December 20, 2017
In our discussions lately with CXOs and innovation heads of major banks, we have been seeing an interesting trend shaping up. Many of them are trying to find ways to measure the success (or failure) of innovation programs and accelerators – essentially trying to find the KPIs for benchmarking innovation (internal and external data). Some of them even said, We will be looking to buy those startups. It’s not just about collaborative innovation.
I think what we are going to witness is how innovation takes a corporate development turn from here. It will not be a full U-turn but maybe the splitting of teams into two and sending them in different directions. If you believe in FinTech and want to make a bigger play, an accelerator program is only one piece of the puzzle. Remember the original reasons why all this FinTech thing started:
End-customers demanded everything to happen in four clicks on their mobile phones. The next-gen financial services experience built by startups became a growing phenomenon. All these lead to a fairly new set of expectations from banks and FIs
Banks needed a comprehensive digital transformation strategy ...