The financial services field is notorious for its hyper-competitive and ever-changing business environment. So, what should fintechs do to innovate faster?
The financial services field is notorious for its hyper-competitive and ever-changing business environment. In fact, innovation is a matter of survival for fintechs.
So, what should companies in the sector do to innovate faster, better, and with escalating frequency? Professional services company Accenture has recently published a paper that might provide some answers.
How to Become Agile?
Enterprises need to undergo an agile transformation that encourages iterative, cross-functional collaboration. In turn, this would help the companies harness the full potential of digital technology, according to the report.
But what is the real meaning of being “agile” within an organization?Agile organizations gather customer insights, assess external demand (from regulators, among others), and identify technological opportunities.
“Adopting the “agile way” is more than simply implementing a new approach to innovating. It requires a fundamental culture shift and a strong leadership commitment .”, as Accenture explained.
Also, the authors emphasize that it is important for the companies to attract talent from the outside while developing the right skills, knowledge, and talent from within the organization.
By employing agility capabilities, financial technology companies would be able to successfully adopt new and innovative technologies like blockchain technology, artificial intelligence, and others. It remains to be seen how this would happen in practice.