Professor Furr, your background spans both academia and entrepreneurship. How do you apply the perspectives you have gained in your different roles to your current research?
I believe that to solve some of the world’s biggest problems, we need to blend rigorous research with practical, entrepreneurial thinking. My experience in academia and entrepreneurship has taught me to approach challenges creatively, to think like an owner and to question established ways of doing things.
You have conducted extensive research into transformational leadership across different industries. In your view, which qualities define a “future-ready” leader in a highly volatile world?
I am convinced that as uncertainty increases, the most critical leadership capability is what I call “uncertainty ability” – the skill to lead oneself and others through ambiguity towards new possibilities. If we look at some of history’s greatest leaders, from Winston Churchill to Joan of Arc, we can see that they were able to paint a compelling vision and to guide others calmly through chaos. This blend of vision, courage and resilience will be indispensable for future leaders.
Is this a skill that can be learned?
Absolutely. Research shows us that “uncertainty ability” can be developed, both individually and culturally. While many leaders are conditioned to avoid uncertainty – especially if they are used to operating in a stable environment – it is actually the gateway to innovation and growth. Leaders need to recognise that they cannot create something new without encountering uncertainty. This is why it is important for them to develop the tools and mindset needed to embrace uncertainty rather than shying away from it if they want to unlock new opportunities.
How can traditionally risk-averse wealth managers integrate the concept of “uncertainty ability” into their business activity?
Many wealth managers are trained to minimise risk but it is important to remember that uncertainty is fundamentally different from risk because it is tied to possibility. If wealth managers only apply risk management tools, this can stifle innovation. Instead, they should balance risk controls with a willingness to explore uncertainty, to experiment and to discover new opportunities. After all, embracing both perspectives – risk management to limit potential losses and uncertainty ability to foster growth – is what enables organisations to thrive in a changing world.
What role does strategic foresight play in shaping a successful long-term vision, particularly in a highly regulated industry like banking?
Strategic foresight is about identifying major trends and differentiating your organisation. In regulated industries like banking, change may occur at a slower pace but working collaboratively with regulators and anticipating future shifts is still crucial. Those leaders and businesses that use foresight to move ahead of trends, rather than simply following them, will be better positioned for success.
Looking to the future, how do you expect AI to reshape a “people business” like private banking beyond driving efficiency gains through automation?
I would say that while technology will automate many routine tasks, human relationships and trust will remain at the core of private banking. As AI becomes capable of handling more processes, the key differentiator for banks will be the emotional and social connections they forge with their clients. Organisations that focus on these human elements – especially on fostering trust and understanding – will stand out in an increasingly digital world.
How should leaders manage the cultural shift that comes with the integration of AI into their operations?
We are at the beginning of a long and massive transformation process involving AI and this presents significant challenges for many established organisations. I see leaders falling into three common traps. The first is the “disruption trap” where they move too quickly without laying proper data foundations. The second is the “digital guru trap” where they hire external tech experts without properly integrating them into the organisation's culture, often creating a fear of disruption and resistance to change among the existing workforce. And the third is the “10,000 flowers trap” where leaders are not really sure what to do with AI and feel under pressure to innovate. They then end up spreading their resources too thinly across too many AI projects. Instead of this, leaders should focus on disciplined experimentation, value creation and on nurturing organisational change alongside technical expertise.
When confronted with technological disruption, what distinguishes adaptive organisations from reactive ones – and how can they best seize new opportunities?
Adaptive organisations are “wise”. By that, I mean that they don’t wait passively or leap forward recklessly but instead embrace a mindset of “maybe” – constantly exploring, experimenting, testing and learning. They have structures that facilitate this process and they encourage a culture of curiosity and openness, enabling them to learn from experience and to adapt quickly. This approach ensures they are not left behind and are always ready to seize emerging opportunities.
You have argued that AI needs a human complement to reach its full potential. Which specific skills do you consider indispensable in this context?
I would say that while AI excels at processing vast amounts of data, humans are uniquely capable of emotional and social intuition, pattern recognition and creative thinking. Rather than fearing replacement, we should focus on how AI can best complement human strengths. This is where helping people to feel confident about using AI and developing skills that leverage our distinctive human abilities will be key. Ultimately, humans will remain “in the loop” – guiding and shepherding AI to achieve better outcomes.
The Italian fashion house Brunello Cucinelli promotes a model of humanistic capitalism based on dignity and ethical profit. How do you see such human-centric principles translating into financial services, especially as AI becomes more integrated?
Historically, management was about caring for both employees and the community – not just maximising profit – and there is now a growing interest in returning to these human-centric values. Companies like Brunello Cucinelli show that treating people well leads to greater creativity, loyalty and long-term success. In financial services, this means building organisations where people are respected and supported, as that in turn attracts top talent and fosters sustainable growth. Human capital is ultimately the most valuable asset that a business can have, and pursuing a humanistic approach can be both ethical and profitable.
Entrepreneurship is one of your areas of expertise. Which key insights can you share on this topic?
The first point to consider is the big question in research of whether entrepreneurs are “born or made”? The last 20 years of research have shown that being an entrepreneur is a mindset. It is a process. And it is a set of capabilities. While some people may be born with more entrepreneurial tendencies than others, you can actually develop this as a skill. And looking at this topic through a business lens, I would say that it is possible for organisations to build a culture that supports entrepreneurial activity and enables them to capture new opportunities. EFG is a prime example of this. Its entrepreneurial culture means that its people take ownership, innovate and prioritise doing what is best for clients rather than what is best for them. I think this is an incredibly powerful approach and it provides a strategic advantage when communicating with clients but also when seeking to attract top talent to the organisation.
You co-founded the EFG Future Leaders Network with Moz Afzal, Global Chief Investment Officer at EFG. What was the inspiration behind this initiative?
I believe that in a rapidly changing world, one of the most powerful things you can do is learn as quickly as possible from others in order to gain different perspectives. Discovering viewpoints that challenge your own is really critical. When we founded the EFG Future Leaders Network, our vision was twofold: First, to bring together counterintuitive thought leaders from around the world to challenge existing viewpoints. And second, to integrate the insights gained from research into how we think about investing. We believe that by applying what we know about innovation and entrepreneurship, we can better identify and support new growth opportunities in investing.
Watch below the video interview with Nathan Furr.
