The culture of innovation in retail banking

Video feature

19 April 2018

In an exclusive interview at Efma’s Retail Banking Summit in Asia, Neal Cross, chief innovation officer at DBS Bank, discussed the challenges of establishing a culture of innovation and outlined what he thinks retail banking in APAC will look like in the future.

Cross began the interview by explaining what DBS sees as its current digital strategy.

“Our strategy and visions are multi-fold; at its core we want to be a 22,000 person startup –  so we want to operate more like a startup and we want to inspire our staff to do their best career’s work and to be digital bankers.”

When asked about how DBS has built a culture of innovation, Cross went on to discuss the challenges of establishing it.

“Yes, the culture of innovation has been incredibly challenging, especially in the finance industry. We have quite a different innovation group, so in the group I run we never actually invent anything. We don’t have bankers and we don’t have technology people, we have people from all walks of life –  from sales, to advertising to industrial design. The people responsible for innovation are the entire staff base.”

Cross concluded the interview by explaining what he thinks retail banking in the APAC will look like in the future.

“Evolve, devolve, revolve – I think there are a lot of options. Obviously, APAC has got some of the most mature banks on the planet and obviously some of the lagging banks on the planet in the same place, so it’s difficult to put a lens across all of those.”

Watch the full interview here:

Keywords : Digital/Mobile channels , Innovation

Geography : Singapore