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The bridge that fintechs and banks must cross
The bridge that fintechs and banks must cross: Are you thinking digital?
Digital is a mindset and its neither a matter of age nor technology! For a good co-operation fintechs and classical banks must immerse into the other’s world. The bridge is built on human relations!
In the world of start-ups and fintechs everybody wholeheartedly would say: YES! In the world of the "old economy" - banks, production industry - senior leaders would say: Of course!
I believe both are wrong!
Thinking digital is not what you have by nature because you are under 30. You also don't have it because the board decided: We must become digital!
Thinking digital is a mindset developing, evolving, changing. For many years I served as senior HR leader in the banking industry. During that time, I experienced the power of corporate processes. I lived through an amount of transformation activities under the label of "digitization". Now running my own company, I decided to start my journey into the digital age. I want to prove that thinking digital is neither a matter of age nor technology.
It is about how we manage the increasing amount of data and latest technology with our body and brain. The current version of the latter is about 100,000 years old!
Thus, in the core of digital thinking must be the human aspect.
What does this mean for start-ups? Their new products have to provide customers (=humans) with better outcomes or more meaningful experience. Like with many other - physical - products on the market, not every new app is a real advancement in customer experience.
In classical corporates the same applies. The meaningful experience for demanding customers should be in focus. Yet, traditional product development driven by cost constraints. "Ordered" innovation cannot deliver or cannot deliver in time.
Surviving in the digital age means developing a dual strategy. a) Building up digital competence with leaders in the organisation - a longer term effort but a must. b) Creating new ways of cooperation with small units as the chance.
All companies must launch their successful products in the digital world. In the cooperation of big and small units it’s about immersion into the other's world. This only happens via human relations, the bridge both sides must cross.
I love to help to build that bridges and digital competencies wherever needed. My own journey in the digital age will get me great insights for that too.
– Published on the Nestholma website January 20th, 2020