Last 3 years have brought more disruption to Banking & Finance industry than what has been seen in last 30 years. Technology, erstwhile seen as a support function, has moved into the centre of business or at times is the business itself. If we look around, all BFSI business innovations as well as media advertisements have been around digital initiatives. Pace of disruption continues to increase with:
- Demonetization: This has impacted the digital intent of the customers…
- Roll out of India stack (Aadhaar, eSign, UPI, AEPS, Jandhan) : This has simplified interactions across businesses / customers / lenders / banks.
- Mobile penetration: Mobile is the new customer, as companies are targeting mobile device more than the customers.
- Advent of Fintechs: With Fintechs attacking every part of established businesses, there is a need to act fast to remain relevant.
- Availability of Commercially viable technology: From AI to Cloud to Digital Marketing Platforms, there are enough options to transform the market.
Various organizations are reacting differently to the changes… There are digital leaders, which are realigning to new reality and are launching new products, reducing costs through automation, improving customer experience etc. However, most of the organizations are not ready to manoeuvre through this complex transformation.
There is an urgent need for Disruption as a Service to bring non digital businesses into the center of digital revolution. Key areas of disruption as a service would include:
- Disruption coaching: Most of the organizations continue to believe that digital disruption is unlikely to impact their business model. There is a need to break this belief first and thereby enable them to get ready for the change. This would include educating the management on changes happening the market along with their impact, training on new areas like Artificial Intelligence, Sales automation, Customer experience management etc.
- Disruption strategy: This would include creation of business strategy (if a digital disruption initiative does not change business strategy then just drop it!!!), documenting business impact (if disruption does not generate 10X return, don’t even waste your time!!!), creating adaptive organization structure (silo based organization structure would repel any change) etc.
- Disruption program management: This would include programs around changing customer experience, creation of new products & services, cross sell, business integration with Fintechs etc.
- Disruption environment management thereby ensuring that the organization continuously evolves and stays ahead of the customer expectations.
A lot is happening to help the customer in on-boarding digital revolution, it’s time to help the Banking and Financial industry in realigning to ever changing business environment as Disruption is the New Normal.