Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Passion For Banking Innovation Fueled By Fintech, Big Tech Disruptors
The Financial Brand | By Jim Marous | October 2018
The Innovation in Retail Banking 2018 report provides a look back over the past decade with a view toward the future of innovation in financial services. While the commitment to innovation has increased, there are still many investment gaps, such as with advanced data analytics.
Over the last decade, banks and credit unions have needed to respond to the impact of the financial crisis, the digitalization of the industry and mobilization of the consumer, an influx of traditional and non-traditional competitors, new regulations, and continued pressures on margins. Despite these challenges — or maybe because of them — we have seen an increase in the commitment to innovation from institutions small and large. Innovation has also driven the fintech sector, with new entrants offering competitive alternatives focused on digital delivery and improved customer experience.
This increased commitment to innovation in response to consumer expectations and increased fear of non-traditional players are two of the primary findings of the 10th annual Innovation in Retail Banking report, sponsored by Efma and Infosys Finacle and published by the Digital Banking Report. The report includes a review of the previous nine years of the publication, providing a snapshot of the marketplace and innovation trends through the years. During this period, there was increasing investment in innovation, a shift from efficiency to experientially focused breakthroughs, evidence of continued strength of Eastern European and developing financial marketplace banks as innovators, and the integration of new technologies.
See: Join us at 4th VanFUNDING 2018: CONVERGE and hear the latest on Innovation in Financial services
The key findings from this global survey of more than 300 financial institutions include:
- While fewer than half the organizations surveyed have a chief innovation officer, the presence of an innovation strategy increased by 6% since least year.
- 50% of organizations state that their primary area of innovation in the next four years is in product delivery channels.
- 74% of institutions increased innovation investment in technology, 73% increased investment in channels, and 69% increased investment for customer experience in the past year.
- The primary ways organizations are driving innovation is by partnering with business partners, large tech firms and start-ups.
- Open Banking APIs (5.68 on a 7-point scale) and advanced analytics (5.66) were the technologies thought to have the greatest impact over the next 12 months.
- In 2018, there was a significant shift to a longer-term perspective of ROI for innovation.
- Bankers surveyed believed big-tech firms, digital commerce platforms and fintech start-ups will be the most innovative competition in 2022.
2018 Innovation Trends
Digital Banking Report research found that the proportion of institutions with a defined innovation strategy rose 6% from 2017 — to 49%. In 2017, the percentage of firms with an innovation strategy was 43%, compared to only 37% in 2009 (when only larger firms were included in the study).
In the past, the vast majority of organizations surveyed were larger financial institutions. In 2017, the scope of the research expanded significantly, including smaller firms that are less likely to have a mature innovation process. When a delineation of respondents was done by asset size, it was found that larger financial organizations are more likely to have a clear innovation strategy than smaller firms.
See: Congressional Hearing on The Future of Money & Crypto: “These Innovations Should be Fostered Not Smothered”
Presence of Innovation Officer. The primary driver of innovation, beyond budget and personnel, is the presence of an “innovation culture” and a focus on making innovation an integral part of the way an organization views itself. However, slightly fewer than 50% of organizations have a dedicated innovation officer within the organization according to the report.
The good news is that the presence of an innovation officer increased significantly over the past year — by six percentage points. In 2017, only 37% of the organizations surveyed had a dedicated person to lead the innovation process. This increase is one of the largest changes in this year’s survey.
When the report dug deeper into the responses, it was found that there was a definite delineation based on the size of organization. As expected, the presence of an executive for the innovation process is correlated with the size of the bank or credit union. It is assumed that as the size of the organization gets smaller, innovation becomes part of a broader role within the organization.
Areas of Innovation Investment. The percentage of firms increasing investment in innovation increased by only 3% this year, it is interesting to note that the number was relatively the same across all geographies and sizes of organizations. Supporting the focus on improving the digital delivery of financial services for the improvement of the customer experience, investment in channel innovation and customer experience were two of the top three areas of increased investment in 2018.
Not surprisingly, the top area of increased investment is in the area of “technology enhancement.” Based on other research done by Digital Banking Report, this focus is most likely to reduce costs, as opposed to improving the customer experience.
See: FCA: Regulating innovation: a global enterprise
Measurement of Innovation Success. In a major shift from previous reports, far fewer organizations are taking a short-term view of innovation returns. In 2017, 31% of firms had a ROI perspective of one year, compared to only 17% this year. That said, while 54% of firms looked for an ROI in 1-3 years in 2017, this number increased to 63% this year.
This extended view of returns from investment in innovation is definitely welcome, since this indicates a separation between innovation and quarterly financial reports. This was considered a significant cultural change in the industry overall.
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The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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NFX | Gigi Levy-Weiss | Jan 26, 2023 An overlooked key to growth: How well you transition from Founder to CEO determines how your company scales. Seed stage Founders have a hand in everything: marketing, hiring, product, sales, everything. You have to early on. But when your startup starts to grow you can’t – and shouldn’t – keep doing it all yourself. Once you reach 30-50 people, your goal should be to build a team and mechanisms that will do “everything” so that you, the CEO, can focus on leading and managing. The deceptively simple secret: Elite CEOs build systems. Read: Culture and Diversity Leadership: Tale of Two Doors Hiring: Before we dive into systems, let’s get this out of the way. Don’t worry about spending too much time on hiring. Take the time you need to surround yourself with the right people[, and don't be afraid to try people out'. Wix CEO: "I cycled for 22 people before I found Omer Shai, my CMO. I hired and moved people to different things. I fired people. It was around 22 people that they hired within about a year and a half…When I got to Omer after a few weeks, it ...
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Read More
Read More
Tristram Waye for Bitvo | Jan 26, 2023 Crypto blew up, governments cracked down, regulation forthcoming? We are now in a place where awareness has to be exercised in places where trust was once taken for granted. And that means embracing two principles from the Middle Ages. These are caveat emptor and the fiduciary standard. Caveat emptor: The word caveat emptor means buyer beware in Latin. The idea is that the buyer is responsible for assessing whatever it is that they are buying. Its origins date back to the open markets of the 16th century. In developed countries, the concept has moved from buyer to seller beware. Numerous consumer protection laws have been enacted to lift the burden from the buyer and shift it to the seller. In general, there are numerous remedies for established consumer products. See: How Important is KYC for crypto transactions? But for speculative, largely unregulated assets like crypto, caveat emptor is still highly relevant. Keep in mind that in contrast with venture capital, crypto secondary markets are a massive benefit. As William Janeway said about venture capital, cash and control are key elements in VC. Meaning that if the project goes sideways, you can’t sell ...
Read More
Read More
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Read More
Read More
Knowledge at Wharton | Angie Basiouny | Jan 17, 2023 A new book from Wharton management professor Emilie R. Feldman offers a comprehensive primer on divestitures, which can be a financial game-changer for companies that know how to execute them correctly. Feldman, whose research focuses on corporate strategy and governance, spoke to Wharton Business Daily on SiriusXM about her book, “Divestitures: Creating Value Through Strategy, Structure, and Implementation,” which was released in December. Opportunity cost: Often the idea of focus is overlooked by executives, and this is really the missed opportunity that could be pursued in the sense that divesting, removing assets and businesses that don’t fit and might be underperforming, could free up resources to pursue better opportunities in a more focused fashion after completion of those transactions. “Managerial compensation is strongly correlated with market capitalization, so there’s a financial incentive not to divest because doing so reduces the executive’s bottom line.” See: Bill Gates Announces $20 Billion Donation and Obligation to Return His Resources to Society 4 strategies: resolving or exiting underperforming businesses; improving focus; reconfiguring and reshaping the corporate portfolio to move into more profitable opportunities; and addressing regulatory requirements. Types of divestitures: Sales are the most ...
Read More
Read More
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Read More
Read More
Torys via Mondaq | Brigitte Goulard, Konata Lake, Marissa Daniels, Mohammed Muraj and Robin Asgari | Jan 25, 2023 Although many were hoping for the launch of the first phase of open banking in January 2023, as initially promised in the final report of the advisory committee on open banking, this date no longer appears achievable. However, progress continues to be made on open banking, with the first phase expected to launch this year. As the open banking steering committee and working groups continue their important work to create an open banking framework in Canada, the larger financial services community is preparing to integrate open banking for businesses and ultimately for consumers. See: Open Banking Interview with Canadian Lead Abraham Tachjian Accreditation: there was consensus that the Australian model is preferable. The Australian model allows participants to determine the adequacy of the insurance or comparable guarantee that they require by assessing factors such as the (1) nature of products or services to be provided; (2) nature of Consumer Data Right (CDR) likely to be managed; (3) volume of CDR data held; (4) financial resources; (5) scope; (6) policy limit; (7) persons covered; and (8) exclusions. The liability working group focused ...
Read More
Read More
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Read More
Read More
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Read More
Read More
Costanoa | Jared Franklin | Jan 17, 2023 It’s a really exciting time in the world of insurance. As in many sectors, COVID-19 accelerated the sector’s digital transformation as many insurers stepped up to the plate and faced the unprecedented challenges the pandemic posed. Market opportunity: Insurance is BIG business, with nearly $7 trillion in gross written premiums in 2022. But what gets VCs like me even more excited: $1 trillion more of premiums should have been purchased, but weren’t. So, over the next decade, we expect consumers and companies to spend at least $80 trillion globally on insurance. That’s 40 Apple’s, the highest valued public company in the world. See: Growing Trends: Insurtech and AI Parametric insurance: It’s a transparent solution where the payable amount is pre-calculated, and payment is sent immediately following a triggering event. Climate change and digitization are two long-term trends that create a unique set of challenges (and opportunities) in the future. Companies must be armed with alternative approaches to traditional underwriting and coverage. Parametric insurance is flexible and precise, remaining a massive opportunity over the next decade. With parametric, a payout can take place regardless of the magnitude of physical loss, often even when ...
Read More
Read More
Jan 24, 2023 Gambling has been a loved pastime in Canada for many years. With land-based and online casinos catering to the country's large population of players, many Canadians have enjoyed the best gambling experience. However, they have become significantly more popular recently, leading many people to question why such a trend is surfacing. In this article, we'll look at some of the causes, including accessibility, convenience, and a larger selection of games. These are some reasons they’ve gained traction in the country. Factors That Influence The Popularity Of Casinos In Canada Virtual casinos are becoming increasingly famous due to various variables in the Great White North. And they include: Convenience It's no secret that ease of access is a major factor in their meteoric expansion in Canada. There is a broad selection of games available at online casinos. And players can play whenever and wherever it is convenient for them. A trip to a physical betting environment is unnecessary these days. Also, you can play simultaneously and enjoy a wholesome gaming experience on these online Canadian gambling platforms. This will improve your odds of winning and mastery at the games. Players with hectic schedules who can't always make it ...
Read More
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