The worst client I ever had was a financial services firm that didnโt believe digital transformation was necessary.
They had so much income from a legacy pension book, they didnโt bother to look forward.
Nice slogans, bright colours and photos of smiling couples on their marketing material kept everyone feeling pretty good.
One day, shareholders stopped seeing good returns and investors became angry. Executives feared for their livelihoods.
The best talent was hired. A digital transformation created. The board was informed, investors placated.
After many months in a crumbling office, the future of the firm was decided. A โcoaching app to market new financial products to existing clientsโ.
Anyone whoโs worked in financial services will know this is a dead horse.
Those in the digital programme were asked to โget behind the idea or consider leavingโ. Many did leave.
But hereโs the real story.
Several powerful executives didnโt want to lose control and so put the most powerful department of the legacy firm in charge of the newly created programme. The Marketing department.
The coaching app was nothing more than a brochureware version of the legacy firm. Not a digital product. Nothing resembling innovation.
Thatโs how the race horse arrived at the knackers yard before it had run its first race.