Brief Overview – Whitepaper Contents
Ecosystems are becoming increasingly important – even in the financial world
Innovation cycles are getting faster, and with them, customer expectations regarding User Experience (UX) are rising. Customers also want to access a wide range of services from a single source without constantly turning to new providers. Many companies have realized that they cannot meet these challenges alone. Some significant improvements for the customer already involve interdisciplinary innovations.
Ecosystems offer many advantages to those who are part of them
Having a functioning ecosystem is a crucial economic factor for a company. The company’s goal is to bind the customer to its own system, so that they exclusively purchase many things there. Furthermore, once a customer has chosen a system, they will use it as the primary point of contact for product and service requests.
The approach in four phases
To develop a digital ecosystem, a four-stage approach is recommended:
- Starting Phase: At the beginning, the idea of the ecosystem needs to be developed. This involves questions about the areas the ecosystem should cover, aiming to attract as many customers as possible, and selecting priority target groups.
- Expansion Phase: Many more companies are connected to the ecosystem.
- Leadership Phase: The ecosystem becomes highly relevant and has a wide reach. Companies collaborate closely and can achieve short innovation cycles.
- Self-Renewal Phase: The relevance of the ecosystem is maintained and strengthened. The means for this include a trend radar, continuous communication with the customer, and ever-shorter innovation cycles that surprise customers with new products.