Progress and innovation are always customer-driven. So why is it that in an industry like financial services, digital transformation has been slow in many respects?
Part of the issue is, undoubtedly, the regulatory background. The other is the overall air of caution associated with investment and finance generally. Another challenge is the lack of industry-driven innovation.
In Europe, the Second Payment Services Directive (PSD2) has certainly increased the scope, but it's technology-driven companies that are devising solutions to common problems not the banks themselves.
It's crucial that those with financial expertise take a stand to guide innovation toward true business needs. Here are a few ways in which financial services companies can help propel digital innovation forward, for a whole range of industries.