During the presentation of MIT researchers Dr. Peter Weill and Stephanie Woerner’s book for companies that face transformation, ‘What’s Your Digital Business Model?’, Dr. Weill said “BBVA has turned the digital threat into an opportunity”. After years working with disruptive startups and traditional companies implementing innovative solutions, I can say seeing opportunities in threats, and collaborating with “your enemy” is vital.
According to Finnovating, 75% of the 308 FinTech startups in Spain collaborates with traditional entities, and I say that’s the only way for banks to be ready when GAFA enter the game. And they will.
But it’s not easy, mostly because banks and startups don’t speak the same language. Banks are still far from being customer-centrist while startups are all about amplifying the customer voice. Being translators between those two worlds has become key in our job. In this sense, the book is framed around six questions for companies and leaders to consider:
- What is the digital threat and opportunity?
- Which business model is best for your enterprise’s future?
- What is your digital competitive advantage?
- How will you connect using mobile and IoT?
- Do you have the crucial capabilities to reinvent the enterprise?
- Do you have the leadership to make the transformation happen?
And I’d like to add another one:
7. Are you surrounded by the right allies?