If the past five years have proven anything, it is the need for organisations to evolve and transform or die. Regardless of whether the organisation is governmental, large corporation, small business, sole trader, regulator, or anything in between, the need to transform service and value delivery to meet changing expectations now appears to be the pre-eminent strategic challenge.
Regardless of the industry, sector or market, every regulatory sector contains a wide range of participants, each with different motivations and drivers that influence their intent, behaviour, preferences, reactions, and willingness to comply with rules and policies. For regulators of these industries and markets, maintaining a balance between the interests of the industry, and the interests of the consumer has always been a perpetual challenge. Arguably, the bigger challenge for regulators has been an inability to adapt their strategy and approach to address differences in human behaviour and intent within the applicable industry. These agencies have struggled to understand who their stakeholders are and how they are motivated today in this market.