The State of Financial Services 2019: Time to Start Again
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REPORT PREVIOUSLY PUBLISHED BY OLIVER WYMAN
Everything old can be new again.
The fact that most financial services firms are burdened with complex legacy infrastructure is well known. Until now, the consensus has been that the path to overhauling these systems would take significant investments of time and money. We challenge that consensus and argue that one alternative is to start again.
By starting again, we don’t mean ceding ground to new challengers or fintechs, we mean that it is possible for established financial services firms to free themselves from the shackles of their legacy infrastructure and embark on new journeys unencumbered.
This means utilizing brand new technology, building entirely new organizations, and focusing on complete customer-centricity. It also means tapping into the same flywheel momentum of growth enjoyed by the technology industry over the last decade.
We believe the quality and low cost of new technology, the capacity for dramatic change in competitiveness, the potential for reduction in conduct and cyber risk, and the scope for smooth migration all add up to make this a compelling proposition.
Is this a realistic vision for the industry? Our news is that if you look carefully, you will see it is already starting to happen.
What you will learn
- The Power of New. Areas where new technologies and new businesses are having a demonstrable impact within the industry.
- How New Can Transform Old. By facilitating access to external innovation, firms combine the advantages of the disruptor with the advantages of incumbency.
- The Potential of a Greenfield Approach. By jettisoning the pitfalls and traps inherent in legacy systems and processes, firms are able to harness the power of innovation to transform their businesses.
- The Building Blocks of Success. The four components necessary for a successful Greenfield build.
- The Flywheel Effect. How you can take advantage of the Greenfield approach to create engagement, build momentum, and accelerate growth.
- The Case Study: How RBS is finding success with Bó.
- The First Steps. What you need to do to jumpstart the process within your own firm.
Read the Report
Watch the Webinar
In this webinar, the authors explore the power and effectiveness of the Greenfield Approach. Learn how Greenfield lets you sidestep the challenge of legacy infrastructure and get to a truly customer-centric offering faster. Hear how you can capitalize on the Flywheel Effect and what steps you need to take to kickstart an initiative within your firm.