“There are many digital products around us that look very successful. But sometimes that’s only an illusion. In reality, their days are numbered. You all know the most striking examples from the past — Kodak, Nokia, Blockbuster and other giants who relied on the success of today and failed to predict the future. Currently, Amazon Pay, Apple Cards, Facebook Libra are disrupting the global financial landscape. In the digital age, changes in the market happen at the speed of light. Customer expectations are constantly rising. The question is — how can financial companies survive the GAFA attack and ensure a successful digital transformation while it’s not too late? The only way to avoid losing clients is to focus sharply on the value financial product provides to the customers.

Let’s imagine a company at the tipping point. They notice that their business performance is deteriorating. From a continuous state of growth, suddenly they find the business in a state of war. Everyone is looking for someone to blame and attack.

At first, they think it’s all because of competitors, and begin to fight them. When this doesn’t help, they shift the focus inside and start seeking the guilty among the employees. But the figures are still inevitably falling. Then they decide to attack customers by increasing advertising and aggressively pushing sales of their product.”

The article: Successful Digital Transformation in Banking Depends on Value