23 October 2018
TradeTalks: The Art of Good Digitalization
In a new quarterly installment of Nasdaq TradeTalks, Peter Vaihansky, SVP at DataArt, speaks with Jill Malandrino about the distinguishing characteristics of companies that are successful in their digital strategy. He discusses three pillars of successful digitization, namely a paradigm shift in culture and mindset, lean product development methodology, and a unified enterprise-wide digital platform.
“True success can be claimed by very few incumbents in the financial services space. The reason we think is not so much technical but cultural, so think of digital as cultural. It’s the legacy mindset and the culture of being product-centric and company-centric rather than customer centric….By contrast, the companies that succeed with digital, their culture is that of being in love with their customers’ problems, obsessed with solving their customer problems. They do that by delivering compelling digital experiences that address a real need, are seamless, intuitive and delight the consumer in the process.”
“You will succeed when it’s the customer, not you, that’s at the center of the universe. The bar is insanely high these days. You are not just being compared to other insurance companies or other banks. That boat has sailed. You’re being compared to the best examples of digital out there, in the world where the default interface to pretty much everything that we do is an intuitive, powerful mobile app that’s right there.. and that’s the standard of customer centricity that you need to address.”
“I’d say three principles to consider. One — digitization is not a facelift. Think from the ground up, reimagine your offering, your processes, optimize them for the digital… Number two, as you do that, don’t assume that you actually know the answer and you know what they want or try to guess the answer… Use instead lead startup principles and lean product development approaches where you test your ideas, where you prototype heavily, and you put your prototypes early in the process in front of real people…Number three — you want to implement your digital strategy based you your enterprise-wide digital platform to ensure consistency. You can’t just have disconnected islands of digitization here and there without an overarching strategy to guide it and to ensure the quality of design and delivery. Instead, this platform, you should think of it not as an IT system…but a technology-enabled business model.”
View full interview