Navigating Boardroom’s Innovation Imperative

In the early 2000s, the telecommunications industry witnessed a seismic shift with the advent of mobile internet and smartphones. Established market leaders, who were slow to adapt to these technological transformations, saw their market share erode rapidly. Meanwhile, agile newcomers, who embraced innovation, soared to the forefront, redefining the industry landscape. Similar disruptions have been seen in other industries as well. Digital cameras revolutionized photography, rendering traditional cameras nearly obsolete, streaming services overtaking conventional cable television and ridesharing apps redefining urban transportation and challenging traditional taxi services.

The banking sector has also undergone significant transformation, evolving from traditional brick and mortar branches to a fully digital ecosystem. The shift began with online banking and digital communication, progressed through adoption of data analytics enabled by Customer Relationship Management (CRM) systems, and further evolved to mobile and app-based banking. In more recent times, we have seen the rise of fully digital banks with no physical branches, integration of AI & chatbots, adoption of blockchain and cryptocurrencies, and the emergence of open banking and regulatory technologies (RegTech). 

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