Agile, disruptive startups are present in nearly every industry ––some popping up seemingly overnight. And while some fizzle out just as fast as they came, others can present a true threat to long-standing brands, particularly if they’re reluctant to adapt to the new demands of today’s consumer. Among the industries in danger of being disrupted is the financial services sector. Change is coming fast. For companies to stay relevant and profitable, they must correct course by adapting business models and embracing digital transformation to account for changing consumer demands and technological innovations.
According to Tallwave CEO Jeff Pruitt, whether its introducing a new product or overhauling its customer experience, a company’s efforts to pivot should start with strategic planning to successfully bridge to the next phase. In his recent Inc. column, “Why Pivoting Could Be The Key To Financial Services Success,” Jeff breaks down best practices for thoughtfully pivoting your business model in a way that takes timing, technology, and the consumer into account. He also shares insights that apply beyond the finance industry, and includes helpful examples from companies including PayPal, Deloitte and Amazon. Read the article here.
Written by Tallwave