Becoming a future-ready financial services organization

In a recent article on Organizing for the Future, McKinsey & Co. has provided a great framework for organizing for a post-pandemic future. They recommend that to better organize for a post-pandemic future, leaders should embrace nine imperatives that collectively explain “who we are” as an organization, “how we operate,” and “how we grow.” This framework can position an organization to address legacy paradigms. However, what if seismic shifts in technology could now empower us to not only bypass legacy paradigms, but build entirely new and better products and services? We now have the ability to create products that are easier to consume and serve a wider range of consumers. For financial services organizations in a rapidly commoditizing space, newer consumer fintech experiences and purposeful, personalized offerings will become a key builder of loyalty among customers. This can result in newer, higher margin products that can be served and delivered digitally, lower Customer Acquisition Costs (CAC), higher Lifetime Value (LTV) and lower churn for legacy financial services organizations.

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