Digital is reinventing banking in a myriad of ways. For banks, this means adapting to a whole new way of doing business. But eliminating the old to make way for the new won’t be easy, let alone when the pace of change is accelerating. As banks seek to extend their operational efficiencies and value in an industry seemingly stuck in a business-as-usual mindset and punctuated by profitability pressures, they will need to address innovation with programmatic thinking and rigorous execution.
Part one of this multipart series looked at the various approaches banks have taken to unlock innovation. This installment examines the challenges banks face in this pursuit and our recommendations for overcoming them.