Location intelligence, financial industries and business model change!

I had quite a few financial oriented keynotes through the last year, for banks, mortgage groups, credit unions and others. If there was a key theme as to the insight my clients were seeking, it was this: what are the BIG trends that are going to impact us (I’m a futurist), and what do we need to do about it (I specialize in insight on what global leaders are doing in the area of innovation.)

The scope of some of these engagements is pretty significant; Diners’ Club featured me as the opening speaker for their global franchise conference; my focus was on the big trends that would impact the organization into the future.

I guess I had generated enough buzz on my theme within the financial services industry such that I was booked for a keynote down into a major bank in Sydney, Australia, via a fibre optic link. (I couldn’t make a flight connection work!)

What should financial executives be thinking about? There are dozens of significant trends. Perhaps the most important has to do with the fact that 2010 is the year that location intelligence is coming to the industry as a significant business model disruptor.

Here’s a snippet from an article that captures a bit of what I’ve been talking about. The world of banking is going to witness massive change as mobile and location intelligence technology becomes married together. Consider:

Jim pointed to an Australian study that found 65 per cent of children in preschool today will work at jobs that don’t exist today.

“Think about the concept of a location intelligence professional.”

He discussed the possibilities presented by marrying smartphones equipped with global positioning systems to spatial-oriented information websites such as Google Maps.

“In the not-too-distant future, it’s quite likely some real estate organization is going to roll out an iPhone app that you will go through and you will pre-identify the types of properties that you’re interested in. It’s going to use the location capabilities built into the iPhone to build you an interactive tour of those properties. And you’re going to use your (iPhone) to drive around the neighbourhood and look at these homes through your phone.”

The same application might refer users on to a mortgage broker, he said.

“What do you do when the essence of your business model and the nature of the referrals that you get into your business begin to change?”

Halifax Chronicle Heradld, “Expert: Essence of life is change”, November 25, 2009

Give me any financial organization, and I can give you an organization that likely isn’t prepared for the fact that their innovative agenda is going to be subject to some pretty significant change.

What I’ve been doing is outlining for my clients the trends that are going to impact them, and the innovative thinking they need to pursue to capitalize upon those trends.