Why is the financial services industry always slow to innovate?

Bob in Idaho recently asked us via a community question “Why is it so hard for new innovation to break into enterprises?”.  Given our background as practicing financial advisors who became fintech CEOs we jumped at the chance to have a conversation about innovation in financial services to share our experience or should we say trials & tribulations when it comes to helping an old industry and profession innovate at a faster pace.  It can be frustrating as a financial advisor wanting the newest and best tech.  It can be frustrating as a fintech CEO to get your solution adopted by enterprise partners.  Join us to learn what it’s really like when trying to innovate in our industry.

In this episode Adam and Derek chat about:

• How moving fast is hard in an established superstructure given the built bureaucratic processes to ensure safety of the overall firm
• What motivates enterprises to bring in new innovation?
• The disruption of tech/event by competitor and out innovating them
• Recommendations from the Trusted Consultant - says you have to do this or else!
• What new leadership did it at their last firm (change management)
• The field force is measurably demanding at volume
• An influential group in the org is demanding it (management, compliance, etc. )
• The power of innovation sandboxes like Mass Challenge, Fintech Incubators, and Innovation teams
• Change management requires getting momentum with people
• And lots more!

Resources:

• Follow RethinkFA on LinkedIn
• Listen to RethinkFA on YouTube Podcasts
• Apply to be a guest on the RethinkFA Think Tank

Connect With Adam Holt:

• Schedule an Asset-Map Demo
• Asset-Map 
• LinkedIn: Adam Holt
• LinkedIn: Asset-Map
• Facebook: Asset-Map
• Twitter: Asset_Map

Connect With Derek Notman:

• Schedule a Call with Derek
• Couplr
• LinkedIn: Derek Notman
• LinkedIn: Couplr
• Twitter: Derek Notman

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