Forbes asked several experts recently about the changes that have impacted financial services. One answer to the question of "What would you say are some of the key innovations that have recently impacted financial services?" - has ramifications for anyone that manages in or runs a business.
One of the participants commented concerning the question that financial service is now a customer-driven business. I want to stop there a minute and say that just about everyone would say concerning their business that this is an obvious reality. But it means much more than it says on the service.
Let's put it another way: People want what they want when they want it now; this is becoming part of every product or service offered.
With literally millions of customers driving demand, which results in the need for continual innovation and openness to change, it pushes everyone out of their box and requires they continually hear what is being said by their customers; whether by omission or proactively.
People now want to interact across a number of different platforms that are convenient for them in the lifestyle they live. We must provide them the opportunity to do this across all platforms they use.
Management will increasingly be pushed, along with their people, to come up with answers to multiple, cross-platform demands by their customers. There is no way of escaping it.
This is just the beginning of the process, people have gotten a taste of the democratization of the marketplace, and they are not going to give that up. Those that don't understand this will collapse under the fiction of a world that no longer exists.
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