In a matter of weeks, the industry was disrupted beyond anything imaginable and organizations have had to double down on their approach to finding ways to operate in a new business environment.
The news is filled with powerful examples of companies such as Microsoft, Nike, Toyota who have shifted their operations from producing consumer goods to critical medical equipment needed to combat coronavirus.
While these stories are great to see, there is another current of disruption running underneath the business world – that is the undeniable impact of partnerships on innovation and change.
I have always believed that strong partnerships are what drives success. And in the past few months I have seen partnerships blossom at unprecedented levels as organizations band together to find new business solutions that have not been previously anticipated.
It’s possible these ideas were boiling under the surface waiting for the right time to launch, waiting for the right approvals, or perhaps they were born out of necessity. Regardless of their original intent, they demonstrate that we are stronger by working together to create the future we want to see.
At Valeyo, we too have been working closely with our financial institution partners to explore how we can adapt our existing solutions to fit within their new business model and risk appetite. Recently we launched a simplified version of our digital lending solution. By pre-configuring certain options and parameters, we were able to quickly bridge a gap for partners left without a way to engage and service members through a digital model.
As with any partnership, there needs to be a willingness to remain connected, to leverage each other’s’ strengths, and to be fluid in decision-making.
Partnering is achieved by an increase in transparency, empathy, accountability, collaboration and commitment. It requires the removal of personal agenda and the acceptance of diversity and flexibility in thinking.
The old saying “it takes a village” has had real and practical application during this crisis. We have seen what has been accomplished not only in the business world, but in how local communities have banded together to support one another in new and meaningful ways.
Most organizations will return to their regular schedules once the pandemic is over, but as an industry we need to continue to embrace and capitalize on the underlying changes that have occurred during this crisis, to evolve our business models and harness the strengthen of partnerships as way forward.
About Nicole Benson
Nicole is President & CEO of Valeyo.
Follow Nicole on LinkedIn.