Banks and Fintechs are innovating at a rapid pace. These innovations are getting industry recognition through awards. However, many innovations do not go much beyond awards as the focus moves to next innovation (and the award).
Innovation needs to be coupled with commercial usage at massive scale. Each of the innovation has to be converted into business impact. Else, the awards will keep coming from Blockchain, AI, ML etc and the bank will remain where it is.
It reminds me of a large organisation, which used to spend massively (hundreds of million dollars) on innovation and R&D. However, the R&D Unit was not focused on commercial usage and Commercial units were not focused on results of R&D Unit. The company lost every dollar it spent on innovation as nothing added to the bottomline and nothing reached its customers shores.
Time to go beyond awards…. Focus on impact on customer’s life… focus on bottomline…
What do you think? What is the right approach?