Today’s South by Southwest agenda features a panel discussion that addresses one of the most critical issues faced by today’s financial institutions: innovation, or the lack thereof. Unfortunately, our team is not able to attend the session. But if you’re there, you should check it out. Here’s a preview from Lending Club, one of the panel participants.
Banks: Innovate or Die
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{ 3 comments… read them below or add one }
Looking forward to seeing a recap of this session. Although I have to wonder when they say “banks have lost their innovative edge”…was there one there in the first place?
Good point, Jeff. It’s a pretty generous statement. In any case, it does seem that many bankers are unwilling to innovate, or perhaps more appropriately, adapt to changing markets and consumer behaviors. I think many bankers will dismiss the discussion about this session because it’s extreme. However, there is such a thing as incremental innovation; innovation doesn’t have to be radical. And at the very least, incremental innovation, improvements, and adaptations will be required to sustain a successful business as consumer behaviors and expectations continue to evolve.
Jeff,
Point taken. If there has never been a culture of innovation, then you can’t exactly have lost your innovative edge
Although the valid point made during the panel session was that banks, like other large entities, will often acquire innovation if it produces a positive outcome from a cost or margin perspective. Mobile RDC is an example. Banks didn’t come up with the innovation, but saw the use in it.
Brett King
Moderator – SXSW Panel: Banks, Innovate or Die!