What aerospace can teach financial services about sustainable business models

It’s no joke. The same software that creates the latest advances in aerospace can also make your customers happy.

Why? Because that software, tailored for the Financial Services industry, will deliver regulatory-compliant, customer-centric solutions that improve the customer experience and build sustainable business models to drive trust, loyalty and revenue.

Although financial institutions don’t make tangible products like those developed by other regulated industries, such as Aerospace, they can use the same technology to conceive and accelerate product development, manage governance, increase visibility and collaboration, both internally and with clients. Technology that puts the customer at the heart of product creation and management.

This digital revelation couldn’t come at a better time for institutions that want to gain a competitive advantage. Keeping pace with the speed of technology is essential. By delivering new solutions/services and attracting top talent, they can stay competitive – consistently meeting customer needs and driving customer- centric innovation

The majority of both today’s customers and employees stem from the same generation. If the industry is going to effectively and efficiently compete, it’s essential that these digital natives, with their experience-led attitude to life, are considered at every stage. Which is why solutions and services must be tailored to their needs and ethics.

It follows that financial institutions should leverage the latest technology, not only to keep customers happy and stay relevant, but also to shrug off the image of being outdated and boring. That’s how they will attract the millennial and generation Z employee talent capable of driving their competitive advantage into the future.

So, whether you wish to gain a customer or an employee, it’s about really understanding their needs. In the past, the industry developed solutions it believed the customer wanted. Now, by using analytics and customer insights that make co-creation (also known as ‘collaborative innovation’) possible and the resulting concepts a reality, it can deliver the solutions and services it knows the customer wants – all in a regulatory compliant environment.

According to the McKinsey Wealth and Asset Management Report (December 2018), “The face of competition is changing, with ‘platform’ tech companies entering financial services”. To compete on the same level as these new players, nothing less than digital transformation will suffice.

It’s enlightening to see the similarities in the way Aerospace and Financial Services face the challenges of increased complexity and stringent regulation. For example, it takes over 100,000 processes and 4 million parts to build a plane. By automating the entire process, aviation companies increase governance and control. Digitalization strengthens sustainable business models, delivering greater visibility across the entire project, engendering enterprise-wide collaboration and enhancing corporate memory with a single source of real-time truth. This leads to reduced error, waste and cost. What’s more, incidents can be reported – and solved – with much greater speed and accuracy than in the old analogue days. And most important of all, the customer receives what they want at the right time and the right place. Watch the video below and find out more.