The increase in competition in the banking sector and the new external challenges (i.e. technology, Esg) make necessary a review and sometimes a transformation of the business models of banks. The Board of Directors must be involved in this process; moreover, it must lead it. The problem is: taking an active role in guiding a bank along a new strategic direction is very different from the more common activities of the Board: analysis and approval of strategic plan and monitoring of its implementation. The article suggests theoretical frameworks and organizational tools and processes to help the Board to fulfill its new role.
