The American writer Joseph Campbell once said “Revolution isn’t smashing something. It is bringing forth something.” We are in the first quarter of the digital revolution and this is the time to start your digital transformation journey. Join us at THINK 17 to approach the challenge head-on, and read the stories below to prepare yourself for the digital future.
The Financial Brand asks: The Digital Banking Revolution? Who will survive? “Technology is a competitive threat, but it also must part of the solution. In fact, “In Tech We Trust” may just be the banking industry’s new motto. Banks are spending significantly on digital solutions, but the reasons why are increasingly diverse. With growth and cost bases under pressure, client acquisition and pricing are the main drivers, but not by much.
After the Wells Fargo scandal, millennials deserve a ‘Netflix model’ for banking. “Netflix is a prime example of a company that demolished a legacy competitor and changed the world by making the simple decision to put the customers first. Instead of abusing its customers, it advocated for them.
What the companies on the right side of the digital business divide have in common. “Digital transformation is about reconstructing the firm around digital operating principles, integrating traditional assets to address new challenges and pursue new opportunities. To do this well, leading companies invest not only in technology but also in developing the data-centric and network-centric capabilities and mindset to put that technology to the best use.”
If your team agrees on everything, working together is pointless. “Giving people permission to challenge, disagree, and argue isn’t enough. After all, giving someone permission to do something they don’t want to do is no guarantee that they’ll do it. If you want to create productive conflict on your team and use it to generate better ideas, you need to move beyond permission to making productive conflict an obligation.”
A Trend Report you shouldn’t miss. Just one important trend: “Post-truth – the word of 2016 – reflects the information overload now affecting us all. With simple facts no longer sufficient to communicate and convince, individuals, organizations and brands will have to change how they operate and communicate to build trust by demonstrating authenticity and building emotionally driven relationships. Attention will extend beyond the customer and employee experience, as organizations must master social experience.”