Innovation in Retail Banking 2019

Innovation in Retail Banking 2019

This year’s edition of the Innovation in Retail Banking report shows that while progress has been made in the areas of digital transformation, progress is exceedingly slow. In fact, there are indications that many organizations are not fully understanding the scope of change required.

This year’s report also illustrates that, while more organizations are focusing  on  investing in innovation, the scale of innovation is more incremental against current processes and products than transformational. It also appears that many innovations are still focused on reducing costs and  changing  processes  than on improving the customer experience.

In the end, while digital  technologies provide the opportunity for efficiency gains, it is the customer experience that needs to be improved. More importantly, if the organization’s culture remains the same, digital transformation will simply magnify these flaws.

As we move to 2020, the process of digital transformation and innovation will become much more about having the right leadership and culture than simply having the right technology. Part of this leadership and cultural change is having the willingness to act. With the financial services industry enjoying strong revenues, it is difficult for many organizations to take action on opportunities found.

Too many organizations have top executives who hesitate to implement new technologies or innovations, steeped in  analysis  paralysis  and in the comfort of current success. Unfortunately, there is a significant cost to doing nothing.

Change is happening faster than ever before – and will not slow down in the future. Financial institutions need to embrace the change occurring, take a modest risk, implement new innovations, and test and learn.  Waiting  —  is a losing proposition.

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Previous editions

Innovation in retail banking trends 2020: The rise of purpose-led innovation in banking

27 October 2020

Innovation in retail banking 2018

30 October 2018

Innovation in retail banking 2017: Reimagine banking

24 October 2017

Keywords

Innovation Bank Products & Services