A Mother(ship) of a Problem - The Slow Financial Sector

Much as we love it, the financial sector is known for being slow and old-fashioned - an industry that hasn’t changed much with the times.

But times have changed and so have clients’ expectations.

Organisations need to respond quickly to this. Clients are expecting brands to think more holistically about their service or product. It's no longer acceptable to sell cheap products if they're ruining the environment or impoverishing workers due to low ethical standards.

Digital services are relatively new and they’re developing all the time to respond to today’s ‘digitally native’ way of life.

Other sectors have leveraged digital and got it right - think Amazon, Netflix and other consumer brands. They have made a point of being relevant and useful.

“We can’t turn this mothership around very quickly.” – Leading Pension Provider.

The financial industry is a way off this. Why? Because large organisations aren’t the most nimble. They can be slow to adapt, have too many decision-makers and have little communication with the all-important people at the end of the chain – pension members.

But it’s decision-makers who have the power to change the momentum, to pick up the reins and propel their teams forward.  Because this industry is starting to realise that the companies that move faster, can win.

Disruptor companies have taken the sector by storm and this unexpected change has left traditional organisations on the back foot and off-guard. There’s a need for innovation, change and conversation starters in the Financial Services space.

Why do we (Tumelo) care about this?

Because we offer the holistic experience that clients are coming to expect.

Because we want to help larger organisations find more relevance in the modern world.  

Because it’s time to use innovation, like ours, to drive change on a large scale. Financial Services need updating just like the plastic water bottle revolution.

Because change is coming - whether we move with it or not.

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