Your industry is changing dramatically right in front of you.
The Fortune 20 today is VERY different than it was 20 years ago. Each of the businesses on the list has either transformed digitally or been born that way and scaled FAST.
New digital firms are springing up in your industry and they have a number of advantages right out of the gate. These firms are providing YOUR target market customer with:
- Faster delivery of service
- Typically cheaper as well
- More accessibility (online)
This will be difficult for your firm to compete with unless you incorporate these digital aspects into your firm as well.
Let’s see an example.
Goldman Sachs built an online personal loan platform called Marcus in 2016. It was the first time they had built something like this that was consumer facing.
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Their platform incorporated aspects of Intelligent Automation (IA) to provide them with further advantages over options currently on the market.
Building this platform provided them with two advantages:
- Helps the legacy business with transformation
- Generates a new highly profitable revenue stream
My challenge for you is the following – what can your firm do to become more digital and offer your customer some of these advantages?