A more innovative business world is good news for consumers, businesses themselves and society at large. The change in attitudes, aided by a shift in social culture in business, is seeing the biggest players reevaluating the way they interact with customers and execute transactions. Any positives that can emerge from such a tragic circumstance must be welcomed and reveled in.
Even for well-positioned business innovators, with the best of hands at their disposal, the pandemic arrived to destructive effect in 2020. But we cannot dwell on consternation. As the adage goes: In the midst of chaos there is also opportunity.
Both corporations and nimble outfits have been forced to search for new ways to innovate. Whether looking to modify and streamline processes, or in the fight for survival, it is clear that business as usual is long gone. But conversely, the pandemic has facilitated innovation in transactions, finance and consumer engagement. This drastic shuffling of the deck has adjusted social norms in the business world, giving even the least likely innovators a healthy zeal to find inventive avenues to growth.
More than 90% of executives in one McKinsey
In business, the way we socialize and network has changed. Innovation has accelerated with even some of the most influential people becoming accessible. The barrier to access was lowered substantially, when booking flights and meeting rooms became impossible. Suddenly it was easier to get in front of the right people online, and spread innovative ideas. Zoom has been the software story of the pandemic, with daily users ballooning to more than 200 million in March from a previous maximum total of 10 million.
The length of our conversations has reduced. Ten-minute conversations, rather than drawn-out face-to-face meetings, have become the norm. That pragmatism which is now guiding social interactions allows innovators to hold larger social networks, and to schedule a slew of speculative 10-minute meetings.
That new way of communicating has also brought some of our less social friends out of the woodwork. Zoom has provided a bounded platform for communication, creating a comfortable space for those less naturally inclined towards social interaction. More exchanges and more collaboration, ultimately mean more opportunity for innovation.
Of course, shareholder expectations never change, so companies are considering all options for growth. One top-tier bank always valued face-to-face interaction above all else. During the pandemic, however, in-person meetings and brick-and-mortar are not how clients can be best served. Our client has been unhesitant, and has invested heavily in self-serve banking solutions.
