For Tom Goodwin, executive vice president of innovation for Zenith Media USA, digital transformation is a frame of mind.
There’s a difference between digitalization versus digital transformation, he tells CO-OP Think 17 in New York.
Digital transformation is not about adding “digital garnish” to the consumer experience, it’s about wholly rethinking how you deliver value, he notes.
To frame the idea further, Goodwin asks, “What would your business look like if you set it up today?”
When you think about the most transformative products and companies in recent times such as Amazon, Tesla, and Uber, many of their leaders did not come from within the industry that they’re now dominating, he says.
“Have they succeeded despite this lack of experience or because of it?” Goodwin asks.
Some of Goodwin’s thoughts on digital transformation:
Ultimately, Goodwin says, credit union leaders should “question everything.”
“We don’t take enough time to look at why we do things,” he says. That includes saying “no” to ideas sometimes.
Furthermore, embrace the fact that it is an extraordinary time to work in financial services, he says. Those who embrace that reality will be the most successful.
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