The first Model T was produced in 1908. In spite of being described as “wistfully rudimentary,” it changed everything, making the automobile a universal appliance.
they were just being nice
Despite its flaws — the car had no speedometer or oil gage and the headlamps ran so hot at high speeds they were known to explode — by 1920, more than half of all the cars in the world were Model Ts.
Yet only three years later, the Model T was seen as old fashioned — even irrelevant — by consumers. What happened? Stiffer government safety standards outpaced the car’s technology and raised safety concerns. Competitors became more skillful at generating demand, introducing expanded product lines to cater to all price points. And consumers, responding to the growing ubiquity of car ownership, sought ways to personalize their vehicle ownership experience and embraced, wholeheartedly, the “new model year” concept introduced by General Motors.
Time to test drive a new model
Can you evolve a business model that many believe has grown obsolete? And as technology and changing customer behaviors forge a new banking experience, can you adapt?