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Bo Harald

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Bo Harald - ZEF, Transmeri, Real Time Economy Program

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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.

Have banks given up?

13 February 2010  |  4237 views  |  1

Have banks given up trying to be good citizens? Sometimes you get that feeling - and also understanding that the avalanche of generalizing populistic condemning can lead to a give-up feeling even in the blameless banks.

Of course it is difficult for the man on the street to understand why the market practice in the financial industry is so bonus-focused - and easy for the press to portray this as pure greed. 

To get back to anything like a normal image will take time - and no single trick - certainly not formal busywork - will do it.  It takes serious work with service simplification programs, clear and concise communication, long term incentive programs and above all innovations.

If the banks can say for example that their new targets are:

1. to help the SME-sector to cut its administrative cost in half - and start doing it in the field of extended payments 

2. to introduce systematically new tools needed for business, the public sector and consumers alike in the networked economy

3. to help the public sector to expand e-services by for example offering the strong e-id used in e-banking for reuse - and thus save massively tax payer's money

Then people will understand that banks can actually be more useful partners than before - and the image trend for the industry will change direction.

It does not take more than modest investments - but it takes a real will to produce new dimensions of value - and understanding that only banks have the capability to do it fast and at low cost - if they come together in standardization efforts. 

Do not tell me that helping enterprises to cut their cost in half and save 225 billions a year in EU on e-invoicing alone - with modest investments - is not a business case.

 

 

 

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Comments: (2)

Cedric Pariente
Cedric Pariente - Racine Alpha - Paris | 14 February, 2010, 15:06

True. Interesting blog.

But as long as the man-in-the-street will be seen as not able to understand market practices, there will be a problem of communication and image.

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Bo Harald
Bo Harald - ZEF, Transmeri, Real Time Economy Program - Helsinki Region | 16 February, 2010, 13:24

That fact is a good reason to move more towards longer term and more-in-line with other industries incentives. 

But it is even more important to take the innovation leap on offer soonest.

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