Creating digital platforms to manage and monetize vibrant ecosystems of consumers, producers and innovators is an opportunity for financial institutions to grow their business beyond banking.
Growth is critical for all organizations including financial institutions. External and internal market drivers and digital disruption underpin the need for creative growth strategies. Traditionally, financial institutions grow organically or via M&A, or a combination of the two. But these can be slow, ineffective and sometimes even value destroying.
Now innovative and forward-thinking enterprises have a third way to grow. We call it Digital Ecosystem Management (DEM).
Digital Ecosystem Management is the proactive coordination of a network of customers, suppliers, partners and developers in pursuit of a shared purpose: to create innovative new solutions for a market by leveraging digital technologies. Financial institutions are especially appreciated and requested players and partners in this context. One example is found in payments, which has seen a dynamic development in new services like mobile and instant payments, being the base for a real-time economy.
At BearingPoint, we offer complete solutions on Digital Ecosystem Management from business strategy via process integration to technology implementation.