30 September 2014

Stanley Epstein

Stanley Epstein - Citadel Advantage Ltd

39 | posts 121,582 | views 34 | comments

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.
A post relating to this item from Finextra:

The e-money mandate

27 August 2008  |  6104 views  |  0
Phoebus Athanassiou and Natalia Mas-Guix of the European Central Bank explore current trends, regulatory issues and future prospects for electronic money institutions.

Let the innovators innovate!

04 September 2008  |  2382 views  |  1

If you really want to boost the EU's economic fortunes, improve its competitiveness and facilitate its progressive adaptation to the digital age then you need less regulation, not more.  And the best regulation is often no regulation at all. Innovation needs space to breathe and to flourish, and to do that it should be as unfettered as possible. This is especially true in the development of new products and processes.

Admittedly there are critical issues that are already regulated, and for good reason too. These are issues such as "who is a bank" (or financial institution) and what banks can and cannot do. But these regulations, if constructed correctly should be sufficient to keep legitimate players on a "reasonably" straight and narrow path. They should also be able to keep the "chancers" away.  You also need to have legal certainty and sound procedures for resolving errors and such forth.

But, aside from that, let the innovators innovate - let them have free reign. This is really how we have got this far with our internet, our mobiles, our motorcars, our airliners and all the other "must haves" of Modern 2008 Man (and Women too, of course).    


Comments: (1)

Dean Procter - Transinteract - Sydney | 04 September, 2008, 16:18

I'm with you Stanley.

If I were going to suggest adding something to the whole process it would be a touch of minimalism.

This may be percieved as cutting someone out of the pie.

Maybe just trim a bit of the fat and make the pie bigger and we'll all win.

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Stanley Epstein

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Stanley is a Director and co-founder of Citadel Advantage Ltd., an international consultancy to t...

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