5G , Bring New Value
FINTECH
36 models , says Genovese , legacy institutions and incumbents – notably , last on the list – won ’ t die . But they must move in the right direction to be successful . “ One of the challenges that these proponents of the new business models just don ’ t have is the legacy technologies and stovepipes that you find at incumbents ,” he explains . “ Even within the banks , organisationally , they ’ re not really working effectively across those business silos – so , retail banking doesn ’ t cooperate with institutional or corporate banking , for example . I ’ ve worked for clients where they may have three different customer and product definition data points for similar or the same information , and they just don ’ t cross-sell or leverage that data they have on the customer very effectively .
“ Similarly , incumbents and legacy players don ’ t really have horizontal integration ,” he continues . “ Typically , they started almost like a manufacturer , whereas to evolve they may have to start booking at distribution to digital channels by other partners or business models and become more of a distribution mechanism and past just being a middleman , to evolving further in the value chain
5G , Bring New Value
CLICK TO WATCH | 2:25
MAY 2020