As the Chief Revenue Officer for Universal Banking at Finastra, I’m acutely aware of the pivotal role that speed plays in our industry’s ever-evolving landscape. The recently unveiled whitepaper on Symbiosis in Banking brings to the forefront a compelling narrative, and I’d like to underscore the paramount importance of speed in securing not just relevance but leadership in the fiercely competitive arena of banking.
In a world where the pace of change is accelerating, where innovation is not just a buzzword but a survival imperative, the mantra “speed kills… the competition" takes on heightened significance. The whitepaper aptly addresses the urgency for banks to break free from the shackles of legacy systems and embrace a Symbiotic approach, not merely as an operational strategy but as a means to gain a decisive edge in the market.
The concept of "speed kills" is multifaceted. First and foremost, it embodies the principle of the first mover advantage. In an era where customer expectations are shaped by the rapid evolution of technology and seamless user experiences, being the first to introduce groundbreaking products or services is a strategic imperative. Symbiosis in Banking, as outlined in the whitepaper, offers a pathway for banks to swiftly deploy next-generation core banking systems alongside existing ones, enabling them to launch new capabilities at a pace that sets them apart from competitors.
However, there is more to it than just being a first mover. Indeed, some research suggests that it is better to be a fast follower than a first mover. While being the first to market is advantageous, the ability to observe and quickly adapt innovations introduced by others is equally crucial. Fast followers need to be very focused on which specific innovations they can develop, which add value, rather than trying to bring every possible innovation or feature to the market with no particular focus. This selection process to find the “perfect” innovation to focus on cannot take long though. Fast followers also need to be able to move at speed, proving that there are at least paying customers, and in many cases, the fast followers have a much easier time since the first movers needed to invest, which the fast followers can build on quickly. Symbiosis, as a strategy, aligns with the ethos of being agile and responsive, allowing banks to rapidly adopt successful innovations and avoid the pitfalls experienced by early adopters.
The pace of change in the banking industry is not only relentless but accelerating. To be a laggard is not just a risk; it's a perilous choice that threatens the very foundation of a bank's competitiveness. Symbiosis, with its emphasis on agility and speed, positions banks as nimble entities capable of navigating the dynamic landscape and responding swiftly to market demands.
As Finastra's Chief Revenue Officer, I emphasize the revenue implications of this need for speed. In an environment where customer loyalty can be fickle and expectations are shaped by the immediacy of digital experiences, the ability to launch new products and services quickly is a direct driver of revenue. Symbiosis becomes not just a technological strategy but a revenue acceleration tool, enabling banks to capture market share and monetize opportunities in real-time.
In conclusion, as leaders, we must recognize that the pace of change is our ally, and by embracing strategies like Symbiosis, we position ourselves not just to survive but to thrive in the rapidly evolving landscape of universal banking. The imperative is clear - speed is not just an advantage; it's the key to staying ahead, outpacing the competition, and unlocking new frontiers of revenue growth.
For more insight read our white paper ‘Symbiosis: Innovation without compromise’ here.
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