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Banks Don’t Have To Innovate

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Banks Don’t Have To Innovate

Forbes,

5 min read
3 take-aways
Audio & text

What's inside?

Banks may not need to innovate, but they’ll have to collaborate with those that do.

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7

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Recommendation

Banks have long innovated, but how do they stay relevant in the current environment? Should they innovate, or align with those that do? Moving fast and breaking things are not part of traditional financial institutions’ genetic make-up, yet advancing technology compels action. In this practical article, financial journalist Ron Shevlin advises banks and credit unions to be observant and nimble, wise to the challenges to their businesses, and ready to acquire and implement the right solutions – a process more complex than it sounds.

Summary

Banks are not typically disruptive, nor do they need to be.

Banking innovations are familiar – the ATM, smartphone access, online payment applications and electronic statements, to name a few. But fintech’s disruptions are brazen: Start-ups break stuff, lose money and ponder the outcome later in an effort to achieve a desired goal.

Banks don’t typically do that, yet their fear of missing out means they can’t rest on their laurels. Bankers are not creative by nature, nor do they have time to be. But one thing they can do is upgrade how they make their innovation choices...

About the Author

Ron Shevlin is a senior contributor at Forbes.

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