Yes, Fido needs innovation, but I wonder how much time will pass before the leadership realizes this. I believe that I will be long gone when the leadership finally decides to let in some fresh air. Isn't it high time for Fido to turn to the future instead of being stuck in the past?
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They do need innovation. Like work from home instead forcing everyone back to office without learning anything about these past 2 years.
They’re trying.
Fidelity invested 2.5 billion in technology this year. Vanguard, by comparison, invested 1 billion.
Young retail investors in places like Reddit told Fidelity our app was stuck in the early 2000s. Within a few months, Fidelity rolled out a beta version of the app that was quite the improvement. It’s not as slick as those as some younger fintech companies with boatloads of cash, but it’s a step up.
Leadership’s new focus on long term objectives - versus short gain objectives - is also a positive step.
I agree though, more needs to be done. Much more. In many parts of Fidelity, there is no opportunity to propose new ways of doings things, take time to learn or take creative risks, and build new professional skillsets to keep up with the digital age. How can we compete with our new, digital competitors in such a situation?
Investing billions doesn’t mean sh-t if you’re not upskilling your people or making sure the money is going to the best, most innovative products in the rapidly changing market.