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by James Robert Lay on March 28, 2023
Brief Summary of Episode #284
Competition is fierce in the digital transformation race as financial brands and fintechs try to push new digital services to the marketplace.
But if those commodities spend all their time in development, then no one’s interests are served. So why do some organizations continue to drag their feet?
Rob Murray, BFSI Industry Leader for 3Pillar Global, believes it’s because they lack a product mindset.
“It’s that fundamental shift in thinking around minimizing your time to value to your customer,” he said.
By changing how we think about product delivery, financial brands can help customers solve their pain points faster. Unfortunately, it’s possible that it may only put a spotlight on adjacent issues.
“When you get into the larger financial institutions, the organizations are very complex and very difficult to get things done,” Rob suggested.
But by adopting agile banking, those brands can buy back the speed and flexibility needed to fully embrace the product mindset.
“You can continue to improve on the experience in almost real-time,” Rob said.
With a product mindset, financial leaders can bridge the gap between thinking and doing and start moving their company forward.
Key Insights and Takeaways
- Hurdles to adopting a product mindset for large institutions (2:16)
- Adopting an agile banking methodology (13:40)
- The need for a mindset shift in delivering value to customers (25:00)