4 reasons why digital banking teams struggle to innovate
Ask any banking CEO if its important to innovate, and the answer will likely be a resounding "Yes." Yet banks and credit unions strain to translate that intention into their digital products, where innovation is needed most. Here are the four main obstacles that keep institutions from fully incorporating innovation into their product development process, and how to overcome them.
Innovation ranks higher than ever in banking. The majority of financial institutions place it close to the top of their digital transformation strategies. Many teams understand innovation as a project or task, but it’s actually the way to make customers’ lives better.
While prioritizing innovation is certainly prevalent at most financial institutions, actually fostering innovation in their processes and products is a complicated issue that digital banking teams struggle with.
Additionally, customers today expect their primary banking provider to offer seamless and convenient experiences similar to those of Apple, Google and Amazon, or the various digital-first challenger banks. Only a small percentage of traditional banks manage to somehow meet these expectations. This makes fostering innovation all the more pressing.
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