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Innovation in Banking

The Future of Retail Banking in a Digital Age

Author: John Egan

Publishing date: 21 November 2014

Banking changed more in the last decade than it did in the previous century and the pace of change is only likely to accelerate.

The evolution of IT — particularly the internet and mobile devices — has resulted in the gradual disintegration of the banking sector.

New financial technology companies are now taking on banking service by service and adding new initiatives — such as crowdfunding and social investing — where they see fit.

Innovation in Banking: The Future of Retail Banking in a Digital Age looks at how these new start-ups are not taking on banks as a whole: they are simply cherry-picking the most attractive opportunities.

Innovation in Banking will help the reader understand the various existing and emerging areas of competition and the significant actors at play.

It provides a broad yet comprehensive understanding of the expanding banking environment, the protagonists and opportunities therein and the likely future of the industry.

The report concludes with a special focus on the role of innovation officers within retail banking, highlighting an obligation unique to banking: the redesign of the bank to take advantage of new technologies without creating Frankenstein-like behemoths made up of multiple acquisitions, systems and technologies.

Banking innovation requires the disambiguation of that complexity and this report offers practical solutions to achieve this in your own bank.


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