Digitalization has brought us into an era of unprecedented change, where new strategies are needed, but new ways to achieve those strategies are also possible.
Products and services are changing, they are becoming smarter, some obsolete, others experiencing a virtual renewal. Products are not the only things changing however, processes are changing too. Autonomous systems, algorithms in smart machines and real-time production processes are changing established norms. Consumer and Business Payments are becoming instantaneous. Lending is getting smarter and faster.
With so much change, it is inevitable that organizations, people, and sometimes business models need to adapt as well to remain relevant. Standing still has become a threat. Organizations that are capable of adapting, who believe in continuous improvement and innovation without resting on their laurels are more likely to come out winners in todays changing landscape.
For Financial Services, digitalization should be seen as an enormous opportunity rather than a threat, something that should be embraced without being taken over, and something they should use as a strategic edge to separate themselves from the competition.
Successful companies ensure not only that they have the right infrastructure but the right people behind it. And they never forget that people drive technology, technology doesn’t (yet) drive people!