Innovation in financial services sometimes overlooks the pressing needs of consumers who teeter on the edge of financial peril. Causes for trouble are many: staggering student loan debt, massive credit card balances and minuscule savings. Yet fintechs can make a major difference. To explain how, we'll chat with David Reiling, CEO of Sunrise Banks and author of Read More
Amy Radin believes in the importance of innovation—but unlike many of today’s top pundits of the latest and greatest, she possesses a clear vision of how innovative concepts can be put into practice. And don’t expect to impress her with plenty of sizzle but little steak. An Innovation Circle judge for the 2019 BAI Global Innovation Awards, Read More
By and large, banks have mastered the delivery of basic digital services, with 81 percent of consumers using their banks’ channels in some form or other, according to Oracle’s New Digital Demand in Retail Banking survey. While customers report that they’re generally very satisfied with these basic services, their experiences with more complex banking services fall short. Read More
More than 1.7 billion people across the globe remain unbanked, according to the latest data from the World Bank’s Global Financial Inclusion database. And it’s a growing problem in countries such as Sri Lanka, where a large portion of the population is forced to operate in cash and outside of the financial system. “If you’re poor, earning Read More
Thus far in 2017, interest rates haven’t risen as quickly or high as many industry prognosticators anticipated. And with interest rates stagnant for so long, you couldn’t blame some bankers for consulting a ouija board as opposed to fearless Fed forecasts. But for those willing to stay more a practical course, signs point to steady movement, with Read More
The BAI Global Innovation Awards program has fielded thousands of submissions over its seven-year history. It's given BAI president and CEO Debbie Bianucci insight as to what true banking innovation looks like. While fintech may be an innovation driver, it's far from the only one. On this podcast, Bianucci discusses the many facets of banking innovation, from Read More
As of November, BAI’s hometown could finally call itself home of the defending World Series champions, the Chicago Cubs. It took us 108 years to get there and to put that in perspective, the drought dated back to 1908, well before BAI’s founding in 1924. I’m a proud Chicago native and to say we’re still savoring our Read More
Innovation comes from people meeting up in the hallways or calling each other at 10:30 at night with a new idea, or because they realized something that shoots holes in how we’ve been thinking about a problem —Steve Jobs Looking at the macro landscape, it’s clear many traditional financial services organizations have answered a critical call Read More
Financial services organizations are used to increased regulatory requirements for FinTech and other vendors—so accustomed, in fact, that the established due diligence review process to assesses a vendor’s capabilities now reads like a regulation laundry list. It includes, but is not limited to: Financial statement analysis Management review Risk management assessment Funding Insurance Internal and external audits Read More
On a recent BAI Banking Strategies podcast, Chris Skinner outlined the tremendous implications of billions of connected devices, and how that calls us today to innovate and expand our efforts to embrace a near future when channels and media boundaries will vanish. His reflections come at a time when industry leaders continue to hash out—and hotly debate—how Read More
“Our intuition about the future is linear. But the reality of information technology is exponential, and that makes a profound difference. If I take 30 steps linearly, I get to 30. If I take 30 steps exponentially, I get to a billion.” —Ray Kurzweil, author, computer scientist, inventor and futurist Without doubt, today’s exponential rate of Read More
On this episode of the BAI Banking Strategies podcast, we talk with British banking veteran Anne Boden, the founder of Starling Bank, the first mobile-only banking platform in the U.K. Boden shares what led her to leave the traditional banking world and how she sees the nimbleness of fintech companies leading to new opportunities for challenger banks. Read More
According to a recent Innovation Management post, Are Corporate Innovation Centers Too Big To Fail?, the number of such centers or labs across the globe jumped from 301 to 456 over the course of the 15 months ending October 2016. This 60 percent-plus increase reflects efforts by companies across all sectors, including financial services, to take on Read More
On this episode of the BAI Banking Strategies podcast, we talk with Conny Dorrestijn , CEO of Shiraz Partners and based in the Netherlands. Conny talks about Europe's instant payments landscape, and how banking innovation leaders are divided into three categories: optimizers, transformers and disruptors. Conny recently authored an article, Five characteristics to look for in your Fintech Read More
Again and again, banks have been warned: FinTech startups will disrupt established financial service organizations and steal business, customers and profits. One analysis predicts that 60 percent of traditional banks’ profits and 40 percent of revenue could disappear by 2025. Another report claims that, in the lending arena, more than one-third of revenues are at risk if Read More
Three-D avatars. Machines armed with artificial intelligence. Robots, even. All of these, forecasters predict, will take over bank branches in the future. But it won’t be a hostile takeover, let alone one where humans are relegated to second-class status. In fact, bank employees will see their roles expand, allowing increased flexibility to take services to customers in Read More
Amid the smoky aroma of fresh-roasted coffee and the sweet scent of pastries, Scott Maykis starts his morning routine by tapping into the free Wi-Fi at the Capital One Café on Chicago’s Gold Coast. But he’s not checking into the café-style branch bank for the money. He’s not even a customer. A management consultant who works nearby, Read More
Community banks need to innovate. Most of us accept that. Too much is changing around us; too many other players are jumping on our turf. Regulators seem out to strangle us. And customers demand more and more. Community banks need to be strategic and tactical about innovation. Innovation should be driven by corporate strategy. It should be carried out as Read More
There’s no doubt: Technology innovation—and Application Programming Interfaces (APIs) in particular—are transforming how we connect, bank and pay. Except for digital currencies and non-bank blockchains such as bitcoin, we can safely say that banking and payments are truly changing from a customer experience perspective. To be sure, tackling true business model changes is complex. Factors such as Read More
Where other evangelists of corporate change listen to the likes of statisticians and pundits, Josh Linkner hears music—literally. Before he became one of the nation’s leading speakers on innovation, he learned the art of jazz improvisation, earning a degree in jazz guitar at Berklee College of Music. And boy, can Linkner play. A four-time tech entrepreneur, serving Read More
