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The Future of Banking –  Promises and Threats

Rmukesh Gupta

One of the industries that seems to be on the cusp of going through a similar upheaval seems to be the banking industry. If you look at what a bank does at its core, it is only two things: Collect money from parties (individuals, businesses and governments) and keep them safe and pay them whenever they need the same back. Changing dimensions of managing currency.

The 5 Myths Preventing Bank Fintech Innovation

Simon Taylor

Banks are now big complex machines that risk losing sight of why the existed in the first place. Banks protect your money (take deposits) and in return are able to lend some of that to help the economy grow. Somehow we ended up with organisations employing 100s of thousands of people & riddled with complexity. […

How To Fix a Bank in 100 Days

Simon Taylor

Banks have existed in a world of comfort. The high barriers to market entry like regulation and capital controls mean banks have enjoyed stable profit for decades. This made competing with banks on their terms very difficult. Banking Finance MobileThe problem is there are now players entering the market who play by entirely different rules. The days […].

Banks Can’t Have Innovation Because? False Certainty Kills It

Simon Taylor

Large institutions and especially Banks exist [… I define the need for false certainty as trying to think through every possible issue before committing a change. It strikes me as being like trying to predict the weather in 1 years time without any data, just a lot of people who’ve experienced different kinds of weather before.

6 Keys to Making Collaborative Innovation Successful

Speaker: Soren Kaplan, Founder of InnovationPoint

About ten years before filing for bank- ruptcy in 2003, the company hired the head of HP’s ink-jet printer business. BOOK GROUP PRESS www.gbgpress.com GREENLEAF The H o w t o C r e a t e a C U l t U r e o f i N N o v a t i o N S o r e n K a p l a n , p h D An Excerpt from. Th e advice and strategies contained herein may not be suitable for your situation, You Should. Chapter 7 Get Symbolic.83

Idealize the Answer

Destination Innovation

Staff at a major bank looked for an ideal solution for clients’ needs. Someone asked the question, ‘What if banks were open 24 hours a day, 7 days a week?’ Keeping banks open all the time was part of the original ideal solution but it was very expensive. Books Creativity History of Innovation at&t ATM bank. A better answer was to create ATMs.

Consumer Brutal, Chase Bank

Gregg Fraley

I do my banking online, as much as is possible. Online banking saves me time. I bank with Chase, more formally known as JP Morgan Chase. To be fair, according to my colleagues in the innovation space, this true story could probably apply to any USA bank (“stuck in the 90′s” was a phrase I heard more than once). Consumer Brutal: My visit to the bank last Saturday was unfruitful — I was there over an hour and was unable to get my account unlocked (so, really two hours). In sum, it’s bank friendly, Consumer Brutal.

How KBC Bank Used Crowdsourced Innovation to Create Massive Employee Engagement

Spigit

KBC Bank, a European bank and financial services leader , is an example of a company that experienced disruption first hand. Technology has fundamentally shifted how consumers interact with banks and other financial institutions. The post How KBC Bank Used Crowdsourced Innovation to Create Massive Employee Engagement appeared first on Spigit. 1,000? 10,000? Conclusion.

Why Bitcoin Scares the Crap Out of Governments and Banks

Simon Taylor

Depending on who you speak to, Bitcoin is either the most perfect example of a speculative bubble or it’s an attempt by software to eat the banking industry. Unless you’ve been living under a rock, everyone is talking about it. It has become a mainstay in the mainstream media outlets such as BBC News, Time, Wall St Journal and the […]. Bitcoin

6 Ways to Create a Successful Innovation Program

industry verticals, from banking and manufacturing to healthcare and energy, we’ve identified a few crucial factors and patterns that. The practice of innovation has come a long way, and for good reason. Regardless of size or sector, every organization today faces existential threats from changing customer expectations and a booming. technology industry. decades. 6 WAYS TO. That’s. Convince.

Innovation through Minimization

Idea to Value

Most banks will only make loans of hundreds or thousands of dollars and only to people with good credit ratings. Yunus’s bank, Grameen, gave tiny loans to entrepreneurs too poor to qualify for traditional bank loans. Innovation bank between grameen innovation minimization minimize smaller unilever yunusIn some ways it is like Facebook for couples. Muhammad Yunus.

Successful Strategy: Why it’s a Social Thing

Innovation Excellence

Innovation Leadership People & Skills Processes & Tools Strategy Association leadership Global ecosystem senior executives World BankConsider who needs to be on board for success. Your board of directors? The senior leadership team? Particular committees? Igniting this flame is key to successful execution. Understand that it travels socially, between individuals and through morale.

FORRESTER: Financial Services Innovation Requires Digital Tech, Matchmaking, and Discipline

Spigit

Banking is an old business. But in the past year, the rapid adoption of financial services innovation technology has catapulted banking, insurance, and financial leaders into the now. Check out our top choices, below. Digital Financial Innovation Is The Antidote To Disruption. Disruption and innovation often go hand-in-hand, but staying competitive means being ready for it.

The Bank to Developer (B2D) SDK and Business Model

Simon Taylor

There are several trends converging to make FinTech and Banks being disrupted very sexy news indeed. Post Financial Crisis Bank Hatred Shiny Startups Like Square, Stripe and the hard to pin down Bitcoin Interest from GAFA (Google, Apple, Facebook, Amazon) Interest from VCs This trend is typified by certain Tech (crunchy) press lately about Bitcoin, […

International Hackathon for Banking Innovation

IdeaConnection

Last weekend, Barclays Bank organized what it claims was the largest hackathon in financial services across two continents, ever. The huge open innovation event, called Rise Hackathon: Episode II – The Bank Awakens saw 547 teams and 1,045 participants compete over 36 hours in Mumbai, India, and Manchester, UK. Open Innovation Barclays Bank hackathon Rise hackathonNext Steps.

The State of Crowdsourced Innovation in 2016: Multi-Industry Benchmark Study.

banking to hospitality to energy. respondents, banks and insurance companies run the most challenges, averaging about. A Multi-Industry Benchmark Study 2016 STATE OF. CROWDSOURCED. INNOVATION A Multi-Industry Benchmark Study 2016 STATE OF. CROWDSOURCED. PARTICIPANT PROFILE 16 22 30 36 8 4 40 6 INTRODUCTION 3 “Innovation.” next big thing. Leader's “Innovation Benchmarking Report 2015.”

What is Preventing Mainstream Bitcoin Adoption?

Simon Taylor

BankingArguably Mid 2014 was peak Bitcoin in both the major news outlets as well as in the price. Since then the price has fallen, competitors have emerged and the hype as dipped. Despite Microsoft and others are “adopting” Bitcoin and actual transaction volume increasing, this is not at nearly the exponential rate required to upset incumbent payments players. […].

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Wells Fargo’s CEO is Gone, But What About the Board, Compliance and the Other Execs?

Adam Hartung

CEO Stumpf’s testified to Congress that he didn’t know the details of what was happening at the lower levels of his bank. Any competent Chief Compliance Officer had to know, after five-plus years of firings, that the practices violated multiple banking practice laws. Why wasn’t action taken, by the board and CEO, to stop these banking practices? To whom?

Innovations in Fintech

Innovation Excellence

Finance banking industry FinTechTechnology automation tends to have two phases: In the first phase, automation replaces human decision-making and process with an inflexible set of rules, often creating new problems even as it solves old ones, and shutting out those who may be outliers or may be “exceptions to the rule.”

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The job for life is gone? Not for everybody!

Eddielogic

What really surprises me is how many people are totally stunned when they realize that this insight applies to them … Continue reading → Banking Industry Practice employees financial turmoil motivationBy now, word has gotten around that that there is no such thing as a “Job for Life” any longer.

The Buyer's Guide to Innovation Management Software

in the bank? THE BUYER’S GUIDE. TO INNOVATION. MANAGEMENT SOLUTIONS THE BUYER’S GUIDE TO INNOVATION MANAGEMENT SOLUTIONS 2 1 2016 Gartner CIO Agenda Report 2 The Forrester Wave™: Innovation Management Solutions, Q2 2016 In less than a decade, innovation. management has evolved from a little- known IT practice to one of the most. powerful strategies an organization can. Illustrating how.

Innovation in the workplace – are you doing enough?

Wazoku

Earlier this week, Simon Hill spoke with James Goad of Owen James Events, ahead of the upcoming “Meeting of Minds Bank and Brand Distribution of Retail Financial Services” Event, with the aim to explain the importance of innovation in the workplace. Blog Interview banking idea management innovation interview retail Wazoku newsJG: First things first….and SH: Nice segway!

Financial Institutions Eager to Buy, Invest in Fintech Startups

Rocketspace

The global bank Banco Bilbao Vizcaya Argentaria (BBVA) recent purchased Mexican online payments startup Openpay as part of what it calls a strategy "to accelerate transformation by growing its portfolio of digital businesses." Earlier in 2016, the Spain-based institution acquired the Finnish online business banking service Holvi. It had already purchased three other digital firms and took a nearly 30 percent stake in a fourth in the two previous years. Working With Startups Corporate-Startup Partnerships Partnerships FinTech

Will Biometric Logins Replace Your Passwords?

Daniel Burrus

Bank notes and silver coins are starting to feel incredibly primitive or quaint at best to an increasing number of shoppers. The concepts of taking a selfie or scanning a fingerprint to authenticate our bank account is no longer an expensive or controversial idea. It has recently been estimated that one billion users will access banking services through biometric systems by 2017. Big Ideas Innovation Mobile Strategy Technology Transformation Trends Banking BIometrics Credit Cards Logins Password SecurityNow that the U.S. Does this sound familiar to you? SHARE.

Have the Banks already been Disrupted?

Matthew Griffin

Banks were once the corner stone of the community but today their industry is being disrupted and disintermediated. Over the past two weeks I’ve talked to a number of senior C level executives from some of the UK’s largest retail banks to understand more about their views of the world and their perception of the market and while outwardly little looks like its changing at the Big Five banks their executives are not sitting comfortably. Apathetic? No, I just can’t be bothered. The rise of Alternative Finance. Billion. Conclusion. Click and Connect with the Author: LinkedIn.

Innovating against conventional wisdom

OVO Innovation

We recently completed a project for a large retail bank. The conventional wisdom is that all Millennials and Gen Y and Gen Z will never use or frequent a retail bank. They are too wired in, too mobile and too dependent on the internet to ever darken the door of a branch bank. All the smart money in the retail and commercial banking sector is in payments and money movement, not in retail banking. Younger customers (and the rest of us) now have different interactions and expectations about interacting with banks, and many different channels.

The Banks Guide to scouting Fintech

Matthew Griffin

“Four of Europe’s largest banks reveal their Fintech scouting strategies and with one exception their approach won’t come as a surprise. As an Entrepreneur you’ve worked 247 365 and seen your bank balance dwindle. To an Entrepreneur attention is oxygen so imagine the electricity that flows through a room when you put thirty budding European Fintech Entrepreneurs in the same room as senior executives from some of the Europe’s largest banks. Attention is your oxygen so what can you do to stack the odds of being noticed in your favour? ”. Maybe he lost my number? Conclusion.

My fridge can disrupt your Bank

Matthew Griffin

For banks one of the first potential opportunities comes not from some fantastically complicated financial instrument but from the common a garden fridge. . The Internet of Things might not immediately look like a banks dream trend but with a little bit of lateral thinking it could be the biggest market you’ve ever played in. What not Who. Conclusion.

Could a high street Bank challenge Apple?

Matthew Griffin

Initiatives like Level 39, Finance Innovate and Fintech50 have helped position the UK as a Fintech powerhouse and the new UK Government has made it clear that it wants the UK to be at the forefront of Financial Services innovation and enabling more innovation around bank data is one way to ensure that that happens. Click, Connect and Share: LinkedIn . mgriffin_uk. Conclusion.

How to Design for Outcomes

Tim Kastelle

One of the case studies that he talks about is work that his firm did for a bank that was trying to get existing customers to buy more products from them, rather than spreading their banking across multiple banks. It’s always a bit dangerous to be “inspirational.” This problem is relatively easily solved with an incubator. This is a brilliant solution.

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7 Disruptive Forces for 2016 and Beyond

Innovation Excellence

As the first month of 2016 comes to a close, here are seven forces of the future poised to shift the way we live, work, bank, and vote. As a futurist and CEO of an innovation firm, I study the implications of emerging trends through research and dialog with experts, scientists, and academics in diverse fields.

A Digital Trust Architecture

Information Playground

 An internet-scale digital trust architecture will be characterized by the following architectural elements: Digital banks: cloud infrastructure offering data valuation capabilities (e.g. ATMs: an analogy comparing bank ATMs with IT hardware that enables data transactions (data deposits and withdrawals). Infrastructure deployed within a digital bank  Edge servers.

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10 Industries The Internet of Things Will Change Forever

Game-Changer

Retail banks can also mimic how retailers are starting to place sensors in stores to suggest product details, discounts and recommendations through the consumers’ smartphones. By connecting the retail banking environment, banks can increase the adoption rate of extra lines of services dramatically with personalized, contextual messages. Commerce. Energy. Transportation.

Banks: Too large to fail, easy to Disrupt

Matthew Griffin

“Senior banking executives are focusing on the impact that individual Fintechs or types of Fintechs will have on their organisations and industry but this narrow view means they’re at risk of missing the bigger picture. In 2008 banks were considered to big to fail but seven years on it’s looking increasingly likely that they’re not too big to disrupt. Trillion. Conclusion.

Three Interesting Examples of Crowdsourcing in the Financial Sector

IdeaScale

Standard Bank wanted to both raise the profile of their commitment to clean water in Africa and to find solutions to the thorny problem of sanitation in the Developing World, so they used a crowdsourcing platform to ask for and refine ideas. Crowdsourcing can add up in surprising ways. Can finance benefit from crowdsourcing? Open Innovation As Customer Service. Looking Outside The Industry.

Tournaments: Collaboration for a Rapid Outcome

Imaginatik

A quick example: At Imaginatik, we have recently helped The World Bank develop new tools on climate change as part of their Open Data initiative. on creating new apps using The World Bank's data. Tournaments are community driven. Tournaments are an engagement tool aimed at achieving maximum performance in: Collecting ideas. What are the differences? We will be delighted to help.

Consumers Driving Technological Change in the Financial Industry

Daniel Burrus

In yet another twist to a modern tale, it was recently revealed that it was consumers who were leading yet another round of disruption in the banking and insurance sectors. A fifth of respondents also said they would consider obtaining banking or insurance services from potential disruptors such as Google, Amazon or Facebook. . You could be forgiven for asking: What about those who do not have a bank account? Gartner recently reported that it believed that by the end of 2019, 25% of retail banks will use start-up providers to replace legacy online banking systems.

Where to focus your innovation effort

OVO Innovation

OVO has done a fair amount of innovation work in the banking and financial sector. As such I would not call us "experts" in the banking or financial services space, but we've spent time there and we are always interested in new ideas that are percolating in the industry. His argument is that banking is complex and takes far too much time, when people are already overwhelmed and want more time for themselves. His talk to the conference was on a key innovation target. Not customers, not needs, not products, but on saving people time by reducing complexity.

Now is the Time to Think Like an Innovator

Idea to Value

Most banks would make only large loans and they required some form of collateral. Yunus founded the Grammen Bank in Bangladesh and pioneered microfinance making very small loans to groups of women and asking for no security. It seems that innovation is now an imperative for every company and every CEO. Leaders all stress the importance of agility, entrepreneurship and innovation in their organisations yet most of them are frustrated by slow progress. What can we do to boost our lateral thinking and creativity? One way is to mimic the approaches of great innovators from the past.

Think The Blockchain is Interesting But Bitcoin Isn’t? Think Again

Simon Taylor

Banks have gotten into this “Blockchain” thing like it’s the new snake oil, a conversation about “Blockchain” will open any door and liberate a little budget. [… Whilst the “Blockchain is interesting” narrative has merit, it created a dismissive approach to Bitcoin that misses a trick. If you don’t want to miss that trick, read on.

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