How Your Organization Can Become More Innovative

It’s not that hard to train to someone to be risk-averse; even monkeys can be trained not to chase after rewards and benefits, Mick Simonelli, principal at Simonelli Innovation, said yesterday during a presentation at Celent’s Innovation and Insight Day in New York.

A step-by-step test to understand how your organization can become more innovative.
Continue reading

Innovation and Insight in Financial Services

There’s something about New York. The place exudes a sense of purpose. Broadway is the perfect place for a show and it seemed a fitting location for the Celent Innovation & Insight event. The theme of the show was shoot for the moon and even if you fail, you’ll fall among the stars so it seemed fitting that it started with the Star Trek theme tune. Representatives from various companies shared their stories of innovation in both insurance & banking.
Continue reading

Don’t replicate, elevate: winning new customers

It’s time we looked at innovation and how it can be used to drive new customer propositions. ‘Oh no, not that buzzword again,’ I hear you all shout. But actually, I want to look at lack of innovation. Let me explain.

I was recently talking to a product manager at a bank about their new payments renovation project that was just starting. I was rather surprised to learn that without knowing all that was possible, they were already saying the first phase of the project would achieve nothing new whatsoever. The reason why is because their IT department has a policy that for anything new coming into the bank, the first phase is to always replicate what the bank is currently doing. The bank claims this is done to ensure that no functionality is lost with new Software.
Continue reading

Bank Innovation Through Collaboration

I have been a little behind in my writing because I have been spending a lot of time on the road with some great innovators lately, at FinovateEurope and the Bank Innovators Council Lab Day in London, the FinTech Partnerships Conference and the All Payments Expo in Las Vegas, the Bank Innovation conference in Seattle, a CEB wealth management roundtable, and the Western Independent Bankers annual conference in Tucson– and that’s all just in the last six weeks!
Continue reading

The time is ripe for disruption in banking

Building on yesterday’s debate about Google and co coming into banking, and the previous discussions of such:

… and there’s been loads more, I was shocked to stumble across a survey this week that shows the attitude of Millennials (people born from the 1980s to 2000 that grew up with the internet).

The survey is called the Millennial Disruption Index (MDI), and represents a three year effort by Scratch, a creative agency.  Scratch interviewed over 10,000 Millennials in America, and asked for their views about 73 businesses in 15 industries.  The results are astounding, finding the most likely industry seen for disruption is Banking.
Continue reading

Innovation Is About 10x, Not Tinkering At The Margin

Innovation is a tricky thing. Some believe that innovation includes such activities as deploying web-based email or upgrading their Bank’s core systems. But to anyone who has been involved with (real) strategic planning and innovation, these are laughable statements (or perhaps statements that make one cry?). To wit, it was refreshing to read an interview conducted by Will Trout with Phil Swisher, Head of Innovation at Brown Brothers Harriman (BBH).
Continue reading

Is a FinTech revolution brewing in Continental Europe?

With the continent’s share of FinTech funding and deals under 6% of the global volumes (and less than 2% in the German-speaking countries), this is not a post about a burgeoning fintech scene in the region.

However, talking to or meeting over a hundred startups, investors and banks for the first study of fintech startups in Germany, Austria and Switzerland, here are five reasons why the fintech scene in the region bears watching:
Continue reading