Today in Singapore we’ve had a gathering of a collection of real innovators and disruptors in the financial services and customer experience space. The line up at #NextBankAsia was a bunch of strong influencers in the space including: Scott Anthony @scottdanthony James Gardner @bankervision Richard Kelly and Andrea Kershaw from @IDEO Neil Cross from @Microsoft [...]
The US is enamored with outdated and costly modality that is costing Billions in lost revenue and fraud. While many argue the business case for moving to technology like EMV or NFC is hard to justify, the reality is it is incredibly simple to justify based simply on mathematics around today’s massive cost of fraud. [...]
Recently we’ve been discussing at many organizations what it takes to get innovation done in large businesses with embedded behavior and practices. One side of the coin is obviously the impact of Disruptive Technology, but the other is purely the issue of Innovation Management or creating an organization that embraces or assists innovation. In a [...]
As preparation for my SIBOS Long Now Innotribe sessions next week I’ve been talking to lots of geeks, thought leaders, bloggers and innovators about what comes next. This is by no means an extensive list, but here are a few of the disruptive innovations that are coming our way in the next couple of decades [...]
As I tour the globe talking to banks and other financial institutions, the issue of how to make the migration to a truly customer centric organization is often agonized over. While many are keen to see that goal, there are just as many who feel organizational inertia and long entrenched silos are just too significant a hurdle to circumvent.
In this post, I try to tackle practical ways to put together real customer-centric innovation…
Reformists and regulators in the US, in the EU and in other jurisdictions are grappling with the problem of massive banks and how their financial health is tied up with the very vitality of the economy. This happens because as the banks are so large and represent a major indicator of the health of the stock market, and thus the macro-economy, it is possible that one of them went under it would have deleterious effects on the economy at large.
But banks are struggling with a new challenge. Are they too big to innovate, to change, to improve life for the customers that are their lifeblood? It appears so…
No one could deny that banks have had a tough time of it when it comes to stock market valuations over the last couple of years. The global financial crisis, massive debt and NPL issues along with punishing public opinion led to a massive collapse in banking stocks and company valuations in recent times. It would be simple to blame the sub-prime and global financial crisis as the sole cause of all the ills to the banking sector, but I have a different theory which explains a large part of the picture.
Their innovation capability and customer experience sucks!