Football has always been a part of my life - so, I’d be remiss to not make it a part of my first Nucoro blog. When I think about the impact of technology on banking, I can’t help but see it in a similar way to how I think about the most successful teams in football history - ultimately, those squads were all playing by the same rules, on the same size pitches, with one ball. The differences come down to the players they have and the tactics they use. Simply put, the same rules - with different tools.
A team game
When people talk about Lionel Messi - sure, there’s huge individual brilliance there - but would Barcelona have won the treble in 2009 without incredible midfielders in Xavi and Iniesta to assist him? Or iconic defenders like Puyol and Alves for support? Football teams that are competitively successful - much like successful financial institutions - are a sum of their parts. While doing one thing incredibly well, or possessing one incredible, dynamic talent can be hugely beneficial, it’s the diversity of the team and the way the unit works together that brings the results that really make history.
A Climate of Change
Nowadays, for banks, the landscape and culture have changed significantly too. Since the financial crisis in 2008, concepts like great customer service, customer expectations and how to engage clients have fundamentally changed as a result of the digital, online world of tools we’re surrounded by. Convenience has a new meaning altogether.
It’s down to how banks fight off disruptive digital challengers and reach that next generation of technologically-driven service, as effectively as they can.
When Messi gets older and eventually retires, and Barcelona can’t rely on his brilliance, they will have to strategise and innovate to understand what tactics they can employ to continue to thrive.
We, as solution providers, see banks as institutions who have done the same things very well for a long time. They carried out their admin, operations and innovations to become household names, and important features of their customer’s financial worlds. Change, as with all things, is inevitable in business as it is in football.
Fail to prepare...
11 years ago, Man City got beaten by Middlesborough 8-1. Now they win premier leagues. 11 years ago, we’d only just seen the first banking app from RBS - now the UK’s best bank for customer service doesn’t even have physical branches. Neither does the second-highest, funnily enough.
I can’t help but wonder where football will be in another 10 years time. How much better, faster and more innovative will it become? How much more annoying will VAR be? It’s hard to answer these questions. It’s the same with banking. We can predict and forecast to some extent, but we can also refer to what is working now. Technology has disrupted the industry because it resonates with people. It brings them closer to their finances and it brings them closer to their banks. Adding digital arms to your business is an investment into building a bank that challenges the challengers at their own game. Better yet, the tools have already been built for you to add to your product ranges, without the time, resources and operational headcounts that used to come with projects like these.
To use just one more football analogy - you might have Lionel Messi on your team, but you’re still going to need ten more great players to win the treble.
Callum has just joined Nucoro as our VP Sales. As an ex-footballer we expect to see a few more football analogies from him in future! If you have any questions you can drop him a line at firstname.lastname@example.org