The 3 CsThe FIS strategy team continually scours the global marketplace to identify emerging needs and opportunities to support the financial services ecosystem. That often means considering technology or solutions developed for other industries, but that already influence consumers’ expectations and behaviors.
With that in mind, here are the “3 Cs” that can help you determine where to focus capital and resources:
- Connect – Assess current products, services, channels, and assets to determine if there is an opportunity to use them differently or connect them in a way that would add value. This is an innovative way to re-introduce or enhance existing solutions for the market, and it can have the most immediate benefit in terms of revenue and customer satisfaction. Consider how you might leverage APIs to support integrations if legacy infrastructure is a concern.
- Change – Evaluate how existing customers or members are using your products and services, and how they are delivered. It is quite common to find that a product or service has been adapted for a different use than the one for which it was conceived. Formalizing and delivering a product in a new way that aligns with a new value proposition or purpose can be very impactful. Additionally, changing the channel or delivery mechanism for a product can have profound benefits on how it is adopted and utilized. Be open to a fresh approach to delivery as well.
- Create – Creating something new is often the default goal for innovation strategies. In reality, this can be extremely challenging and can set your bar too high. Sometimes, reconsidering existing customer feedback can be a rich source of information that pushes you to find new, creative ways to solve a problem that already exists, or to create a benefit that drives loyalty, revenue and security. What are the most common pain points your customers vocalize and what do you observe about the way they are leveraging funds held by your institution today.