Finance professionals work daily with new technology and financial brands must embrace the online revolution to succeed, argues Warren Knight.
As someone who has been in business for 25 years I have experienced first-hand how much industries have evolved since the dawn of the digital age. I have had to go through a digital transformation in order to not only keep up with the changing landscape, but stand out from the competition.
Particularly within the finance sector, traditional brands have begun to find themselves in a bit of a muddle. Many high street and retail financial service brands are trying to reinvent themselves to stay current or even having to be bailed out. NatWest revamped its logo in a bid to breathe new life into their brand image. Lloyds split with TSB back in 2013 to stand on its own, and has since seen a huge online scandal earlier in the year due to a botched technology ‘upgrade’.
As these traditional brands fumble about trying to keep up with the changing landscapes, new, digital-based brands such as Atom Bank and Revolt have emerged, revolutionising this potentially stagnated industry. We are living in a cashless society, contactless payments and mobile banking have made the need for cash more and more redundant. With this change emerging fintech brands are using the web’s instantaneous nature to integrate ease and simplicity into the financial industry.
In this digital age it is imperative that you and your brand is online. This is fundamental in just staying afloat among your competitors. Having an online presence is key and it is where every brand that wants even a fighting chance needs to be. It is the future, and not having an online presence will leave your business searching for light in the dark ages. As technology has evolved and changed, consumers’ need for efficiency and simplicity has amplified.
This is an extract from an article in the Corporate Image special report, September 2018.
Full article is available to Business and Management Faculty members and subscribers of Faculties Online.