VIDEO: Don’t be afraid of disruption

The only way for banks to survive in the new world of fintech is by embracing the disruption all around them, incorporating that disruption into how they operate.

According to IBM global director front office transformation Kwafo Ofori-Boateng, that’s the only way for the industry to truly understand the demand of the modern customer.

"Take advantage of the disruption happening around you and incorporate that into your services."
Kwafo Ofori-Boateng, IBM global director front office transformation

“Disruption is not a bad thing,” he told BlueNotes on video. “The word may be a bit overused but it’s not a bad thing.”

Don’t be afraid of disruption

For banks to embrace it they must change the way they operate, according to Ofori-Boateng, in a way that makes the disruptors or disruptive technology work for them.

“This means being able to architect yourself so you are able to take advantage of the disruption happening around you and incorporating that into your services,” he said. “That is the only way to… very rapidly answer the emerging needs of customers.”

Time is of the essence according to Ofori-Boateng said, only banks with the right speed and agility will win out.

“It’s not just speed, it’s agility,” he said. “It’s not speed to bolt on something indelibly , it’s the ability to bolt on, roll of – whatever it is – based on what you know your customers want.”

Watch the video above to find out more.

Darren Sibson is a contributing editor at ANZ

The views and opinions expressed in this communication are those of the author and may not necessarily state or reflect those of ANZ.

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