How financial services companies can use digital technology to accelerate their evolution and succeed in the "new normal"
In times of constant change, growing customer expectations, and the disruptive impact of new technologies and new competitors, the lines between industries are blurring. Current business models are becoming insufficient for sustainable value creation.
The financial services sector is going through a time of profound transformation. Companies with traditional business and service models are finding it harder to get new clients and generate new business. Their ability to attract talent and develop distinctive competitive capabilities is also declining.
Traditional responses to these issues have been useful to bridge gaps. But they are incapable of solving deeper challenges, related to organizational and cultural agility, technological flexibility and scalability, and the evolution of past paradigms that need to be brought up to date.
The current context created by the pandemic has drastically accelerated our digital lives and those of companies. It has highlighted the urgency and criticality of the transformation and evolution needed in every aspect of organizations and in the way we create and deliver value.
Faced with an uncertain future, increasingly volatile and dynamic, the "new normal" forces banks to rethink their business models, services portfolio, internal processes, customer relationship models, their vision of the ecosystem, and how to be relevant in their customer's lives.
In a world where agility and adaptability are two of the most competitive advantages, the financial services sector is facing the biggest transformation challenge of the last decades.
Santiago Greco, Business Hacker, Business Hacking Studio
Lucas Juri, Senior Director, Business Hacking Studio