Between risk management, regulation and compliance, innovation in banking is essentially an iterated combination of the possible, the practical and the permissible. But then those are the ground rules. And yet ‘Culture’ trumped ‘Regulation’ in a bankers’ list of the biggest barriers to innovation compiled by the Efma-Infosys Innovation in Retail Banking Study 2013.
It has long been said that innovation has to become a culture before it can become successful as a program or practice. And developing a culture of innovation is one of the biggest challenges facing banks in a time when innovation itself has become the key to survival and growth.
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