« Things worth reading: the European View | Main | Things worth reading: 7th August 2013 »

August 06, 2013


Feed You can follow this conversation by subscribing to the comment feed for this post.

Dorel Blitz - Innovation Manager at Bank Leumi

Great post.

Pablo Silva

From the banks cited I would say Citibank japan branch prototpe!

Serge Milman | Optirate

Innovation is typically defined as the application of new solutions that meet new requirements, inarticulate needs, or existing market needs. With this as the basis, I struggle to understand why the above Banks were chosen as most Innovative. I understand that they have Labs or CoE focused on Innovation, but that isn't the same as actually being Innovative.

The only two concrete examples of Innovation that are sited to BBVA, and these included PFM introduced in 2008 and an effort around Big Data. As most of us will recall, Yodlee introduced PFM in 2000/2001 and most large US Banks had implemented and discarded the service due to non-use several years later. Moreover, Mint.com has been around since 2006 (2 years before BBVA's PFM solution) along with dozens of others providers. As such, it is difficult to characterize PFM in 2008 as Innovative. The Big Data effort - which began just a few months ago - does not appear to be much different from the Big Data efforts underway at virtually every large Bank, and it isn't clear from the article that is has lead to anything that could be described as Innovative.

Do aspirations of being Innovative pass for being Innovative in 2013? Hope not...

Jean-Luc Strauss

I have to agree with Serge
Banks do not manufacture technology but the only discourse we hear from them is technology based.
what's genuinely important is the innovative usage of technology as the support of new BANKING solutions for the customers.

Yes, Phone apps are convenient and trendy, but how far are they innovative ? which NEW SERVICES do they offer ? is it not normal for any distributor like the retail banks are to utilise any available channel and reach their clients as it is now happening with mobile banking (by the way, we are still waiting for the same banks to allow us to pay with our mobile in a simple way without being restricted to a bank + a mobile operator + a tech solution (NFC / ..)?

OK: it's easy to criticise but what clients expect are new services to facilitate living a better life beyond the marketing artefacts of "revolutionary" technologies hidding the non-existent genuine banking innovations

All this to say that innovation in banking is different fromp innovation in industry and it is not so easy to develop services/products innovations in the retail banking domain

So, please innovative bankers, stop trying develop innovations via tech only (obviously you need tech to simplify the usage of new innovations, p.e.); go back to your drawing boards and work with a large mixture of people including the clients and modestly try to better understand the sociology of your customers and progress from that stage on
just a advise to resist biais of the standard marketing practices ......


Verify your Comment

Previewing your Comment

This is only a preview. Your comment has not yet been posted.

Your comment could not be posted. Error type:
Your comment has been saved. Comments are moderated and will not appear until approved by the author. Post another comment

The letters and numbers you entered did not match the image. Please try again.

As a final step before posting your comment, enter the letters and numbers you see in the image below. This prevents automated programs from posting comments.

Having trouble reading this image? View an alternate.


Post a comment

Comments are moderated, and will not appear until the author has approved them.

Your Information

(Name and email address are required. Email address will not be displayed with the comment.)

Twitter FSClub

    follow me on Twitter

    Your email address:

    Powered by FeedBlitz

    Search blog

    Amazon Digital Bank

    Financial Brand Editor's Choice

    Alex: The Finanser BlogAlex at the Financial Services Club
    Gaping Void: The Finanser BlogGaping Void's Hugh MacLeod worked with the Finanser
    Wordle: The Finanser Blog

    The Financial Brand


    Payments News - from Glenbrook Partners

    Payments RSS

    Tomorrow's Transactions blog