How to survive the (FinTech) revolution? Be Agile!

As stressed couple of times, nowadays world is changing at unprecedented pace. Constant flow of innovation, disruption, and sometimes even chaos is moving us ahead faster then we have ever imagined.

However, one must highlight that not only the change is happening quickly – it is forcing businesses to change quickly as well. In fact, they barely have a choice here since the alternative is a disaster. You will simply be left behind. You will become irrelevant.

Therefore, the only solution here is to be AGILE. To move quickly and certainly. Or, with reference to Jeff Bezos, you have to employ high-velocity decision making.

Being AGILE is especially important for the financial sector, which is now being disrupted by the FinTech revolution. Nevertheless, start-ups, be it from financial or other industry, have to take AGILITY into account as well. Otherwise, they might lose sight, as well as their customers.

So, would does it mean to be AGILE? I would like to outline 3 things.

Amazing Customer Experience

This is the essential part, which I have stressed numerous times. The crucial thing is that it is not enough to make every interaction that you have with your customer the best one there is. You also have to constantly search and think of new ways how to use technology or other means (of communication or interaction) so that your customer would be happy all of the time. You have to anticipate your customers’ needs and meet them even before they have expressed them.

Being Fast

New products and services are being developed and are changing the world in days (sometimes, even overnight). So you have to move and execute fast, which means that in most of the cases you must act with scarce information. If you wait until you have full information, you are being too slow.

Focusing on Continuous Improvement

The most successful companies in the world today are the ones that are constantly seeking to improve their processes, particularly those that deal with customer journeys. And this is a huge shift, especially for legacy companies (and banks in particular) where processes have set like stone for the past few decades – if not centuries. But modern businesses simply cannot survive on stubbornness or attachment to the past if they want to succeed. They have to constantly seek for the better.

Do you feel that something needs to be added here? Feel free to share your thoughts in comments below!