What and who is driving innovation?
by: Shazia Manus
Innovate or die. That’s a recurring message for financial institutions (FIs) today. There’s no doubt innovation is a buzzword, but that doesn’t mean it isn’t incredibly important. In my latest white paper “Reimagined Banking in the Age of the Consumer,” I share why innovation is the key to our evolutionary quest for financial market relevance.
The excerpt below explores who is disrupting the financial services ecosystem, including the bottom billion, uber-wealthy activators and do-it-yourself engineers.
The financial services industry doors are wide open to disruptors. Peter Diamandis, an international pioneer in the field of innovation, talks about healthcare, education and financial services as the three sectors likely to experience interference from outside forces in the near term.
These three fields, Diamandis insists, are vulnerable because of the way their leaders are trained, namely to become proficient in one specialty. Meanwhile, the world around these specialized finance professionals, physicians and educators is changing. Innovations in computing, artificial intelligence and data analytics, for example, all become layered over their expertise, disrupting even long-held principles of the specialty.
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