The Burning platform of retail banking
Read new CSI Blog by Magne Angelshaug and Tina Saebi.
Something major is happening in the realm of banking. With rapid digitalization, changes in consumer behavior, and emerging financial technology, the battle is being fought on grounds of new and disruptive business models.
Most retail banks are not equipped to respond to these new threats and many will struggle to survive the next decade. One major hurdle lies in the lack of innovative capability necessary to uproot and reinvent old business models. Building this kind of capability requires a focused and long-term commitment in what is a new area for many banks. But, even if the commitment is there, attempting to build such capability solely in-house can be costly and slow, if at all feasible.
In our paper, we argue that by adopting open innovation practices, retail banks can invigorate their business models and thereby regain their competitive edge.
Read on to find out more...