This coming Monday I’ll be at Bank Innovation as a panelist talking about best practices and new product strategies for banking leaders and technologists as advocates for innovation at the product management level. As a technology solution and service provider focused on the financial services industry, we work hand-in-hand with many banks, emerging payment providers, and diverse financial services companies all focused on the same goal – finding the right balance between innovation and maintaining more personal relationships with customers.
Perficient thought leader and Financial Services Marketing Manager, Elizabeth Dias, took a few minutes with a handful of banking innovators and attendees to get their thoughts on the conference. I thought I’d share a few highlights from her conversations with these individuals.
Fresh off the heels of BAI Payments Connect, Matt Wilcox shared his thoughts on organizational innovation and his upcoming involvement at the conference. I’d also encourage you to check out his personal blog.
“Banks are not starved for innovative people or ideas. In fact, most banks are immersed with great ideas and new solutions to the industry’s biggest problems. What creates a wall is the lack of a consistent vision and approach to making innovation something that should not only be challenged but celebrated. Banking is still very much a relationship business – only the way the relationships are being nurtured is different.”
As we prepped for our panel, we’ve chatted back and forth with our moderator and industry thought leader, JP Nicols on how the use of customer analytics and segmentation strategies will be the foundation for the future of customer experience in banking as banks seek to differentiate their products and services. Banks need to treat their data as a strategic asset to push them to the forefront of innovation as they evolve their product strategies. Check out his Affluent Strategies blog post. Thanks for promoting our event page!
“I am especially interested in seeing how the definition of ‘product’ continues to expand in this commoditized industry. I am also interested in learning how companies are innovating. It’s a hard thing for most banks to do for several reasons, not the least of which is the fear and uncertainty of the compliance and regulatory environment. But it is exactly those kind of constraints that create the need for innovation.”
Recently recognized in American Banker’s “Top 10 Mobile Apps” , Mercantile Bank of Michigan’s CIO, John Schulte, discussed some of the challenges financial institutions face as a result of digital disruption and the next wave of mobile banking innovations.
“Many banks are faced with the challenge of managing strategic partnerships and bringing together vendor solutions in their existing environments for a more consistent customer experience across banking channels. It will be interesting to hear from others how they’re managing partnerships, strategies, and organizational risk as they continue to evolve business models despite a lack of guidance and standardization for regulatory compliance requirements.”
Want to learn more about how financial institutions and banks can be prepared for more of the trends and issues you’ll be hearing about at Bank Innovation 2013? Download our Conference Checklist.
We look forward to seeing everyone next week!