When people hear the word ecosystem they think about nature, flowers and bees. Only a few would think about tech companies like Apple, insurance providers like Ping An or fintech giants such as Ant Group. Ecosystems are dynamic, co-evolving communities of companies and customers that create and capture value through both collaboration and competition.
But what is most important about ecosystems is that traditional industries are disappearing into them. Apple is not a watch maker, yet it has disrupted the watch industry. Therefore, the concept of industry has ceased being meaningful when it comes to strategic analysis and the planning of next business moves for many companies.
In this article, Capco’s Thalis Laspias discusses the rise of business ecosystems and why it’s time to think beyond traditional business models and move to the ‘next day’ of financial services.
We manage global end-to-end digital transformation initiatives for many of the world’s leading financial services ecosystems. Contact us to find out more about our work:
Alla Gancz, Partner & Head of Capco Digital
Usman Sheikh, Head of Product & Design