Innovation in financial services is a complex and loaded topic. And, as funding flows into fintech companies and retail banks find it difficult to evolve at the pace now customary in other industries in the internet age, it will only become a more urgent issue for financial services.
In “Innovation in Banking”, a new white paper, Lafferty looks at the etymology, history and economic impact of innovation, bringing to bear a historical and economic awareness that is sorely needed when considering the best way forward for payments and banking innovation – and the good of the many stakeholders involved.
According to John Egan, head of Innovation and Foresight at Lafferty and the white paper’s author, “Change is very much upon us; we are about to see an explosion of personal finance innovations. Banks will have to challenge the conventional understanding of retail finance and come to terms with certain new realities.”
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