On a recent job in Indonesia I heard some surprising things about what keeps central bankers awake at night, and it goes something like this:

  1. Our world is disrupting. Digital currencies are emerging outside the financial system. Cash is in decline. The internet is shifting the way we tax and regulate and new fintech startups are emerging every day, bringing a new suite of challenges.
  2. To navigate this changing world we need to work differently, with different stakeholders such as law makers, regulators and technology providers.

What troubles bankers is their sense that “we don’t know what working differently looks like or how to do it”. And with this comes the fear that the age-old central bank model may be left behind. Now that is enough to make any banker feel nervous.

Yet the other (perhaps not so) surprising thing is that the banks are seeing collaboration as a key strategy for retaining their role and influence in the emerging world, which is why they were talking to me about the what why and how of collaboration. Their thinking goes that in a disrupted world, where innovation is going to be increasingly important, central bankers need to learn what collaboration is. They recognise the complexity of the environment they work in and know that collaboration is the way to make progress in this context.

They also know that collaboration isn’t just about getting in the room together, but involves powerful frameworks, new skills and new ways to think and act.

What they may not fully grasp is that collaborating well means overcoming the six roadblocks to collaboration. From what I have seen in organisations seeking to work more collaboratively, if they can’t meet these systemic requirements they are unlikely to stay relevant and influential.

So if collaboration is helping the central banks of the world to be flexible, creative and effective, what can it contribute to your success? And what are you doing to tackle those roadblocks?