Throughout history, new technologies have reshaped the economy — from the Industrial Revolution to modern conveniences like navigation systems, on-demand streaming videos and Amazon’s Alexa. Businesses either learned to adapt to radical change, or they didn’t survive.
We’re experiencing a similar transition now. The big difference is that the pace of change is exponential. The internet, smartphones, artificial intelligence and robotics have created (and destroyed) entire industries over the last two decades. Most likely, more of the same is to come in today’s winner takes all environment. This is why financial institutions (FIs), even those that plan to keep some elements of their traditional waterfall approach to delivery, need to push beyond their firm’s comfort zone to be nimble and embrace a transformative approach called modern delivery.