MIT Sloan Management Review Article on Creating Collaborative Ecosystems to Transform Customer Experience

  • 14m
  • K. Krithivasan, Renée Richardson Gosline
  • MIT Sloan Management Review
  • 2021

Forward-thinking banking, financial services, and insurance (BFSI) companies worldwide are leveraging collaborative ecosystems to greatly improve both customer experience and competitive differentiation. But while the concept is rooted in the natural world, ecosystems don’t happen naturally in business. Particularly in the BFSI industry, they require extensive human effort and expertise to help achieve their potential for breaking down boundaries between industry sectors and providing transparent, efficient value exchange between organizations and people. Put another way, they’re based on strategy, design, and conscious continuous improvement, rather than chance.

In this exchange, an MIT scholar and a TCS executive share individual perspectives on creating strong, reliable ecosystems. The scholar, MIT faculty member and researcher Renée Richardson Gosline, opens the discussion with a big-picture look at why effective ecosystems are critical for organizations serious about business transformation. K. Krithivasan, president and global head, Banking, Financial Services, and Insurance for TCS, provides a deeper dive into why BFSI companies in particular need to build, maintain, and expand their ecosystems to better navigate the current COVID-19 crisis and to excel in the post-pandemic new normal. Both offer insights on the importance of creating hyper-personalized customer experiences, along with expert advice for harnessing an ecosystem’s power to accelerate growth and drive genuine competitive advantage.

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  • MIT Sloan Management Review Article on Creating Collaborative Ecosystems to Transform Customer Experience