Banking innovation has been widely discussed in the industry, but the actions necessary to actually make it happen have lagged the chatter. Regulators have mandated initiatives such as Open Banking to fix what they consider a lack of innovation and competition, thereby giving the impression that innovation is almost completely lacking. This is not the case. Banks recognize that they need to innovate; the question is, how best to do so effectively?
This paper from Celent explores the innovation efforts the banking community has in place, what are the barriers that must be overcome, and how Platformification will spark the next wave of financial services innovation.