Who is really ready for Digital Transformation?

After a great week of Fintastic events in Bahrain everyone is talking all things FinTech and Digital. The regulators are listening, industry leaders are using the jargon and everyone agrees business needs to "digitalise or die". After the hype dies down and everyone goes back to their organisations, I want to know who is really ready for this change? We are being told that Industry 4.0 is going to change everything and we need to be prepared. In talking to a number of senior business leaders over the past couple of weeks it is apparent that many people don't have any idea where to start in preparing for change.

As a starting point decision makers and those who really understand FinTech need to be better aligned. If those making strategic decisions don't understand how specifically emerging technologies will impact business, how will strategic decision be made that result in the development of innovative FinTech products and services? How will they utalise digital processes to streamline business? How will they remain competitive with open banking systems? Boards of Directors and Executive Management teams need to be informed not only about the impact of digital but strategic options for developing digital. Should they invest in recruiting new FinTech talent? Should they outsource FinTech development to Tech firms or source FinTech products already developed? Should they wait to see what their competitors do first?

While industry decision makers catch up with what the start up community already know, businesses need to invest in ensuring their organisations are agile enough to adapt to change. There is no point in investing in developing FinTech products that are going to use the same back office processes as your existing business. Process analysis and alignment to digital will become everyone's job in the digital future. Therefore we need to investment in training and development and prepare organisations with a shift in culture and mindset. Digital is first about people and process, not just technology. Just as laying down the plumbing doesn't build a house, we need to establish the foundations of our new building first and then ensure the plumbing fits.