According to Simon Torrance, one of the world's leading experts on business model transformation and author of "The new growth playbook," what consumers/members want from their financial experiences is 1) knowledge on how to use and manage debt, 2) how to track their financial progress in pursuit of goals and 3) develop a healthy relationship between money and happiness.
In this reference, the current banking system does not seem to be built to deliver these needs. Torrance offers five actions Financial Institutions can take to rethink their financial experience.
Action 1: Get a Bold Ambition
The first starting point is a clear, shared vision and strategy to create anything new and genuinely transformative.
Action 2. Create Compelling value propositions
These propositions need to be founded on new insights from data and build on new commercial models. Airbnb did not start by being better than hotels but filing the need for empty rooms and travelers.
Action 3: Energize the Organization
This is where innovation needs to take over the culture and help accelerate strategy execution. Resources need to be allocated to help fuel the innovation and pivot.
Action 4: Effective Scale-up
This might be the biggest challenge is to identify new methods and tools to enable growth.
Action 5: Make It tangible
The new direction needs to be filled with use cases that are relevant and can be easily socialized.
While change is never easy, standing still will most likely lead to demise.. Craw, walk, run, leap soar.
Where can I fill my data knowledge gaps?
With a stop at the
Data Education Center.
We believe that data transformation doesn't have to feel overwhelming or expensive to be impactful. After helping over 600 credit union leaders launch their data journeys, we have identified several consistent knowledge gaps. We have worked hard to fill these gaps with a variety of educational artifacts:
NEW! Read the Data Education White Paper (found at the bottom of the page)
Curious about the output of these classes? Here is a quick summary!