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. Banks in most economies pays a simple interest (and in some countries, charge a fee to safeguard the money for the party) on the money that it holds for the parties.

Banking for a better future

100open

Subsequently, UBS – one of the world’s leading wealth managers and the largest universal bank in Switzerland boasting impressive market access, global connections, challenged their 65,000+ employee base to help make a positive impact in sustainable development.

Trending Sources

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.

2017 will be to banking what 2016 was to politics

Wazoku

Banking is at a crossroads against its own will, facing threats from Brexit regulation, from Trump – and continued change from social and technological evolution. These are my predictions for the banking industry in 2017.

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.

How Ideation Transformed the Culture of the Largest Bank in the Southern Hemisphere

Spigit

Commonwealth Bank , the largest bank in the Southern Hemisphere, is an example of a company that has heavily invested in the creation of a culture of innovation and as a result of their efforts has started to see the fruits of their investment. In an article on their blog , Commonwealth Bank describes how their internal ideation program – CommBank Intrapreneur – has been instrumental in transforming its culture.

What’s Next – The Disruptive Innovation Toolkit™

Braden Kelley

I think managers and leaders are wondering now that I’ve written two popular books (Charting Change and Stoking Your Innovation Bonfire) and a chapter … Continue reading → Change Innovation Bank of Montreal Change Planning Canvas Change Planning Toolkit disruption Disruptive Innovation frameworks methodologies OSF Healthcare Tools value innovation… and a new Innovation Intervention service. People have been asking me recently – What’s next?

FinTech and Machine Learning

IdeaScale

According to Fortune Magazine, some of the top financial technology trends for 2017 are consumer trust, buying behavior, mobile banking, blockchain, cybersecurity, and access. To learn more about Standard Bank’s internal innovation community, download the case study here.

How Open Innovation Can Be Used in the Financial Sector

InnovationManagement

In a recent article, The Financial Brand discussed the biggest threats to the financial and banking industry. Strategies compliance innovation management open innovation security standard bank technologyThey included a long list of everything from profitability to making good hiring decisions. However, we thought that there were a few problems that could be particularly fruitful when applied to open innovation systems.

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.

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.

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?

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. Their mission was to explore the best and most innovative emerging ideas and disruptive technologies to help shape the future of banking.

Innovations in Fintech

Innovation Excellence

Finance banking industry FinTech

Data 12

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.

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.

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.

FinTechCube benchmark study: “Banks lack a customer focus”

etventure

What is the state of digitization in the German banking sector? In order to answer this question, FinTechCube carried out the benchmark study “Digital Transformation of Banks”. More than 30 banks and around 200 private customers were surveyed for this.

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.

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.

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.

Future Squared Episode #3: Interview with NAB Labs' Humphrey Laubscher on Innovation in Banking | Collective Campus

Collective Campus

Our latest Future² podcast focuses on Innovation banking featuring Humphrey Laubscher, NAB Labs' Fintech Innovation Manager

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. .

Could a high street Bank challenge Apple?

Matthew Griffin

This time though they’ll be armed with the capability to create glorious, data laden customer products and services that make their products even more attractive and that in turn will put the banks under even more competitive pressure.

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.

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.

Fintech Innovations to Follow in the Future

InnovationManagement

The Bank of England announced last year that they would be looking to boost fintech development, indicating keen interest from financial giants. Fintech has been one of the most talked-about topics in technological innovation lately, paving the way for revolutions in the financial sphere. In this article, we’ll look at a few of the many recent innovative developments in fintech. Trend Alert 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.

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.”

Design 110

ITU Telecom World 2017: Exploring Smart Digital Transformation

InnovationManagement

News AI artificial intelligence banking conference fintech Internet of things IoT itu telecom telecomQuestions about the role of AI, IOT, fintech, and more are at the heart of ITU Telecom World 2017, the leading tech event for governments, large businesses and SMEs, organized each year by ITU, the UN’s key agency for ICT matters.

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.

The first of 3 key success factors of innovation management

Exago

At Exago, we’ve worked with extraordinary clients, such as Fleury, and others from pharmaceutical, banking, utilities and telecommunications industries – across four continents – to help them mobilise targeted communities to solve key business problems by learning from them and with them.

How Ideation Transformed the Culture of the Largest Bank in the Southern Hemisphere

Spigit

Commonwealth Bank , the largest bank in the Southern Hemisphere, is an example of a company that has heavily invested in the creation of a culture of innovation and as a result of their efforts has started to see the fruits of their investment. In an article on their blog , Commonwealth Bank describes how their internal ideation program – CommBank Intrapreneur – has been instrumental in transforming its culture. 89% of Spigit customers are leveraging ideation to create a.

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. According to McKinsey, linking the physical and digital worlds could generate up to $11.1

Innovate and Persuade with a Well-Judged Nudge

Destination Innovation

In 2015 the World Bank established a group to help developing countries use nudge policies. Behavioural nudges are clever policy tweaks often used by governments to influence the choices that people make.

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.

Grooming Future Leaders

Michael Roberto

Retired Brigadier General Bernard Banks, now teaching at Kellogg, offers some interesting insights on developing future leaders. Banks explains that companies need to begin grooming future leaders when individuals are not yet managing others. Banks explains: According to Banks, a better path is to begin grooming future managers when they are still in nonmanagement roles, so that they can develop prior to moving up the ladder.

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. Infrastructure deployed within a digital bank  Edge servers.

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.

When Disruption Becomes Destructive: How Can Financial Services Companies Close the Innovation Gap?

Qmarkets

caption id="attachment_40714" align="alignright" width="438"] The speed of change in the banking industry has CEOs more concerned than in any other industry. The combined valuation of the top 50 banks worldwide make up almost one-third of this number: a whopping $4.3