Ibrahim Jackson, the Founder & CEO of Ubiquitous Preferred Services, believes that many established financial institutions are struggling in the current era of disruption due to fintechs and nimble startups taking over the market. While these institutions are trying to adopt new technologies, Jackson emphasizes that the problem lies in how business is being thought about, suggesting that a shift in mindset and behavior is crucial for success.
Jackson points out that pivoting to a platform business model requires a mental model shift and behavioral change within organizations. Traditional financial enterprises have been focused on pushing products, but a platform model is about orchestrating an ecosystem where value flows between multiple players. This shift challenges the traditional way of thinking about ownership and success, requiring leaders, teams, and individuals to change their approach.
One solution to the human aspect of this shift is through people development. Jackson suggests implementing a relentless customer focus, breaking down silos within teams, and embracing experimentation as key strategies for transitioning towards a platform model. By developing the necessary mental models and behaviors, organizations can better prepare for the future of the industry.
Jackson advocates for transformative development experiences that go beyond traditional training sessions. He recommends immersive experiences that challenge individuals to unlearn old habits and build platform-ready instincts through simulations and real-world problem-solving. By adopting a learn-as-you-go approach, organizations can better adapt to the changing business landscape.
In conclusion, Jackson urges organizations to take action in evolving towards a platform business model. He emphasizes the importance of building, iterating, and learning by doing, rather than waiting for all the answers before moving forward. Jackson encourages leaders to have a frank conversation with themselves and be proactive in making the necessary changes to stay competitive in the dynamic world of financial services.
