The Bankwatch

Tracking the consumer evolution of financial services

Banks’ view of innovation is sadly lacking in imagination

Its too bad this innovation panel brought out the usual bank thinking by focussing on what they thought they were doing that was innovative rather than greater focus on lessons learned.

ING, HSBC and Nordea outline barriers to banking innovation | finextra

Beurden goes on to say that banks need to recognise how many so-called "painful moments" they face off to their customers and reconcile these with what he describes as a "pleasure curve." (Such as a store offering a child’s play area, while parents wait in line at the register.) He adds that ING will be making a technology announcement around this "pleasure curve" for customers in the next nine months.

More here.

In fact this quote sums up for me the banking view of innovation.

“We don’t have an innovation strategy just for the sake of innovation….All of our innovation is aligned with our core strategies. There are things we do, that while it doesn’t have a huge financial impact, from a people investment and a customer investment is huge." – Stewart Bromley, HSBC (First Direct)”

I get the connection to core strategy but do not use strategy as an excuse for developing supporting tactics rather than innovating. 

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Written by Colin Henderson

September 13, 2010 at 21:20

Posted in Uncategorized

2 Responses

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  1. Colin,

    Hello, it seems like ages since we’ve chatted. As you know, I was the moderator of that panel.. have responded to your comments on my blog, but as an ex-banker yourself, you know the difficulties one gets into talking about stuff on film. I suspect my panelists were more than a bit constrained. 🙂


    James Gardner

    September 19, 2010 at 12:02

  2. Hi James, and indeed I will check that post out. The ultimate question is whether bankers are constrained in discussing their innovation or whether they are innovative.

    Colin Henderson

    September 19, 2010 at 13:03

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