The aspect of providing tailor-made financial products and services may seem easy to a significant number of individuals. However, Randal Nardone understands that any type of service provided by a financial institution is complex and requires strategic plans to formulate and implement. Recent reports highlight that Fortress Investment Group has started provided customized financial services to its customers. This has led to customers from other organizations calling for their investment partners to implement the same strategy.
However, not all the companies have the capacity to provide their customers with an opportunity to formulate and implement particular financial products. A large number of companies are only able to offer the standardized products that one can quickly get from the market. Randal Nardone notes that building capacity is a difficult achievement that is just set aside for huge organizations.
Building capacity entails making sure that an organization can be able to accomplish various goals and objectives in different parts and departments within the company. One of the most crucial aspects of building capacity is ensuring that the organization has the necessary funds. It was evident that a considerable number of customers would demand customized investment opportunities from the company. However, only the companies that have the finances required to formulate a financial product for any customer who visits the premises of the company.
Randal Nardone continues to discuss that it’s not the finances that are important to the organizations interested in building personalized financial products in the organization but also human capacity. In as much as technology has taken control in most of the financial organizations, human knowledge and input remain to be important in development of business organizations. This means that all the workers working in a particular organization can develop a customized product that is similar to customer demands.
Randal Nardone continues to highlight that all the systems within the organization must support the initiative so that it can work effectively. All the departments within the company must be structured in such a way that they can allow the company to formulate customized financial products without difficulties. The management of the organization must also support the initiative.