As we look forward to a decade started in the throes of dramatic disruption, global adversity, and continued demographic changes, the traditional product development organization faces an existential challenge: adapt quickly to meet global modern delivery standards or face systemic growth and profitability headwinds. Industries from traditional consumer retail to aviation to healthcare are finding a new paradigm where the ability to build individualized relationships with their customers through unique product offerings tailored to the customer’s needs drives growth. Financial institutions (F.I.’s) are not exempt from this evolving dynamic but face a unique challenge related to modernizing their product development and support capabilities.
In this current hyper-competitive era, pre-developed solutions are critical to helping firms quickly and efficiently grow their business. However, modern product organizations are beginning to recognize and exploit opportunities created by meeting the demand for customized, user-focused solutions. The organizational ability to balance the need for both a robust set of foundational capabilities and customized product solution development and deliver underpins modern product development. A product development operating culture allows organizations to re-orient focus to the customers – or end-users – to continuously present solutions and value.
This paper will address the challenges of developing products in the financial services industry and present a clear path for F.I.’s to embrace a customer-centric, product development operating culture fully.