Mobile Is Not Innovation

    

A theme that has been getting louder and louder lately is that:

  1. Banks must innovate to survive and thrive
  2. They must partner for innovation

Not to rain on anyone’s parade, but basic mobile apps and taking pictures of checks was innovative a few years ago and is just table stakes today. Here’s an example of how fast tech moves: USAA has raised the bar by adding biometrics (face and voice recognition) to increase security and ease-of-use.

From the USAA announcement: “The recent enhancements to the USAA mobile app highlight our focus on the member experience we deliver,” said Carl Liebert, USAA’s chief operating officer. “We’ll continue to find and develop all solutions that can make the lives of our members simple, easy and more secure.”

You cannot read a bank investor deck or go through a bank website without seeing some sort of “focus on the customer” goal. And given millennial attitudes about banking (http://www.millennialdisruptionindex.com/) and the specter of deposit flight looming (http://www.americanbanker.com/issues/179_146/bankers-brace-for-deposit-losses-as-higher-rates-loom-1069094-1.html), the stakes are indeed high.

By the way, this is one of the driving forces behind the themes at Nomis Forum 2015, Keep Calm and Be Prepared: Pricing Innovation, Customer Focus, and Janet Yellen*. Learn more and sign up here for the best two-days each year that you can dedicate to thinking and learning about pricing and customers.

*And by Janet Yellen, we mean the many implications of rising interest rates. Or not.

About The Author

Rutger's areas of expertise include cross-border project management, PMO development, M&A integration, business development (both B2C and B2B), product management, strategy development, international mortgage origination and securitization, planning, coordination and implementation.