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Traditional banks can benefit from implementing consulting frameworks for innovation in several ways. Firstly, these frameworks can help banks identify and prioritize areas for innovation, such as digital banking, which can attract younger demographics and ensure future growth. Secondly, they can provide a structured approach to managing change, which is crucial in a rapidly evolving financial landscape. Lastly, these frameworks can help banks unpick complex problems and develop effective solutions, thereby enhancing their competitiveness and profitability.
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How do you unparse complex problems with a clear and logical mind? With the right frameworks and mental models, you can confidently guide any organiza...
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As companies mature, they often face declining growth. In order to focus on consistent growth, they need to look out for areas to grow into in the future to make themselves better. For example, traditional banks across the world have been slow to innovate in digital banking even though they've been aware of it for years. Many banks even neglected to grow their online offerings for a long time despite the fact that online-only banks have become popular with younger people. Part of the reason they ignored pursuing something like Robinhood was that young people don't have as much money. It wasn't financially viable for these banks to pursue them since they made the bulk of their money with asset management for older adults. However, as those young customers get older, their wealth will increase, so for banks that did invest in digital banking offerings early on, they could win younger customers that five, ten, fifteen or twenty years later could be part of their biggest demographic.
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