The vision for Celent’s Model Bank research, now in its eighth year, is to spotlight effective uses of technology in banking. The approach that Celent takes is to seek examples of best practices in technology usage which, in aggregate, would answer these three questions.
These examples span a five-part report series:
- Part 1: Digital Banking
- Part 2: Omnichannel Banking
- Part 3: Innovation and Emerging Technology
- Part 4: Legacy and Ecosystem Transformation
- Part 5: Payments Innovation
In Part 3, Celent profiles four innovative initiatives in Innovation and emerging technology.
- Barclays: Social Innovation Facility
- Emirates NBD: Digital Product Innovation
- Maps Credit Union: Idea Lab
- mBank: Bancassurance
Bankers must not only modernize, but transform, their internal systems and the ways in which they interact with a vast web of customers, colleagues, counterparties, and regulators. Doing so is no longer optional. Innovation is now an imperative in financial services.
“Most financial institutions agree with this,” says Bob Meara, a senior analyst with Celent’s Banking practice and coauthor of the report. “But viewing innovation as critical and delivering innovative, game-changing initiatives are two different things.”
“There are powerful common elements across these otherwise diverse examples of innovation,” says Stephen Greer, an analyst with Celent’s Banking practice and coauthor of the report. “The requisite cultural change that fosters innovation is a fascinating element of two Celent Model Banks.”
Nominations were accepted in late 2014, and the Celent Banking team selected winners based on degree of innovation, degree of difficulty, and business benefits provided. Each Model Bank winning initiative is presented as a detailed case study within the report, including detailed descriptions of business drivers, technology environments, and quantitative success metrics. Lessons learned are proposed at the end of the report.
This 42-page report contains four Celent Model Bank case studies, eight tables, and 15 figures.
