As mentioned before, the pandemic has accelerated innovation in the financial industry. But innovation isn’t a one shot project, it’s a continuous process that should be part of the core of your business.
While in 2019 only 42% of the banking executives expected new technologies would have the most impact on the long term, we can see the impact of the Covid-19 lock down on this need. Today up to 66% banking executives expect that new technology (AI, machine learning, internet of things, blockchain,…) will have an impact on banks through 2025 (9).
The usage of digital technology is necessary to act, analyse, predict and personalize (10) (11). One great example is Goldman Sachs who built a platform (Marquee) to integrate data from different silos. The platform combined data from transactions, research, market and other types of data to generate fresh insights in the guide decision making (11)
Many of the companies unfortunately don’t have the same resources as Goldman Sachs, but we can use this approach to identify new opportunities. To identify if your company has imbedded sufficient innovations Accenture defined the following steps (11):
- Make a SWOT of the approach of your innovations.
- Set organizational goals and strategies.
- Evaluate how well-enabled your organisation and environment is for new modes of technology and innovation (11). Do you have the right tools and models in place?
- Strategy should not be a one -shot project, but needs to be revised, evolve and encouraged (9)
- Do you have the right people and resources dedicated to this continuous innovation (9)
- Seek out industry and ecosystem partnerships to help your company’s effort. A strong set of partners is necessary (9)
How to integrate these insights within your media approach?
- Identify how data and insights are currently gathered, translated and shared within the different business units
- Do you know how digital mature your department is?
- Is this data collection future proof? Do we collect the right information to identify future opportunities?
- How innovative is your media approach?
- How do you currently target your potential customers? Which first and 3rd party data do you currently use?
- How are you currently collecting first party cookies? Do you collect the necessary information to create a future proof media strategy?
- Do your resources obtain the right skills for the changing media landscape?
- Use data driven models and tools such as GA360°. They can unlock new opportunities and identify insights.