Can Competitors Collaborate On a Common Goal?

An APM webinar sponsored by Wessex Branch – Channel Isles Group

Speaker: Gui Vohringer

In 2020, Digital Jersey and Mesh ID kicked off a collaboration initiative within Sandbox Jersey, which aimed to create a solution for a common problem faced by financial services providers in Jersey: performing repetitive client due diligence on common clients. This webinar was held on 28 July 2021.

The project brought together key players in the corporate, legal, fund and banking industry, with the aim to create a technology solution that will allow them to better share key information about clients they shared in common, in a secure and trusted way. Since these players are in various cases direct competitors, there are many forces at play that risk derailing the project.

It was not an entirely smooth ride, and the team at Mesh ID and Digital Jersey often learnt the hard way how not to approach collaboration across competing organisations. As they kicked off the project, they discovered a competing project led by the local government was running in parallel, they saw parties pull out at the last minute, and discovered some new information at the last minute that almost saw the initiative end before it started. Just to make things a litter tougher on the team, the project was launched in February 2020, just before the pandemic hit, meaning the team had to adjust to a fully remote setup in a very short time.

Despite all the interesting ups and downs, the team managed to deliver a working product by the end of the year, on time and within budget. Gui Vohringer will present the sequence of events in the project that led up to the launch, and illustrate some of the biggest areas where they failed along the way, and what they learnt from the whole experience. Next challenge? Adoption of the product with the launch clients – Gui will briefly touch on how things are going in this regard.

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