Fast Company's annual list of the most innovative companies in finance puts coffee chain Starbucks at number two and omits any traditional financial services firms, bar American Express, from the top ten.
For the German speaking world there had been an innovation award for finance last year from the univerities of St. Gall, Zurich and Leipzig.
The result was quite comparable: The big names are not the most innovative. These are the smaller companies, banks and start-ups in the fainance area which provide new solutions for the customers.
Kind regards from Germany
In respect to Finextra's verdict, I would expect nothing else as a friend to the industry. However, Fast Company assesses not the technical capability of banks or FIs in-house or of trading sytems, but what improvements are made in the consumer market. By
that measure, banks are definitely behind start-ups because they constrain their approach based on perceived risk and regulatory controls.
Start-ups don't start with that premise - they ask the question How can we improve the consumer experience?
By that measure Square and Starbucks are already literally years ahead of most banks and financial institutions. Banks are still worried about collecting signature cards and whether mobile standards will emerge sufficiently for the regulator to green light
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