Read this article in combination with "Breaking down Silos" by Harry Powell Head of Advanced Analytics at Barclays and you see why many traditional banks should fear the future.
The new "Uber" style platforms, successful big data projects, self-service analytics and a culture and leadership that enables strategic transformation with technology at its core. These are the drivers of change.
- Insurtech
- Fintech
- FMtech
- PMOtech
- BPOtech
The tide of change is flowing in to drown those stuck in the sand.
Incumbents will need address three significant issues. First, boards will need to accept that we live in a discontinuous world. They should ask executives to take significant but calculated risks by working on projects that no one else is working on. Looking for a linear progression just won't cut it. Secondly, there shouldn't be a technology strategy. There should only be a strategy with technology at its core. There's a huge difference. And thirdly, leaders need to lead differently. In my experience, people become more risk averse the more senior they become. But doing the same thing a little better is now the riskiest thing you can do.
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