15 December 2017
Alexander Mifsud

Alex Mifsud

Alexander Mifsud - Ixaris Systems Ltd

10Posts 44,945Views 6Comments

Finovate: Searching for the elusive 'proven innovation'...

08 February 2011  |  2629 views  |  1

The inaugural Finovate Europe that took place in London a week ago certainly sparked a lot of opinions, both online and on the conference floor. Regardless of how innovative or otherwise you considered the demoing-companies to be, there were a few very relevant themes raised during the day. Some of the more exciting demos were the ones that attempted to bridge the gap between the traditional role of financial institutions and the world of web 2.0 and social networking. Providing customers with a more personalised experience of banking including tailored products adds real value to the services that are currently available today.

However one point in particular that the chair, Chris Skinner, raised was that banks may be interested in the latest innovation but they need a proven business case before they will consider investing in an implementation. Surely a ‘proven innovation’ is a contradiction in terms? And if banks continue to take this attitude, isn’t there a very real threat that they will be the left behind newer and more entrepreneurial players that are entering the market?

Perhaps the banks aren’t even worried by this, but as I’ve previously blogged on here, I think there is an exciting opportunity for traditional financial institutions to work with the new wave of entrepreneurs to deliver really meaningful innovation and reduce reputational risk. Banks, for instance, are crucial to ensuring the integrity of financial systems, to underwriting transaction risk and to providing reliable and timely settlements. On the other hand, many non-financial players are more agile and better equipped to respond to new market demands. Perhaps only by bridging the gap between the ‘old’ and the ‘new’ will we see some truly significant innovation that could be game-changing for the industry.


Comments: (1)

Brett King
Brett King - Moven - New York | 08 February, 2011, 17:18

For me, this was the core of the event. The gap in understanding of the difference between truly innovating and waiting for innovation to happen, or arguing over when is the right time to follow.

This mindset is what ultimately will prove to be the downfall of most banks - they just don't get the concept of innovation, incubation and trial and error. They are too risk adverse, and too structurally hindered to create true innovation.

Be the first to give this comment the thumbs up 0 thumb ups! (Log in to thumb up)
Comment on this story (membership required)

Latest posts from Alexander

Support non-acquired suppliers to shift the needle on card payments

09 December 2016  |  5114 views  |  0 comments | recomends Recommends 0 TagsCardsInnovation

Are interchange economics the largest barrier to commercial card usage?

18 November 2016  |  6708 views  |  0 comments | recomends Recommends 0 TagsCardsInnovation

The battle of three for banking supremacy

02 February 2016  |  7666 views  |  0 comments | recomends Recommends 0 TagsCardsPayments

Payment predictions for 2016

22 January 2016  |  3099 views  |  1 comments | recomends Recommends 0 TagsPaymentsInnovation

Banks, don't be scared of prepaid, but do it right

16 January 2014  |  3031 views  |  1 comments | recomends Recommends 1 TagsCardsSecurity

Alexander's profile

job title CEO
location London
member since 2010
Summary profile See full profile »
Alex Mifsud is Co-founder and Chief Executive Officer of Ixaris Systems, Ltd. Under its EntroPay brand, Ixaris offers one of the most cost-effective, convenient and rapid means for businesses and cons...

Alexander's expertise

Member since 2003
10 posts6 comments
What Alexander reads
Alexander writes about
Alexander's blog archive
2016 (4)2014 (1)2011 (1)2010 (4)

Who's commenting on Alexander's posts