Video: Walking the Fine Line between Risk and Innovation

Scroll through any news feed or click on any blog article these days and chances are the topic of millennials will appear. And there's a good reason for that. Many believe this generation is changing the world of commerce – and the payments landscape – as we know it.  

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Walking the Fine Line between Risk and Innovation

Jun 27, 2017

Video: Walking the Fine Line between Risk and Innovation

Scroll through any news feed or click on any blog article these days and chances are the topic of millennials will appear. And there's a good reason for that. Many believe this generation is changing the world of commerce – and the payments landscape – as we know it.

Millennial expectations

Often described as digital natives, millennials have grown up with expectations about how technology should solve their problems. They expect it to work, to be frictionless, inexpensive and very secure.

Many payment providers are already changing the way they deliver products and services to meet their millennial customers' needs and expectations.

Millennial business drivers

But this isn't just a phenomenon found among consumers. Millennial behaviors will also shape the future of businesses as more and more of them become industry leaders. They will revolutionize their workplaces and be the decision makers when it comes to the products and services their companies use.

So how do savvy financial industry professionals prepare for this change in dynamic? They have to honestly evaluate how they deliver products and services, increase their speed to market, take a fresh look at partnering with third parties, and deliver innovation.

Innovation versus risk

More than ever before, business leaders are walking that fine line between risk and innovation – delivering innovative products and solutions to meet their customers' needs and expectations while still providing an essential level of security and stability.

Examining the whole picture means acknowledging that there is more than the risk of hazard or loss involved in the equation. The risk of opportunity lost is every bit as important because taking these types of risks is what allows a company to grow in a competitive market.

The way to manage both types of risk is for companies to include their risk partners on the product and innovation teams from the very beginning as they discuss projects and ideas. This sounds simple but for many organizations with silos and cultures steeped in risk aversion, this can be a major challenge.

It all comes back to those millennials written and talked about so much lately. Proactive collaboration and technology are how they choose to solve problems. So perhaps it's time to not just read about the change millennials are bringing to the business world, but also to embrace it.

Find out more about the role millennials are playing in shaping the financial industry at http://tsys.com/genshift2022/.