The group highlights investing in tools, people, and processes during economic uncertainty in order to stay competitive. More importantly, they focus on where to invest in your product and engineering teams. They also touch on how to lead change management even when tech adoption is a challenge.
Webinar Summary Highlights
- The webinar is about digitalization in challenging times and how FinServ companies can stay competitive and efficient.
- John discusses the state of the economy, the impact of the pandemic, inflation, interest rates, and the financial services sector.
- Financial services companies are investing in keeping existing systems running, migrating to the cloud, upgrading infrastructure, and innovation to differentiate themselves and compete with fintech and big tech companies.
- Differentiation and innovation focus on customer experience and service delivery.
- Cash flow statement monitors cash coming in and going out
- Balance sheet shows assets, liabilities, and equity
- Different metrics excite the CFO depending on the company
- Net income is often a leading metric for profitability
- Resistance to change is the biggest challenge in tool adoption
- Easy-to-use solutions and self-service lower the adoption barrier
- Finding internal champions and supporters helps drive implementation
- Framing changes as experiments reduces resistance and risk aversion
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