The post 12 reasons why banks don’t innovate appeared first on Chris Skinner's blog. Digital Bank Fintech Grid Innovation Opinion TechnologyI just got back from the ICEEfest in Bucharest, Romania. MORE

What is the state of banking innovation today? This year, the pressure for banks to innovate is high, as banks no longer […]. Each year, we poll the industry to find out. MORE

Now that the industry is (mostly) clear on the fintech “friend or foe” issue, startups are busy pitching their products to the eager incumbents and their innovation teams. Startups, beware of “innovation tourists.” Exclusive Innovations Operations Startups Technology Wealth Management fintech startups GoldBean innovation Jane Barratt MORE

When IT Becomes a Drag on Innovation. FIs want to innovate – 97 percent of banks and credit unions surveyed told PYMNTS they have focused on innovation over the past three years. What’s more, FIs with flexible IT infrastructures are twice as likely to be successful at innovating. MORE

I love this thesis, as it really shows why it’s incredibly hard to innovate internally. The internal innovator is like some strange virus infecting the organisation. It is the reason why innovators have their dilemma. Grid Innovation MORE

Standard Chartered has officially open its eXellerator facility, a center designed to promote the innovation of fintech, in Hong Kong, the bank announced today. The bank will operate the innovation center under its SC Ventures arm, which invests in emerging fintechs and other startups. MORE

After all, it’s easy to call out banks for doing banking as usual but, if I … The post Look East for innovation appeared first on Chris Skinner's blog. Digital Bank Fintech Future Grid Innovation Opinion MORE

Innovations Mobile Online Operations Technology 10 Most Innovative CEOs2016 has been a year of many things. No, really, just look at this list of most trending Twitter topics of the year (spoiler: elections, Brexit and PokemonGo all made the list). MORE

From hackathons to startup pitches, startup accelerators and innovation labs, there are no shortage of ideas – and, it seems, the money to keep a steady stream of them flowing. But as Pauling wisely remarked, starting with a ton of what could be great ideas doesn’t in any way guarantee that you’ll end up with a ton of exciting and meaningful innovation as a result. In response to the question, “how do you decide which meetings to take, and then which innovators to invite back?” MORE

It turns out nations beyond America today are increasingly generating more significant financial technology innovation, especially in artificial intelligence. DataBank Exclusive Online Open Fintech Startups Canadian fintech Chinese fintechs innovation startups Zhong AnLocation matters. MORE

I get lots of input from many sources, and one of the ones I like is the innovation survey of banking produced annually by EFMA with Accenture. Digital Bank Fintech Future Grid Innovation Technology Uncategorized MORE

There are two forces at odds, said Leavenworth: The growth of new ideas, entrants and true innovation in payments versus existing legacy systems — which often still function as designed, he noted, and weren’t cheap to implement. Innovators like inventing new systems, widgets and gadgets. Startup Check-In Finance FinTech Innovation interoperability legacy systems modo payments News startup check-in startups Technology MORE

According to recent research from PYMNTS, the industry’s innovation pacesetters are those who devote the most time to developing new features, products and services. They are also the FIs that allocate the majority of their budget and other resources to testing those innovations. According to the latest Innovation Readiness Playbook , sandbox tests are a favorite tool of top innovators. What’s more, a massive budget is not necessary to perform like a top innovator. MORE

Small businesses (SMBs) prefer not to seek funding to finance their innovative endeavors, according to new research from BMO Wealth Management , which suggests SMBs are missing out on opportunities to drive growth. published in BMO Wealth Management’s “ Creating Wealth through Business Improvements ” report on Monday (May 7) found that 60 percent of small businesses have never sought funding to support investment in innovation. MORE

Bank Innovation 2018 will be. Exclusive Innovations Bank Innovation 2018 Propel Ventures Ryan GilbertShouldn’t banks be more like Apple stores? And shouldn’t fintech conferences be more like Apple stores? MORE

As the innovations of these startups seems set to continue, 2017 seemed to mark the year that banks set themselves with.Read More. MORE

Exclusive Features Innovations Mobile Online Payments 10 Most Innovative CEOs artificial intelligence Citi Fintech clinc Mobile banking online banking Starling Bank UK fintech MORE

The general consensus around the table … The post The innovator’s view of Open Banking appeared first on Chris Skinner's blog. Digital Bank Fintech Grid InnovationI hosted a dinner focused upon Open Banking recently and what it means to FinTech firms and start-ups. There were no bankers at the table, but a lot of firms who consult, provide systems or are deploying new businesses in FinTech at the table. MORE

More important, perhaps, than the innovations they made on behalf of their more famous lead players, was how their contributions accelerated those innovations’ time to market. Innovation in payments and commerce has an unsung hero, too. MORE

Over the past few weeks we have been previewing various content themes we will be discussing at our Insight and Innovation Day in Boston on April 4th. I would like to finish this series of posts by looking at the new Model Bank category we introduced this year – Emerging Innovation. When we added this category, we weren’t quite sure what to expect, but we certainly hoped to see the banks’ efforts at the “bleeding edge” of innovation. MORE

The latest Index, covering the first quarter of 2018, examined what the best innovators are doing and found it’s not enough to be just diving into digital — though that’s a start, given the generally poor state of QSR innovation. So what makes an innovative restaurant? MORE

EXCLUSIVE – Peggy Mangot, senior vice president of Innovation at Wells Fargo, has joined the speaker faculty for Bank Innovation 2018. Bank Innovation 2018 will take place March 5-6 in San Francisco. Exclusive Bank Innovation 2018 Finspace Long Game SnapCheck Wells Fargo MORE

Innovation implies a break from the conventional ways of operating a business. Ultimately, innovation is oxygen for companies in almost any vertical, as competition demands new products and services, improving customer experiences in unexpected ways. It’s no secret that the regulatory landscape is shifting quickly, requiring firms catering to those very customers through innovation to safeguard them at the same time, especially when it comes to their data. MORE

The word “innovation” get thrown around a lot in banking these days (ah-hem!), but Lara Druyan, managing director, head of innovation, west coast, for the Royal Bank of Canada warned that without metrics, it is easy for innovation efforts to get “squishy.” MORE

“Innovation” is a term that is frequently used to describe fintech businesses, whether it’s an innovative culture, an innovative product, or how they’re creating innovation within the industry. MORE

Creating innovation that’s both meaningful and lasting requires more than just coming up with a great idea. In the latest installment of PYMNTS Commander In Chief Series , Todd Clark, President/CEO of CO-OP Financial Services , shared why challenging the norm and looking to solve real problems for consumers is so crucial to not only getting innovation, but also delivering the type of value that encourages those consumers to change and adopt new behaviors. MORE

Rather than searching reputable sources for how this bank or that bank innovates, I thought I would give it to you straight from the gut. Because experience tells me that bankers are struggling with innovation. At its core, innovation should solve problems. MORE

Rudolf Booker , CEO and founder of Payvision , joined PYMNTS for the latest segment in the Commander in Chief series to explain why sparking innovation in payments may mean looking outside the payments industry itself to bring about real and lasting change. MORE

While the Restaurant Readiness Index revealed that QSR industry adoption of innovation has been spotty, kiosks were the one area where the best-performing and worst-performing QSRs were making advances. MORE

I was listening to a financier talking about FinTech the other day, and claiming that they are all sustaining innovations and not disruptive. Disruptive innovation creates new markets separate to the mainstream; markets that are unknowable at the time of the technologies conception. MORE

EXCLUSIVE – Lara Druyan, managing director and head of innovation at Royal Bank of Canada, has joined the speaker faculty for Bank Innovation 2018. Bank Innovation 2018 will take place March 5-6 in San Francisco. MORE

Not innovating is not an option. Perhaps in the early days of digital banking and mobile apps, innovative technology was a “nice to have,” but that is no longer the case. According to Johnson, the key takeaways are as follows: Innovation is a “must,” and it should not happen in a lab. MORE

The seed of FinTech innovation often comes from a desire to do things differently. But as finance and payments tech expands, these traditional FIs are learning that perhaps the best way to meet the demands of their corporate clients isn’t to compete with FinTech innovators but to collaborate with them. In B2B payments, that can mean discontent in the way traditional banks and FIs do business or a need for disruptive technologies to come to market faster than banks can offer. MORE

The big day has finally arrived — no thanks to Mother Nature, who decided to throw a disruption of her own at the year’s biggest celebration of innovation in the shape of a blizzard named Stella. The fifth anniversary of Innovation Project in Harvard Square today being one extremely tenacious example. Go to Innovation Project, aka “The Davos of Payments,” for two days of closed-door, off-the-record conversations on the campus of Harvard University. MORE

Come join Bank Innovation’s Telegram Group. Bank Innovation‘s Telegram channel was created to foster discussion and collaboration among the fintech community on the latest trends, insights and events […]. Exclusive APIs Bank Innovation BlockChain fintech fintechs Telegram MORE

Which is a tall order, particularly when it comes to things like building better ATM self-service technology , where the pace of innovation is oftentimes uneven. Top-performing financial institutions can roll out new innovations a full 2.5 Finding solutions that work is great. MORE

You may find it gratifying that most of … The post Innovation with compliance is difficult appeared first on Chris Skinner's blog. Grid Innovation Regulation UncategorizedI’ve been at a few conferences this week, and was amused by an audience poll at one event. The moderator first of all asked: Do you believe that the regulators are in the incumbent’s pockets and protect the industry from new competition? MORE

Apple has its Genius Bar, and Bank Innovation has its Innovation Bar, where three fintech experts (fintexperts?) Bank Innovation 2018 takes place March 5-6 at the Parc 55 Hotel in San Francisco. MORE

In financial services today, security and innovation can work with each other, and against each other. FinServ cybersecurity is, of course, a prime target for innovation. Mastercard president of global enterprise risk and security, Ajay Bhalla, recently explored the relationship between financial services innovation and security, telling PYMNTS how these two dynamics can complement each other while guiding the FinServ space in its journey to a better service offering. MORE

Treasury Department is poised to release a report over the next few weeks that will give some recommendations on regulating financial services, with a nod to the advantages of FinTech efforts and sandboxes that encourage innovation. The forthcoming Treasury document may mirror some of the findings that stemmed from the Innovation Readiness Playbook via PYMNTS, where 40 percent of the top performers in the financial institution (FI) industry trust sandboxes to scale functionality. MORE

EXCLUSIVE – The members-only innovation lab, Motive Partners, opened a center in London today. Exclusive Innovations Lending Mobile Online Open Fintech Payments Premium Retail Startups innovation lab MasterCard Motive Partners The Royal Bank of Scotland MORE

There are quite a few lending solutions these days for small businesses -- Funding Circle, OnDeck, Kabbage, and Square Capital, to name a just a few -- but innovation and digitization are lagging in other areas, such as digital account opening. MORE

In meetings and calls with analysts last week, executives from top banks such as Bank of America , JPMorgan Chase and Citi — along with payment companies such as Visa — explained how they are leveraging technology to drive innovation. Banks are turning to digital technology to enhance the customer experience — and reduce payment friction — in an effort to boost top and bottom lines. MORE