The financial services market is facing disruption as fintechs and startups continue to chip away at the market share of larger institutions. Ibrahim Jackson, the Founder and CEO of Ubiquitous Preferred Services, believes that the key to success lies in adopting a platform business model, which requires a complete shift in mindset and behavior within organizations. Traditional product-centric approaches are no longer sufficient in today’s rapidly changing business landscape.
To successfully pivot to a platform model, organizations must focus on developing a customer-centric approach, breaking down silos between teams, and embracing experimentation and learning from failure. These changes require a transformative development experience that goes beyond traditional classroom training sessions to instill a platform-ready mindset in employees. The key is to take action, iterate, and learn as you go to adapt to the dynamic world of platform businesses.
Jackson emphasizes the importance of leadership in driving this transformation, as leaders must change how they lead, teams must change how they collaborate, and individuals must redefine success. This shift cannot be achieved with a simple memo from the CEO; it requires a comprehensive approach to changing ingrained behaviors at every level of the organization. By embracing a platform mindset, organizations can create spaces where value flows between multiple players and drive innovation in the financial services market.
The current business landscape rewards action-oriented leaders who are willing to take risks and learn from their mistakes. It is never too late to start the journey towards adopting a platform business model. By challenging existing paradigms and focusing on customer needs, organizations can position themselves as leaders in the financial services industry. Ibrahim Jackson’s insights highlight the importance of embracing change and continuously evolving to stay ahead in a competitive market.
