“Adapt or Die…” Surviving the changing consumer environment.
“429 of the Original Fortune 500 Companies (1955) are not in business today. Adapt or Die…”
Just as in Life, every successful business needs to always reinvent itself to suite market conditions. The notion of Adapt or Die is very true and applicable in the times that we live in. More often than not big corporations particularly in these parts of our world (Southern Africa) are not ready to manage change. This will always catch up with them as the most important aspect of any business is to create Value for their Clientele, not for the organisations, but for their Customers.
Those entities particularly in the Financial Services industry or any industry for that matter, who have not embraced Technology and Relentless customer service will suffer the perils of diminishing Value for their clients. Value results in Cash, and without Cash the business will not survive, just like a fish would not survive out of the water for more than 5 mins. Cash is the lifeline of every organisation.
What seems to be evident is that large corporations, particularly those that have huge international parent companies have a moral hazard to look inwards and not necessarily look towards their customer needs. Well, we have seen how that can end with parent companies looking to sell off their stake in an nonperforming region (sic). Its time for local capabilities to be developed, its time they tailor make solutions specific to where they operate, its time they serve the market that they exist in, like the notion, its time for them to Adapt or Die a slow death of losing their lifeline, that Revenue, that Cash to those service providers that have a customer centric outlook, not customer centric in words, but in actions and attitude.
FinTech will revolutionize the Financial Services industry, its time we emulate the trends and not wait in vein for these innovations to be cascaded down from “Group” years later when the world has clearly moved on. We live in a highly connected environment… Imagine this, we have come a long way, technological innovation has made communication and personal interaction sooo accessible at lightning speed, that majority of the populous has access to the internet via mobile. However simple mobile platforms in the Fin. Serv. industry of Botswana are near impossible to amass simple transactions that would not in any instance warrant a whole hour in a cue in a stuffy hot Banking Hall. Well, excerpt for 1 bank who their technological advancements are world class and service orientation is scum-class.
Innovation is imperative, that his how the next wave of survival tactics would be pronounced to entities that want to exist even a 100 years from now. Perhaps in a decade, we would be so highly innovated that the trend might be reversed to a more traditional forms of interaction, however for now, its imperative that entities respond to market conditions and demands, whether there are Bullish conditions or Bearish conditions in the Market.