The ever-changing nature of business means that large corporates need to adapt, and quickly at that, if they are to stay relevant. Connectedness, technology development and the change in customer profile are all contributing to a major shift and large organisations need to adapt so as to compete with increasingly successful startups and fintecs.
Large organisations are finding that their size, inability to make quick decisions and more-often-than-not inward-facing and outdated systems are all contributing to their imminent downfall. At the opposite end of the spectrum, startups and fintecs are escaping “death by a thousand cuts” through a completely customer-centric approach using all the tools available to them: new products, new customers, increased agility, broad skills, technology support without the legacy systems, collaboration, experimentation and a positive mindset around what is possible. This is putting them significantly ahead of large corporations.
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