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Banks are more talk than action when it comes to innovation, survey shows

By NexChange
FinTech

Banks are more talk than action -- at least that's what insiders are saying in a recent survey.

In its quarterly State of Banking study, Bank Innovation reports that industry insiders rank themselves on innovation a mediocre 2.67 on a scale of 1 to 5 (5 is the best).  That's way below estimates in 2014 and 2013. But when it comes to perception, banks score very high on the innovation scale at 4.65.

“Banks wants to be perceived as innovative, rather than actually innovate," one person told Bank Innovation.

Success, by that measure, has arrived for the industry.

The quarterly survey of 115 bankers, conducted last week, also asked where they saw the industry headed by 2020. The answers were all over the place. In other words, the crystal ball is cloudy.  Some predicted greater specialization while others saw more aggregation. More APIs were on the list. There was confidence and insecurity. Some stated they would remain "trusted advisors" while others expected greater competition from non-traditional sources. They also expected to deploy more analytics to customize products. And, of course, no list of the future would be complete without mention of blockchain technology -- something everyone calls revolutionary but have yet to figure out how to use.
Photo: Nancy I'm gonna SNAP!

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