There are many ways to profit from platform business models
Financial services companies are well positioned for a platform-based approach with three key ingredients: customers, trust, and data. The right strategy does not mean building your own platform; it means understanding platform business models, choosing the right role to play, and deploying the right tactics for the situation.
Playing to win means all your friends win
Platform business models force executives to think differently. Ultimately the success of a platform depends on the success of those using it. Helping your partners and collaborators win magnifies your own achievement — and your success depends on your ability to maximize the value of the ecosystem.
Culture will be the toughest battleground
The shift to an outside-in model is a fundamental and challenging step, which goes against historic instincts in financial services. Moving from a business based on control to a business based on influence and reciprocity, where you don’t own resources, requires a cultural reset.