During the past month, I had a lot of discussions about the future developments. On a technology level it is not a difficult task. A professional team has to create a new platform, which able to handle the challenges of the new era which coming.
The new platform itself is not enough, for the successful implementation. As the new platform and the implementation methodology are really different from everything what is currently used. This is the reason, why the acceptance of these new technologies is much more a cultural challenge, than a technical. This effort must be handled at the management level, and this will be the biggest challenge for them in the past few decades.
In the past few professional discussions, we concluded to that result, the current workforce not able to handle the change within the current structure. Anyone who will go on this way will fail. All organisations must create a separate team for the new development process, and for the new systems, and later on how the systems changed transform the original team to the new structure.
With this effort we are able to create organisational culture, like the Fintechs. Currently we have enough financial power to finance the growing, and the change. And the most important, what we are creating it will be a consistent system, which is really integrated. If we integrate only the Fintechs, we only hide the mess, and not solve the current problems.
The consistent integration performance is really important, because future competition will be judged on a few factors:
Performance, and ease use of services
Price of the services
Innovation of the services
Currently the Bank account holders change their banks much less, than changing their spouses. This is mainly because of the effort what needed for an account change. As the regulations changing, and we are digitalising the procedures, it will be done in a mobile app. Then the importance of the performance of the market players will be more important.
This is why this cultural change is the key for surviving the future challenges, and as I started my article, this job must be done mostly on the management level.