This vendor-written piece has been edited by Executive Networks Media to eliminate product promotion, but readers should note it will likely favour the submitter's approach.
Disruption has already taken place -- from online banking to peer-to-peer lending to blockchain-based payments and money transfers -- banking as we know it has forever changed.
The challenge now isn't just to keep apace of this disruption (and this alone is a big challenge), it is also to predict future disruption that will impact banks' and customers' lives.
We're not advocating getting out your tarot cards and crystal-ball gazing. We're talking about proper planning. Banks can gain visibility into the disruptive forces and take action now by developing strategies to forge new roles and new paths. These include:
- Build the partnerships that will support your strategy.
- Pick the one business process, product, or service that is best aligned with your prioritisation of potential disruptions and can benefit from existing and new partnerships.
- Create new metrics to determine success.
- Identify new skills and banking technology demanded to support the expansion of your digital strategy within these new digital relationships.
- Develop a plan to acquire these high-priority skills.
- Continuing to increase information security.
So, how do you do this?
Build a team that is responsible for disruption - one that is proactively keeping an eye out for signs of emerging disruption, engaging with industry experts, looking for upside opportunities and championing responsive strategies to protect the bank's future. This team can't work in a bubble or be the tech guys on the outside. Start to line up the resources, stakeholders, and investments necessary to forge this new path to ensure it is supported across the bank.
Each bank's journey will be unique, and the rewards will go to those that can foresee disruption and be proactive
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