from younger colleagues, who often bring fresh perspectives and ideas to the table.
Pai Li’s advice also included staying open to unconventional paths. As a whole, organisations within this sector need solution-driven people who can navigate both traditional and digital banking.
“Moving people across roles can be uncomfortable, but it’s essential for growth,” she said.
Her commitment to creating versatile leaders reflects her broader vision for a dynamic banking workforce.
Empowering the Next Generation of Bankers
The insights shared by Pai Li Gan from Alliance Bank Malaysia and Taruni Ramamurthi from AWS in the latest series of Banking After Hours offer a masterclass in leadership, innovation, and resilience. Their stories underscore the importance of tenacity in navigating the complexities of the financial sector.
As Pai Li put it, “You must want to learn and stay the course.”
Whether it’s embracing digital transformation, failing fast, or leading with conviction, these principles are invaluable for anyone aspiring to make a mark in the banking world.
For younger bankers and seasoned professionals alike, the message is clear: the key to a successful career lies in balancing technological prowess with a deep understanding of human needs.
Adapting to the constant flux of this evolving industry, those who achieve this equilibrium will move beyond mere survival to achieve significant success.
In case you’ve missed out on the Banking After Hours series, head over to: How Bank Islam’s Chief Digital Officer Farilla Abdullah Leads with Purpose, Zero to a Million: How Pei Si Lai Built GXBank From the Ground Up, and Raja Teh Maimunah, The Banker Who Dared to Be Different to catch up.
Watch the full discussion in Banking After Hours: Is Tenacity the Key to a Successful Banking Career?
