Ditch the Adoption Curve, Catch the Innovation Wave

Product developers often refer to an innovation adoption curve, in which innovators and early users of technology give way to early majority, late majority and finally laggards.

For banks and in other corporate environments that are increasingly agile, innovation is iterative and nonlinear: think of how Netflix leapt from physical distribution of DVDs to digital delivery, in the process gaining more than 80 million paying subscribers for its streaming service in a few short years (compared to less than 5 million for its DVD business).

As a native Californian that went to college in a beach town, I can’t help but think of innovation as a wave, or a “set” of waves as surfers call them. As you look out on the horizon, beyond the breakers you see the next wave forming, and the next one beyond that.

Corporate and commercial banks are contending with the dual challenge of growth and becoming more efficient at the same time. Digital banking is at the center of this challenge and in an increasingly digitized world, corporate and commercial banks must innovate to remain relevant.

As shown below, self -service tools to manage customer pain points such as account maintenance is one of several areas receiving the highest levels of investment from corporate and commercial banks now and in the next 12–24 months:

Current capability:

  • Self Service
  • Secure Mobile Technology
  • Integrated Payments Workflow

12 months:

  • Alerts
  • Authentication/Authorization
  • Single Point of Entry & Credentials

24 months:

  • Automation
  • Collaboration