These are exciting times in the banking industry. We are seeing an acceleration of innovation on many fronts, and particularly in marketing and distribution.
We saw examples of this on display at the third annual Global Distribution & Marketing Innovation Awards for financial services, sponsored by Accenture and Efma and held in Amsterdam in late 2015.
The awards program, launched by Efma, an international organization dedicated to promoting innovation in retail finance, and Accenture, recognizes financial services firms for the most-innovative projects and initiatives in distribution and marketing.
More than 200 financial institutions from 59 countries submitted 500 case studies of innovations within 10 categories: Customer Experience; Digital Distribution; Physical Distribution; Digital Marketing; Best New Product or Service; Best Innovation in Payments; Big Data & Analytics; Sustainable Business; Most Disruptive Innovation; and Global Innovator of the Year.
As seen in the video below, winners represented a broad cross-section of new approaches to banking.
Banks were nominated for awards based on their ability to address the needs of their clients while dealing with the challenges presented by regulators and by competitors from both inside and outside the banking industry. We will discuss the winners and their offerings in more detail in upcoming blogs.
As we saw at the Amsterdam event, banks are now investing in technology and innovation as part of their core strategy. This is leading to greater competitive differentiation as individual banks go down their own paths to attract and retain customers. Banks are looking at the impact of new competition and how disruptive technologies have transformed entire industries, and they are keenly aware of the importance of creating products and services that not only meet customer demands but that do so in ways that exceed customer expectations.
In upcoming posts we will provide more detail about how banks are using technology to change the way they attract and serve customers. We would like to hear from you on this subject, so let us know via the comments section below what innovations you have seen in banking and what sort of innovations you would like to see.