Mining bitcoin and the like demands more and more power for juggernaut computers. And gives central governments leverage over decentralized currencies.
Banks that are able to innovate on a continuous basis do so by building a culture that sparks and sustains innovation, say past winners of the BAI-Infosys Finacle Global Innovation Awards.
Both innovation and expense reduction will dominate the top 10 trends for retail banks in 2015.
Infosys Finacle executive Michael Reh says banks need to leverage modern technology for innovation to generate new revenue sources and accelerate profitable growth.
Judges in the BAI-Finacle Global Innovation Banking Awards say bank innovators have advanced from mobile banking to omnichannel banking.
Good performers align their culture, brand and business model to implement a strategy that differentiates them from competitors.
Banks today find themselves in uncomfortable comparable positions to the failed giants Borders, Blockbuster and Blackberry.
Mastering the fundamentals of customer data consolidation, real time interfaces and speed-to-market capabilities makes it easier to embrace innovation.