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August 06, 2013

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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 ......

YES WE NEED BANKING INNOVATIONS !!

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