MA

The Millennium Alliance is an invitation-only organization for Senior-Level Executives and Business Transformers.

212-256-9890
Generic selectors
Exact matches only
Search in title
Search in content
Search in posts
Search in pages

Let’s Think: Why Would an Innovative Company Want to Work with a Bank?

Almost every financial institution says it’s looking for young, creative and innovative minds to help develop the ‘next big thing’. However, the question is, how do banking providers overcome the biggest obstacle when trying to attract talented innovators, especially if they are a bank?

The Role Banks Play in Your Life

Banking careers are being disrupted every day due to the confluence of technology and competition. The traditional career path of being hired and automatically moving up through an organization due to mutual loyalty between a company and the workforce no longer exists.

Not only does this effect how banking is done, but it is enough to scare innovative brands away – even if they are going through innovation themselves. However, the big thing that turns off innovative brands is there lack of budget. With the lack of budget exposing itself as a current issue throughout the industry, another question looms: How can banking innovate with innovative banks if they do not have a R&D budget?

The Future of the Banking Partner

To be prepared for the future of banking requires an ability to embrace the change that is upon us, a willingness to take intelligent risks and the internal commitment to disrupt yourself. The marketplace is no longer moving in incremental steps, but this means that opportunities for growth are everywhere.

When reflecting upon this, it is best to note the 5 most common mistakes that banks make when searching for innovative partners.

  1. They do not know who they are. Innovators want to partner with an institution knows what is going on with not only themselves, but with their customers.
  2. They have limited budgets. An innovator wants a partner that has money, as well as the change mandate to invest in that business.
  3. The process of innovation is dragged out. Banks like to get everyone involved, so with banks looking for ways to drag this process out, it almost ensures that nothing gets done, deterring innovators from pursuing partnerships with those banking systems.
  4. The tech is not aligned with the business. Innovators want a slick tech capability that is aligned to the business.
  5. They are not keeping up with customer trends to keep things updated and easy. Innovators want a partner that will go-live with services that will make a real, positive difference for their customers, something which Financial Services and banks have been none to stretch out.

When looking at this list, it is easy to identify the common theme: You should not impersonate a vibrant home for potential innovators.  It is not only a waste of time, but it takes effort and costs money. But worse so, it is insulting to the innovators you want to attract into your space. With that being said, it is better for banks to be upfront about their own innovation before they start searching partners to innovate with.

The Key Takeaway

To move forward at the speed of change, it will require doubling down on providing a culture of innova­tion throughout your banking organization that is combined with a will­ingness to embrace change, take appropriate risks and disrupt what has been the norm in the past. By getting out of our comfort zone and finding a way to serve the consumer more efficiently, banking and other financial institutions will have an easier (and better!) time getting innovators and industry disruptors to partner with them.

ABOUT THE FSI TRANSFORMATION ASSEMBLY

Yup, we are already thinking of 2019.EVENT BANNER FSI8

Digital transformation has set its sights on the financial services and insurance industries. CIOs from North America’s top institutions are working to leverage new technology such as Artificial Intelligence to deliver products and services that answering changing customer needs.

While financial services and insurance CIOs will deal with many challenges in the coming years, one particular technological challenge raises to the top – dealing with the complexity of data. The massive explosion in data is creating unprecedented manageability issues for firms around the world. As firms expand customer touch points through the use of digital platforms like social media, CIOs are dealing with an overwhelming volume of structured and unstructured data, resulting in an increased need for tighter security.

Leave a Reply

PUBLISHED BY admin

Jenny Schecher is a Client Services Director & Social Media Manager at The Millennium Alliance. Jenny is an avid contributor to our blog, Digital Diary, as well as all social media platforms. When she is not writing about digital transformation and technology, she is working with her team to make visions come to life at our events. (and eating all of NYC's best food.) Follow her on Instagram: @jennyschecs or find her on LinkedIn!

View all posts by admin

Related Posts

#MillenniumLive , Interview , Marketing

#MillenniumLive with Eric Leininger from the Kellogg School of Management!

This week’s episode of #MillenniumLive features executive-turned-academic Eric Leininger from the Kellogg School of Management at Northwestern University! In this episode, Eric shares his insight on the swinging pendulum facing marketers today: whether the CMO role is truly disappearing, structural changes within organizations, metric challenges and how education has evolved for executives & students alike. […]

Exponea: 2020 Kickstart for Marketers

It’s a new year; a clean slate: a fresh chance to create the marketing plan you always knew could make your business grow like never before. So stop relying on ad hoc campaigns, stop scrambling for last-minute ideas, and start setting a comprehensive plan into motion. If you Google “Customer Lifecycle Marketing” or “Customer Lifecycle […]

#MillenniumLive , Podcast , Security

Interview with Matthew Karnas of Sila Solutions Group on #MillenniumLive

On this week’s #MillenniumLive, we sat down with Sila Solutions Group, recently acquired by Ernst & Young, LLP, a North American technology and management consulting firm that provides solutions for the world’s leading corporations and US government agencies. Matthew Karnas, Practice Lead for Cybersecurity & Risk at Sila Solutions Group, shared some tips for cybersecurity […]

Businesses Urged to Remain Vigilant Amid Foreign Cybersecurity Threats

As tensions between the US and Iran rise and the threat of major cyberattacks becomes more imminent, the Department of Homeland Security warns businesses to be extra vigilant. Experts expect Iran’s retaliation to involve widespread digital attacks that could affect businesses, mainly in the utility sector, as the goal is to disrupt American infrastructure. However, […]

Lovin’ Digital Diary?

Premium content to our readers interested in all things business.

Check Us Out!

Millennium Membership offers Fortune 1000 C-Level executives, leading public sector/government officials, and thought leaders across a variety of disciplines unique and exclusive opportunities to meet their peers, understand industry developments, and receive introductions to new technology and service advancements to help grow their career and overall company value.

About Millenium Alliance Next

About Digital Diary

Created to provide premium content to our readers interested in all things business.

Launched in 2017, Digital Diary was created to provide premium content to our readers interested in all things business. With our blogs catered to deliver the top news stories, trends, and interviews from across all industries.

Read all story Next

Interested in Millennium Membership?
Find out if you qualify here.