Growth

Rich and Co.

Survival of the Most Digital

Our view is that clients and investors, retail and institutional, have already passed the industry by in accepting digital communications and moving on to look for the next iterations.  Most financial services firms (actually most firms in all industries) have been technologically disintermediated already.  Facebook anyone?

Even if they want to catch-up — they can’t.
Even ad agencies are struggling with adopting to digital. You effectively have to cannibalize the existing businesses that are feeding everyone’s W-2’s and bonus checks and mortgage payments. Think that will happen?

In addition, firms are already at capacity and have financially engineered every spare and extra resources/person/dollar/minute out of their organizations. There is no staff, time or resources to do anything new — at all.

Organizations reactively hunkered down for the “end of the world” and new ideas and growth have no place to get a foothold. Who will senior leaders listen to attorneys/compliance or marketing? Duh.

IBM didn’t adopt personal computing. They spit-out Microsoft.  2Institutional money managers and firms never embraced the DC system. Firms like Fidelity, Vanguard, Manulife/John Hancock simply exploded on the scene — because of demand, not supply. We know that story very well.

Here’s an current example. We just put in a full social media network for a client serving HNW $5mm+ investors. We just added a short video. His business doubled in a month and is still growing. Can you imagine any firm ever approving anything even slightly like that? No. Even websites are obsolete and like brochures now.

The market’s demands and needs never wait for our brains, business processes, senior leaders and regulations to catch-up. Nope. They don’t even glance in the rear-view mirror at ‘em after they run them over.

Simple evolution — survival of the most digital

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Written by Rich and Co.

January 30, 2011 at 2:37 pm

Posted in Uncategorized

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