If you want to lead your industry with digital transformation get the regulators onside early
If you want to be a market leader when it comes to disruption, you also need to have the regulators onside. In any regulated market, you want to be influencing the change, not responding to it.
In the UK, the major banks allowed the UK Government to mandate that they provide an open banking platform by 2018. A leader in the space would have been close to the design of this rather than just letting it happen on the Government’s terms.
Think about the industry in which you operate. Do your regulators understand how digital disruption will play out? Do they have the skills on their team to detect, decode and defend the changes?
I firmly believe there is an opportunity for the smart digitally literate players to take the lead in educating the regulators.
Have a look at a 1-minute video vignette recorded at the ICMIF conference where I discussed this.
There was much discussion and agreement with my point of view around this following my talk by the delegates at the conference.
Are you leading the discussion or simply following the rest of the industry?