A recent report on The Disruption of Banking by The Economist highlighted that more than half of the banks are either ignoring the Fintech trend, or talking but not doing anything about it.

In conversation with bankers and start-up executives, it is clear that there is a differing view of the world.

How can banks remedy their low-growth performance compared to other sectors of the economy? By taking a cue from financial services companies that have outperformed their peers.

Wells Fargo, Deutsche Bank and JP Morgan Chase have recently attracted attention with their innovation labs.

The Bank of East Asia (BEA), based in Hong Kong, was recognized as the Most Innovative Bank of the Year at the 2015 BAI-Infosys Finacle Global Banking Innovation Awards on Oct.

“The whole value chain of banking is up for grabs,” said Manuel “Manolo” Sanchez, chairman and CEO of BBVA Compass, in response to a question about disruption challenges to the banking industry posed by financial technology (FinTech) startups.

As banks look ahead to 2016, they face a challenging environment of low interest rates continuing to suppress net interest margins and an increasing regulatory burden that raises compliance costs and restricts fee income.

Most bank executives, at some point in their career, need to go before their boss to pitch an idea for a new project and, presumably, ask for money to accomplish that objective.

One of the most nebulous challenges in leading a bank innovation program is developing a measurement system that satisfies the institutional need for measurable results without stifling the creative spirit.

The banks most successful at creating break-through innovations aren’t one-shot wonders; they’re reshaping their organizations to cultivate and sustain employees and their ideas for creating new sources of revenue and customer loyalty year after year.

After years of debate the battle lines have been drawn and it is clear what financial services institutions must do to succeed.

What’s it going to take for retail banks to survive in this post-financial crisis, increasingly digital world? “The dual strategy of ‘New and Renew’ will be critical,” says Michael Reh, senior vice president and global head of Infosys Finacle.

What does it mean to be an innovator in today’s global banking industry? It’s no longer just about digital but more about connecting customers with their banks in a seamless, omnichannel fashion in order to solve specific problems and issues, according to judges in the BAI-Finacle Global Banking Innovation Awards 2014.

Looking across the banking industry today, it is increasingly apparent that strategic planning is broken.

Nobody believed David would beat Goliath until he did.

As today’s early-stage technologies evolve into mainstream offerings, retail banks will have to reshape their customer experiences to match.

2014 may be the year that banks pick up the pace in their walk-crawl-run to new operational models.

Faced by competitive challenges from non-bank disruptors such as PayPal, Google and Apple, banks are stepping up their efforts to be more innovative.

With the global financial crisis of 2008-2009 mostly in the rear view mirror, banks around the globe can focus more on the future, which means improving the customer experience through innovation, particularly in the delivery of mobile services.

Innovation requires focus and a disciplined process.