From the Senior Vice President
Banking innovation is not an oxymoron. Yet a quick search of the literature on the subject shows an enormous focus on why banks can't innovate: the obstacles, the barriers, the difficulties. But there’s a fundamental reason why it's harder for a bank than a nimble startup to do something new (and Clayton Christenson touched on it in The Innovator’s Dilemma): banks have a lot to lose if they don’t get it right! Banks, run well, are custodians of their customers’ financial assets; customers expect their bank to just get it right. It’s one thing if a driver gets momentarily lost because of a faulty mapping application; it’s another if your savings account disappears (an exception may be Australia, where there are stories of police calling mapping apps that led drivers astray in the desert “life-threatening”).
But despite the difficulties -- we still have to innovate. And that's why I'm so excited about Celent's Innovation and Insight Day on February 27 in Boston.
In a contest leading up to our upcoming Innovation and Insight Day, we've asked our readers to complete the thought “Innovation is...” using only six words. Early entries are fascinating:
“Making Complex Simple and Simple Brief.”
“Bringing dreams into reality before others.”
There is still time to add yours. To borrow from one of my colleagues: “Celent fosters innovation insights. Ideas welcome.”
I hope to see many of you later this month in Boston.
All the best,
Senior Vice President, Banking Group
Chart of the Month
From the Celent report What App, Doc?: An Updated Biannual Evaluation of Mobile Banking at the Top US Banks
Celent Published Reports
Research in Progress
- Branch Boom Gone Bust?
- Case Study on Lessons Learned by Banks in Launching NFC Payments
- The Future of Bill Payment Solutions in Online Banking
- SEPA Impact on Corporates
27 February 2013
Innovation and Insight Day
Boston, MA, USA
7 March 2013
Debunking Mobile Payments Myths
12 March 2013
Mobile Payments in South Korea
13 March 2013
Top Trends in Corporate Banking 2013
Shaping Our Agenda
What would you like to see on Celent’s research agenda? Email us at firstname.lastname@example.org with your suggestions.