by Joe Mendel -
As we approach the Thanksgiving and Christmas holiday seasons, we can’t help but think of the cycles of transition as the days become shorter, evening comes earlier, and the first chill of the morning frost hits the air. Our spirits and bodies are very accustomed to accepting the rhythmic change and transformation in our personal and business lives.
At the same time, change is coming at each of us at a faster pace every day. New crises and moral dilemmas pervade the news every day causing stress and frustration in what seems to be an escalating cycle. The world is divided and polarized at new heights of concern both domestically and abroad as we all work through the new way of life through and post COVID-19.
But in many ways change and evolution is good. New advances in science and technologies paint a promising picture of an exciting world full of wonder. In spite of it all there is still much to be thankful for this season.
It reminds me of one of my favorite poems by G. K. Chesterton:
Here dies another day
During which I have had eyes, ears, hands
And the great world around me;
And tomorrow brings another.
Why am I allowed two?
Over the past 100 years or so, Financial Service Organizations have gotten used to ongoing transformation as they have leveraged new machines, technologies and operating models to advance the business of the movement and investing of money. Transformational solutions hit a record pace within the last 30 or 40 years with the adoption of computers and software that streamlined and replaced many manual processes. This in turn created new engagement models and experiences that made it easier for consumers to interact with the banks. But now that transformation has reach the evolutionary stage where hyper-automation will allow financial services organizations to move at “the speed of now” to understand the behaviors and tendencies of the customer base in order to create the ultimate in one-to-one marketing and differentiated customer experiences.
4 Themes that will Drive Transformational Evolution in 2022 and beyond
At RCG we feel that there are at least 4 themes that are not new but will drive transformational evolution in “2022 and beyond”. We feel that banks, fintech and third-party service advisory firms will continue to deepen the symbiotic relationships to co-innovate for the benefit of the industry and customer base and advance banking in these four technology and solution areas:
- AI and Banks of the Future
The Bank of the Future will be a cloud-native, digital native entity that is founded on behavioral insights generated by intelligent hyper-automated systems
- IoT and 5G
Hyper-personalized financial services and transactions in real-time powered by data generated by IoT delivered at light speed through 5 & 6G
- Emerging Blockchain, Digital Assets and DeFi
New ecosystems based on immutable trust created by blockchain will revolutionize and re-imagine the current environments
- Environmental, Social, and Governance
ESG as a focus will gain greater strides as technology sustainable investing and for tracking and reporting to boards, stakeholders and regulatory agencies leverages intelligent systems
Beginning the Journey to Beyond
There is much to be thankful for during these times of exciting new developments and opportunities for advancing customer experiences through emerging technologies. Lao Tzu said, "The journey of a thousand miles begins with one step", of which I think the industry has taken. Larry Wall said, “A journey of a thousand miles continues with the second step.” I think the industry is putting the next foot forward. And it is an exciting step.
We at RCG Global Services are available to help you drive your digital revolution (or transformational evolution) through our solutions, practices and advisory services. We help Financial Service organizations understand the complexity of remaining viable and competitive in todays on-demand ever-evolving consumer economy. We have been successfully solving complex business problems for financial service companies globally since 1974. Our clients rely on us to help them harness the speed of now that drives evolution to the hyper-business age. We know companies struggle to exist in an ecosystem of three simultaneously co-existing strategic states, where the adoption of an evolutionary mitosis process constantly transforms and evolves operational and engagement models. Our engagement model has evolved also to provide the expertise necessary to identify evolutionary solutions and get you from mode-to-mode efficiently with minimal disruption, allowing you to off-load, and de-risk your most critical strategic and competitive initiatives.
We ask questions to solve business problems. We engineer the velocity necessary to create competitive advantage through impactful outcomes. We make your strategy a reality by compressing the time between strategy on paper, to execution, to impact, maximizing returns on investment while creating competitive advantage.