Weekly FinTech Tip: Learning How to Identify and Prepare for Transformational Moments Will Allow You to Capitalize on Them
Transformational moments. What does that mean? Transformational moments are when disruption exists at the same time as what’s being disrupted.
There was a time when horse-and-buggies and cars existed on the same roads. This is something we can’t even imagine today, but that was a transformational moment. A modern example of that is autonomous cars. We have autonomous cars on the highway right now, driving alongside cars that are being driven by humans. What is the domino effect of that? What will it do to insurance? What will it do to sales revenue? What will it do to car manufacturing costs? That’s transformational.
So, how do we prepare for that?
- Look around. Anytime you are startled by some piece of technology, a some change in service, or some feature, it’s probably a transformational moment.
- Adoption. If you’re look around, you might see one autonomous car in a month. Okay, that’s probably not going to change our world. Let’s say you’re seeing three a day. Maybe you’re seeing ten a day. What if you’re seeing 100 over a week? That’s something to pay attention to.
- Look for speed and agility. How quickly is this product moving forward? How quickly is this product adapting? How quickly is this product transforming? Let’s take Uber, for example. How quickly did Lyft get in the business? Uber wasn’t the only ride share business out there. There are other companies that have gotten into the game.
- Look for media. Is there viral media about this? Are you seeing this on your news channel at night? Are you seeing it on youtube? Are there people around the water cooler talking about it? Because if that’s true, then you’re witnessing a cultural transformation, and that is a transformational moment.
- Finally, look for utility. What I mean by that is, how useful is whatever it is you’re seeing? Uber made a lot of sense. Anybody who’s ever traveled has thought to themselves, “Gee, it’s easy to find a taxi when you’re at the airport or when you’re in a big city like New York”. But what do you do when you’re at a restaurant in Texas and you have to call a taxi, wait for them show up, and worry about whether they’re going to take your credit card or if you have enough cash? You don’t even know which taxis are good, which ones are bad. Maybe you’re driving some clients home or something. Uber and Lyft took care of all of that. They made their apps and services very clear. You could even watch the car. You knew exactly when it was going to get there.That’s utility, and it was valuable.
If you have adoption, speed, media out there promoting it, and, most importantly, you have utility, you have identified a transformational moment. Now it’s time to socialize it and find out how transformational it is. Talk to your peers, talk to your co-workers, and talk to other organizations. Then, it’s time to start planning for it, and that means gathering a group, sitting down, and talking about it to try to brainstorm around these ideas. How will it affect your business? It doesn’t hurt the game plan to have some ideas and to understand what’s coming, and sometimes, these transformational moments will lead to something you can capitalize on.
This has been a FinTech tip. Thanks for watching, and I hope that you enjoyed it. If you liked this, there’s a lot more where that came from. Check out my book, Breaking Digital Gridlock, available on Amazon and anywhere books are sold. Subscribe to my channel using the link below for notifications whenever we post new videos. I would love to hear comments, so please share with us what your thoughts are if you have ideas around this, and if I missed something, let us know. We would love to have a conversation with you.