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 How To Rise Above The Technological Competition In The Financial Sector

Well-known companies in the financial sectors acknowledge the crisis they are facing: the cessation of fintech competition. To maintain market share, many of them have already established offensive approaches. Others have purchased or aligned with newer fintech organizations.

And while some of the predictions about the diminution of established financial services organizations may not be complete, there is still a strong movement on the train - and it is growing. Innovative fintech companies are visibly eroding higher-margin segments of foreign exchange platforms and are now also deeply rooted in the lower value trading space.

The Problem:

A major challenge that established financial firms are facing is their innate inability to move fast. Many financial sector companies have strict regulations and compliance laws, and "breaking things" is unacceptable. These companies can successfully go through the next wave of growth, but they need to learn to move faster. The following strategies can help you.

The Solutions:

1. Organizational Focus on the Growth of Products and Services

The challenge for established companies in the financial sector is the number of resources given to products and services in the final phases. Prioritization of products and services at this stage is expected, as short-term financial objectives are met, markets provide approval, and shareholder expectations are met. But this strategy can starve growing products and services to a level where they do not mature. Organizations need to classify, prioritize and feed products and services in the growth phase.

2. Innovation

Financial firms can be extremely competitive if they learn to transform how they look at technology and emerging markets. Inner innovation comes from being unlimited by old technology, establishing ways to embrace new ideas quickly, and stimulating expansion in non-traditional regions.

3. Think of Yourself as a Technology Company

The goal here is not to embrace the Amazon or Google perspective but rather to permit technology to propel business strategy. Examine at a higher level how technology can help the customer and think about new technologies first; considers old technologies only as a second priority.

4. Be a Spontaneous Follower

Understand and accept that a well-established company may not always be the inventor of new, creative ideas. However, they can (and should) tailor their resources to act quickly once an idea is gaining ground in the market.

5. See The Potential in Other Areas

The hidden potential for innovation may exist in overseas markets because regulation is not consistent in different regions. Just because a company sees a slow takeover of a product or service in one area does not mean that it will not be successful in other areas.

6. Getting The Right Team

A team led by the possibility and opportunity of change looks very different from a team led by tradition and conformity. When leaders encourage team members to embrace change, team characteristics change fundamentally. These features look like this:

  • Hungry innovators who want to create something new
  • Success measured by adoption rate and not the level of initial income
  • Driven by learning and intense training
  • See your personal goals aligned with your daily mission

The financial sector faces an uncertain future, but established financial organizations can capitalize on change by setting new agility standards. Leadership needs to look deep into the organizational structure and identify what makes them less competitive. Innovation must be encouraged so that teams have the freedom to discover new opportunities. And finally, talent must be promoted to address new priorities assessed not by income but by adoption.

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