Article How to Survive Disruptive Innovation in an Existing Market
By Insight UK / 16 Mar 2022 / Topics: Cloud
By Insight UK / 16 Mar 2022 / Topics: Cloud
Traditional business has changed completely because of disruptive technology. Gone are the days of hierarchical, compartmentalised and bureaucratic organisations. An open, agile mindset is needed to keep up with the constant wave of new technology, customer demands and innovations.
One of the best examples of an industry that adopted an entirely new way of working is the financial sector. After centuries of peace and stability, disruptive technology forced its way into the banking world and became the main driver for change. Private and business customers shifted en masse to virtual money, shares, and stocks. Internet banking became the trend, and new fintech companies entered the market offering a broad range of financial services. Traditional banks had to move out of their comfort zone to keep up with competition and started looking for new ways forward.
What will the future bring for our dear established banks? They still have an enormous customer base, financial know-how, and credibility, but the question is whether that is enough to survive. Modern consumers want more than security. They crave easy and convenient financial services. And when it comes to innovative solutions that focus on a smooth user experience, fintechs are definitely on the winning hand.
But the story is not over yet. As we speak, the big tech giants as Google, Microsoft, and Apple are also entering the world of financial services. It is a good opportunity for banks and fintechs to join forces since they compete in the same market. In fact, some banks are already opening their platforms for third-party fintech or offering their own financial services on external platforms. In the end, both banks and fintechs are service providers mixing and matching financial services.
Confusing? Sure! The endless possibilities of disruptive technology lead to more open and complex business models. That also applies to non-financial service providers. We see an evolving collaboration between MSPs and ISVs, traditional and cloud-based SPs. With the rise of the hybrid cloud, physical datacentres are making a comeback. Customers demand high-end, off-site data storage with top-notch security and infrastructure that only a private cloud can offer. At the same time, they also need maximum scalability and performance. More and more companies tend to keep their critical business data safely locked away in a private cloud while adopting public cloud services for non-critical data or intensive processing tasks. The cloud seems to get fuzzier by the day. It is up to each SP to decide which business model to adopt to meet future challenges in the swiftly evolving market.
At Insight, we help service providers realize their business ambitions in a multi-cloud world. As a multi-vendor software licensing, workload, and cloud platform specialist, we can guide you through all stages of your strategic cloud journey. No matter where you are in your journey, we help you to find new ways forward and accelerate your business. Contact one of our cloud specialists for a talk.
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