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

admin

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

Healthcare

Adam Myers, SVP and Chief Clinical Transformation Officer (CCTO) for the Blue Cross Blue Shield Association (BCBSA) Keynotes our Healthcare Providers and Payers Transformation Assembly

The Millennium Alliance is proud to announce Adam Myers will help start the 2022 season off strong with a keynote address at our upcoming Healthcare Providers and Payers Transformation Assembly on April 19-20. Myers is currently the SVP and Chief Clinical Transformation Officer (CCTO) for the Blue Cross Blue Shield Association (BCBSA), driving clinical transformation […]

#MillenniumLive , Healthcare , Interview , Podcast

#MillenniumLive on Patient Care Coordination with WellSky

#MillenniumLive welcomes Andy Eilert, President of Emerging Markets at WellSky. Andy joins us to chat about investment and growth in the healthcare payer space, care coordination at home, and WellSky’s industry-leading technology that’s enabling caregivers across the continuum. Watch the video interview below, or listen on Spotify, Apple, Amazon Music, Google Podcasts, or SoundCloud. About WellSky WellSky is a technology […]

CIO , Data

Jason Gislason, Chief Digital Officer at Chevron Phillips Chemical Company, Keynotes Our First Assembly of 2022!

The Millennium Alliance is proud to announce Jason Gislason will help start the 2022 season off strong with a keynote address at our upcoming Digital Enterprise CIO & Data Transformation Assembly on February 8-9, 2022. Gislason, currently the Chief Digital Officer at Chevron Phillips Chemical Company, has dedicated over two decades to transforming the Chemicals and […]

CIO , CISO , CMO , Data , Financial Services , Healthcare , Millennium Staff , Retail

Co-Founder of The Millennium Alliance Joins Young Presidents’ Organization (YPO)

NEW YORK – January 20, 2022 – The Millennium Alliance, an invitation-only organization for Senior-Level Executives and Business Transformers, has had the privilege over the past eight years of collaborating with many of the most accomplished C-Suite executives from across the globe. Millennium is excited to announce that its Co-Founder Alex Sobol is one of the newest […]

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

Millennium Alliance Membership

Learn More Next

What does it mean to be a Millennium Member? In the midst of the constant disruption across all industries, our members are given the tools they need to digitally transform their organizations and become the best leaders they can be. Millennium Members are provided the exclusive opportunity to attend our 40+ intimate in person and virtual Assemblies, take part in industry-leading Executive Education sessions conducted by the nation’s leading academic institutions, business leaders, and technology providers and receive industry leading content through our Digital Diary Platform as well as the rapidly growing #MillenniumLive Podcast Series.