With the digitalizing world, user experiences, expectations and needs change every day.
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Now users can experience all the convenience other in applications in seeingk wants.
Being able to adapt to the new world with such expectations And to the futureready for Being successful is only possible if companies are open to new business models, that is, change.
financial sectorThe most important players of bphoenixes too to this change And They need to change their business models to keep up with the transformation zira banks are now not only with each other, but also with each other. digital experienceto investing, user-oriented It also competes with different sectors.
NowadaysWhen we look at the institutions that have achieved success and, more importantly, have been able to maintain this success under changing conditions, we see that the most prominent feature is “evolving the business model”.
In these days when change and digital transformation continue at full speed, every industry, Every organization needs to break out of its molds, try the new, keep up with developments and allow its business model to evolve within the framework of all these elements.
Companies towith game-changing business modelsstays afloat
In every sector, generally accepted business models are formed over time and products are developed. with services develop on those business models, until one day innovative And Until a “game-changing” business model comes along and turns all the dynamics in that sector upside down.
“TO“the one who breaks the rules” business models; current sIgnored by the industry’s leading playersmish or to solve fell shortthey like or never sawwhat they say requestsIt comes with innovative approaches that solve problems in an agile way.
“Game changer”business model The need for a new definition as The reason is that with this new way of doing business, the way products or services are presented, the stakeholders involved in the development and launch of products and the roles assumed by those stakeholders have changed, in other words, the routine has been changed.
Today’s “out of the box” business modelin Pioneering examples that come to mind first; Companies such as WhatsApp, Amazon, Uber, Netflix, Airbnb The approaches they created. The business models they have developed have irreversibly changed our lives as users. For example, Amazon, which was founded a quarter of a century ago based on the online book sales model, business model In line with the development of technology and the needs of customers in timeto It shows us how it adapted to the conditions of the period by radically changing and renewing it many times.
New business models are coming to the finance sector
Transformation in the financial sector if FinTech‘s, So financial technology companies are leading the way.
FinnishTech‘s agile and focused chaby working rooted bto the phoenixes notPerhaps most importantly of all, we love growing and transforming.teach you to be skin-focusedit works.
Banking is evolving in a different direction with new business models and new players.mleshiyand the customer is at the center of this change.
Traditional banks trying to address changing customer expectations, digitalizing banksAnd FinnishTechs will shape the future of the financial sector.
In this conditions Efforts such as agility and digital change are not enough, sectors It needs to allow for evolution in the business model. Now the companies that adapt to this rapid change the fastest have the chance to survive.
Banking is becoming a tool, not a goal
Financial services are now receding into the background, with products and services integrating and merging with other sectors. It is accepted that the user does not consume to have a payment experience, but pays to consume. weC.line And Amazon offers investment and loan servicesWhatsApp payment services, IKEA such as banking servicess are increasing. In a way, financial services are becoming invisible.
Amazon Changes in payment processes in the retail industry (self-service, cashierless payments), as seen in the Go example of payments is invisible points to business models.
The customer will become even more KING
Consumers are valuedsuch as retail, travel, accommodation Personalized, digital financial services are also offered as part of services across sectors. Anticipate the customer’s financial needs by A digital commerce life that offers proactive offers and conveniences is being designed. These efforts, called contextual banking, bPhoenixes are preparing to respond in the same way. In other words, new showcase platforms are established where products and services based on customer needs are offered, and financial services wait their turn behind the showcase to be offered on these platforms when needed.
In this context, banks are becoming more specialized and outsourcing areas of activity in which they are not experts. And FinTech collaborativewhat they say use, integrate products and services into third party platforms when necessary, and use non-banking products when necessary. to invest in platforms that will offer It is necessary.
Babetween nkas and other sectors this is what started period of competitionIt would not be wrong to expect it to bring interesting “out-of-the-box” business models.
Source: New Business Models in the Finance Sector – Bloomberg HT– 10 May 2021
