50 years ago a business could succeed and maintain market leadership for 20 years without changing much of its product, service or marketing. 20 years ago the life of a “no change” business was 10 years. 10 years ago it was 5 years. Today it is 3 years. Simply put, a successful business cannot hide its secrets anymore and competition comes swiftly. With technology advancements, a new business can be up and running very quickly. An existing business needs to continuously innovate to maintain its competitive edge. The next new thing is just around the corner and it often comes from an innovative competitor.
Financial institutions are realizing this and are now seriously investing in innovation. There have been many announcements of banks setting up innovation funds to invest in 3rd parties or internal innovation divisions.
Rockall Tech is aligned to the limited life of a business principle and we are continually investing in our own R&D to ensure we stay relevant in meeting our current clients’ needs and potential client’s needs.