17 October 2017
Bo Harald

Good for society at large

Bo Harald - ZEF, Transmeri, Real Time Economy Program

347Posts 1,310,201Views 256Comments
Innovation in Financial Services

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.

Cutting administrative costs in half

07 February 2010  |  2948 views  |  0

Innovations always take time. Also in the case of e-invoicing. A few observations:

- e-banking took time - and typically some actors lost faith (did not jump on the bandwagon or went passive) halfway down to the ice-hockey stick effect)

- ice-hockey stick effects are next to omni-present in innovations - and now there has been a long break in real banking innovations (fanciful investment banking is not counted as useful). As a result of this this basic innovation rule seem to have been forgotten,

- it is never to early to start with new technology - if you do it via experimenting. The alternative - panicky follower - is order or magnitude more expensive.

- e-invoicing is the next big thing (close to 30 billion paper or PDF invoices in EU having NO future 

- as SMEs are busy and do not exactly love change it is important to inform them that it is not only a question of changing the transport mode but the base for automating their accounting, cash flow forecasts, VAT-reporting, financing - eventually all administrative processes - cutting costs in half

- we cannot always be sure that the public sector understand how much tax payers' money THEY can save by making this easy - lowering the thresholds and setting deadlines for unstructured material

- the first step is e-invoicing - are the tax authorities all over EU supporting the commissions target to make it as easy as paper invoicing? Or are some still trying to make digital signatures de-facto-mandatory? 

- only the business control process can ensure that an invoice is paid for a real transaction - and the storing of documents should be possible with technology neutral solutions - banks should kick in with new value producing services here.

Most of the above is in the realm of payments and e-banking. Innovation time - up the value chain. 

Ice ages can be avoided TagsPayments

Comments: (0)

Comment on this story (membership required)

Latest posts from Bo

Banks are the enablers for mass market e-invocing

14 September 2017  |  6102 views  |  0 comments | recomends Recommends 0 TagsPaymentsInnovationGroupElectronic invoicing

e-banking 3.0

10 July 2017  |  4794 views  |  0 comments | recomends Recommends 0 TagsMobile & onlineInnovationGroupDigital Banking Trends

Demise of cash

05 July 2017  |  8929 views  |  0 comments | recomends Recommends 0 TagsCardsInnovationGroupDigital Banking Trends

Bank e-id service rules the waves

04 July 2017  |  5821 views  |  0 comments | recomends Recommends 0 TagsRetail bankingInnovationGroupDigital Banking Trends

Real Time Economy for EU - How?

20 March 2017  |  4784 views  |  0 comments | recomends Recommends 0 TagsMobile & onlineInnovationGroupFintech innovation and startups

Bo's profile

job title Chairman/Founding member
location Helsinki Region
member since 2008
Summary profile See full profile »
Independent advisor and board professional

Bo's expertise

Member since 2008
338 posts256 comments

Who's commenting on Bo's posts