Financial services is facing a perfect storm of change. The combination of advanced digital technologies, regulatory reform, mounting consumer expectation and rising competition from both incumbents and disruptors is accelerating change across the financial services landscape.
To succeed, both established and challenger brands need to identify risks and opportunities and be able to respond in a nimble and agile fashion.
According to McKinsey & Co, in a post-pandemic world; “Businesses that once mapped digital strategy in one- to three-year phases must now scale their initiatives in a matter of days or weeks.”
Andrew Todd, chief technology officer of financial software firm Iress, does not believe that daily shifts will be required in financial services – but he does expect that speed and agility will be the secret to sustained success.
According to Todd; “History is composed of ‘black swan’ events, events that were never seen before and never predicted to happen. Yet, they occur with regularity and there is continuous volatility. With each ‘unprecedented’ event, a wave of innovation follows as economies and businesses rush to both take advantage of opportunities following the event, or to provide protection in case it happens again.
“What is clearly missed in these examples by many – but not all – is that there’s an opportunity to build a business of resilience, one that benefits in times of upheaval.
“Building a culture of real innovation, self-testing and resilience can help move from an outcome of needing to respond to leveraging a black-swan type event.”
This, he says; “Takes critical thinking in relation to strategy, competition, courage and a willingness to be different. To not rest on past successes. To not be busy. It takes strong, bold leadership. It requires more than words – it requires investment in time and money and not following the