Lessons From Peer Industries for the Banking Solution Vendor

The banking IT solution providers can definitely learn a lesson or two from the trends that are emerging from peer industries. An evaluation of the interesting developments in some of these industries, though unrelated, is food for thought and a source of innovative ideas.

Manufacturing (Prototyping) – Bouncing back from the slumber induced by the Great Recession, manufacturing companies are gearing up to reinforce their market share with new approaches. One such is the packaging and positioning of offerings as “solutions” and not “products” to map end customer requirements. Adoption of rapid prototyping techniques enable players to efficiently conceptualize and design prototypes meeting specific customer requirements.

Pharmaceuticals (Collaboration) – The biggest lesson from the pharmaceuticals industry is the one on collaboration. Industry heavyweights cement the partner ecosystem by collaborating with health insurers or health care providers to promote their products. In a concerted effort to facilitate connectivity with doctors and (smart) patients anytime and anywhere, pharma companies are promoting apps, kiosks, online tools etc.

Hospitality (User Experience) – Personalization of the customer experience with amenities a-la-carte, face-lift of the hotel ambience with robots at the reception, capitalization of social media and leveraging the potential of different channels to create unified interaction, are some of the developments shifting the industry’s outlook.

Advertising (Communication) – The advertising world is undergoing a paradigm shift as it wriggles out of the clutches of traditional media to communicate with target customers through new, innovative interactions. Advertisers are continuously reviewing the positioning of their solutions to ensure that they are perceived correctly by customers.

The dynamics in each of the industries mentioned above are fast changing. The trends visible today might pave the way for more innovative ones tomorrow. It would be in the best interest of banking solution vendors to track these developments and learn from them, where possible.