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Frank Henze, Practice Lead, Financial Services IT at Trimantium GrowthOps, spoke of the need for private banks and wealth managers to transition from a traditional front, middle and back office paradigm to what his entrepreneurial services firm terms ‘Digital Continuum’, which involves quite radical change in strategy and work practices as well as continuous innovation.
Consumers are more global, mobile and connected today than ever before resulting in run-away expectations of products and services. This changes the nature of consumer demand and creates the space for global insurgents with superior solutions to enter local markets and for imitators to spin up local versions of global leaders.
Board rooms at retail groups, banks, super funds, asset managers and media institutions are not worried they are going to be eaten by one of their historic competitors but rather by an outsider whose motives, playbook and investment horizon they do not fully understand.
So where does this leave boards and CEOs?