To succeed in this rapidly changing
landscape, IT executives will need to agree
with the rest of the management team on
the posture they wish to adopt. Will they
try to be industry leaders, fast followers, or
will they just react? Whichever direction
they choose, they will need to devise a
clear strategy to move forward. Most
likely, there will be a need to partner with
innovative FinTech start-ups and change
their business practices based on lessons
from other industries. They will certainly
need to maintain laser-sharp focus on their
customers’ preferences, both stated and
unstated.
Frankly, each priority is important. The good
news is that each one is also achievable.
The answer: combining tactical short-term
actions with long-term initiatives that tie to a
larger, strategic vision. This is how financial
services firms will succeed in 2020 and
beyond.