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Banking on Digital Growth Podcast

Don’t Let Your Financial Brand Succumb to Digital Darwinism

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Brief Summary of Episode #24

When it comes to digital transformation… 

If you’re stuck in the past, you’re going to get left behind. 

It’s survival of the fittest for financial brands. 

In the latest episode of the By the Book series, I cover Digital Darwinism and what it takes to avoid being trapped on the wrong side of the digital divide.

The legacy ways of operating a financial brand have become a doomed species, teetering on the edge of extinction.

It’s transform or die. 

And digital transformation starts with transformation of the self. 

The Ancient Greeks called it metanoia. It’s the experience of changing your mind about something.

If you look at the retail apocalypse currently happening across the world, it’s easy to see why now is the time to evolve our thinking. 

Legacy financial brands who don’t are destined to follow in the footsteps of Sears, Kodak and the countless others who failed to adapt.

When that happens, these brands reach the point where they can’t keep up with consumer expectations.

And it leads to death. 

When you can’t fill the market, your competitors can.

It’s time we all experienced metanoia.

And the only way we change our minds is by first letting go of the past. 

That way, we can look to a brighter future. 

Key Insights and Takeaways

  • Transformation starts with the self
  • If you’re stuck in the past, you’re going to get left behind
  • Now is the time to evolve our thinking