Now more than ever, banks need to be aware of what the competition is doing so that they can review and refine their own strategies. Game rule number three relates to adaptability. If you go from playing on a hard pitch to artificial turf, your tactics need to remain flexible. The digital world welcomes experimentation, is prone to sudden trends, and is constantly changing.
Although the banking industry may not always be subject to all of this constant movement, adaptability is definitely becoming more important and relies on a flexible IT infrastructure, for example, to support it. Business models can also be more open and flexible in structure; just think of the “digital ecosystem” strategies banks are now employing.