An interesting survey conducted by PYMNTS & i2c to gauge the state of innovation in the financial services industry.  

Based on the findings, my perspective on the most interesting results are:

  • Money was not the issue, for a change! Top innovators surveyed indicated funding levels in 2018 that were the same or more than 2017
  • "IT Infrastructure" and "Process for new products" were cited as the top two hindrances to innovation in 2017 and 2018.  This was a shared perspective across commercial banks, credit unions and community banks
  • The customer is still always right.  The top reasons for FIs to innovate were either to meet changing consumer behavior or to provide response to existing & potential client needs
  • The top areas for innovation were credit cards and bill payments
  • Many FIs did not seem to realize that they are competing with FinTechs (just 6.5% surveyed seem to think so), which could be a cautionary tale in the making

Since I'm sure I've left out a great deal, I recommend you read the article and skim through the embedded link to the survey results.