Banking, Education and Legal failing…..

An interesting discussion arose during February and one that made us really think especially as to how the silos of Banking, Education and Legal operate and who they work with.

As someone put it – be ex Banking industry, exhibit at Education trade shows, advertise in Education or Legal publications or be ex legal industry – you can’t work in those sectors if you aren’t from them or don’t do any of those!

How can these silos be broken down before the industry breaks itself up?

If you look at the new ways of working and imparting/sharing knowledge – you will see that change is happening outside of these silos or from those that are breaking away….

If you take these silos separately and look at them, you will this clearer…..

  • Banking – such a huge Silo that could be a huge bed of innovation but yet failing and losing the opportunity. We have companies that are looking to open Challenger Banks, Internet Payment Terminals, Kiosk/Tell Payment facilities, Payment via Wearable Technology, payment via mobile phones and payment transfer/payments via mobile devices -all being lead by outsiders to the silo or by ex banking personnel. The big question is why aren’t they adapting to or embracing technology? Prior to technology, yes they did innovate with card payments and terminals or cash point machines but what have they done since? Look how long it took to embrace online banking?
  • Education is another one where they are slow to embrace the whole ethos of combining Business and Education together – is this as Year 6 and below are school environments where they are schools run solely by teachers and the local education authority? Yet when you reach Year 7 and above, the schools have business managers (or other staff) who aren’t teachers to enable them to think and look outside of education? But the latter, still aren’t embracing the changes that are surrounding them when it comes to embracing business and technology. 
  • Legal – what a Silo this is! The amazing thing is that seem to split themselves in two – the outside world where they live and yet as soon as they go to work, they enter the past! Can you do things on line – no they still want you to visit them and sign documents! (Yes, some things are slowly being used or looked at but en-bloc!) Take for example a court room, electronic documents are be used as and treated evidence but they aren’t using them really en-bloc- a lot of document and later transfer is by letter & post as opposed to email and attachments together with Cloud storage! If you look at most the people that train, market or educate the legal profession, most of them of people who taught themselves in their spare time and then left to embrace this new career.

Yet, before many starting saying this is wrong, let’s look at…..

  • Banking and the new wave of technology, all being done by people based on their experience and what doesn’t work for them and AREN’T from the banking industry – they are outsiders looking in!
  • With education, training companies are being set-up and offering training, education etc by people who have no educational qualifications, they are doing the same job and embracing technology and the way the business world works. The same can be said for teachers who work part-time/freelance offering extra curricula education to help you get your children to pass examinations – they are using technology and business methods to promote their work. The same can now be seen by Free or Academy Schools.
  • Legal, look at most members of the Legal profession, they have their own laptops, tablets and smartphones but they don’t use them within work unless their work for themselves of have very small (ie less than 5 employees) practices. The bottom end of the Legal community of the sole practicing solicitor or practice, are using Technology and business methods – the old and new working separately?

The last sentence is the real highlight where we can really sum the silos up and where the change is needed!

If you are looking at the the smaller end/part of where your silo is operating, they are the ones that are innovating and leading the way forward. It is amazing how many individual solicitors who work for themselves are embracing technology and the changes it offers.

The senior, higher and top level management of these silo’s need to actually stop thinking ‘old school’ and speaking ‘ex-industry’ friends/connections and start behave like businesses and look forward to the change that is happening around them.

To learn more on how we can help become a 21st Century thinking business instead of a 20th century business/organisation, speak to us by either contacting us here or completing the form below.