CASE STUDY_ FIDELITY

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Case Study: Fidelity Labs Fidelity Labs and the Digital Transformation of Fidelity Investments Kentrice Frison OMIS 647 Professor Brian Bender January 24, 2024

Case Study: Fidelity Labs Analysis In this case, Fidelity Investments places customers at the center of their organization through technology, customer intimacy, and taking investment risks to enhance their customers’ experience. Fidelity has been known to be historically innovative in technology and product development since about 1930. The company has bounced back significantly from a 30% financial decline in 1972, this was due to adopting a customer focused design thinking approach. Fidelity has been able to stay ahead of the curve, while also channeling the customer’s voice by using three different approaches for new products and services: ● Design Thinking ● Agile Development ● Lean Startup These approaches were used to increase Fidelity’s digital transformation processes in product leadership and operational excellence. The company invests $2.5 billion annually to stay innovative in technology through internal operations and analytics. Fidelity recruits only the best for the company. It is a part of the company’s DNA to create the best client satisfaction in financial services and investments tools. Compared to other companies in their industry, Fidelity has a competitive advantage in customer experience because they prioritize digital transformation for customer satisfaction through machine learning, AI, information systems, and prioritizing customer intimacy. Even as a market leader, Fidelity must keep agile development and design thinking at the forefront of their lean business model. Technology isn’t enough to stay competitive

Case Study: Fidelity Labs and companies must prioritize the design thinking process in their digital transformation strategies to stay ahead of the curve. Key Questions ● How did Fidelity historically ensure that it stayed ahead of the curve in both technology and products in a way that would graft elements such as customer-centric design thinking and rapid product development in deployment into its DNA? Fidelity has ensured innovation in technology and products by investing billions yearly to ensure the best quality of internal and external operations. Customer-centric design thinking has been the core of creating new products and services that Fidelity’s customers see as economically viable solutions. By recruiting the best in technology, their products are quality curated. For example, Fidelity was the first mutual fund to have an app and website directly for their users. The company’s investments in research and product development have given them a value proposition within the company that reflects customer intimacy. Using the process of agile development, design thinking, and lean startup approach has given the company an opportunity to innovate products and services specifically for their customers. Fidelity’s DNA has shown historically that for them to stay ahead of the curve, they must consistently improve, invest and use digital transformation as a tool for constant innovation within the company.

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Case Study: Fidelity Labs ● What approach should it take to address the newly emerging, nimbler, venture-backed startups that had the power to further disrupt the well-laid strategies of financial giants such as Fidelity? To address new, nimbler, and venture backed startups, Fidelity can stay competitive by using research to stay relevant. If they can understand the trends of technology, it can keep them ahead. AI has become very popular and emerging. Recruiting techs who specialize in AI, will help the company stand out and remain a market leader. Another approach could be to use their history as a stepping-stone into innovation and sustainability. Innovation is the key to staying relevant in a competitive market. Fidelity can use its current resources and design thinking to develop stronger strategies of customer acquisition, retention, marketing, digital technology, and product development. ● How could Johnson sustain the energy of transformation in the face of unrelenting competitive pressures? Johnson can sustain the energy of transformation in the face of unrelenting competitive pressures by using customer satisfaction and digital technology. Agile development and lean startup methods pushed Fidelity into a rapid innovation that created quality for consumers. Positioning Fidelity Labs to be a Digital Master would allow them to stand out in a competitive industry. The industry is always rapidly changing due to technology moving so fast. Johnson must ensure customer satisfaction and innovative digital technology processes to ensure the company keeps its foot on the neck of the competition. Allowing the customer to have a say so on products and services, gives them an advantage.

Case Study: Fidelity Labs Summary & Recommendations Fidelity, founded in 1946 by Edward C. Johnson II in 1946, is a Boston-based investment management firm with over 26 million customers today and $6.5 trillion in customer assets. Abigail Johnson, President and CEO, has pushed the company to continuously innovate and remain a market leader. Since then, the company founded, Fidelity Labs, to serve as a new business incubator to identify emerging technology solutions and opportunities. The three key techniques: Design Thinking, Agile Development, and Lean Startup, supported Fidelity Labs’ new philosophy for innovating. Fidelity has stayed ahead of the curve in technology and products with customer-centric design thinking and leading product development. Fidelity was the first mutual fund with a website and mobile app that allowed customers to access products and services. It also launched business units like FCAT, Fidelity Center for Applied Technology, which focuses on researching technology and applications for Fidelity’s external clients and internal businesses. Fidelity Labs develops new products using design thinking, agile development, and a lean startup approach. Fidelity has successfully created information systems to automate processes, process improvements, and innovate new and valuable products and services for customers. After reading and analyzing the case study, I recommend Abigail Johnson to continue digitally transforming Fidelity. She can do this by using a human centered approach or design thinking. The lean startup approach will help her make the best investments in technology and product. Staying up to date with technology using the agile development approach, will help the company create viable and valuable products and services.

Case Study: Fidelity Labs Fidelity’s case taught me how a company with historical excellence can still use a lean startup business model to focus on agile solutions, and design thinking to maintain leadership in digital transformation in a changing world.

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Case Study: Fidelity Labs References Youngdahl, W. E., Ramaswamy, K., & Hunsaker, B. T. (n.d.) (2020). Fidelity Labs and the Digital Transformation of Fidelity Investments. Harvard Business Publishing.

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