Celent Model Bank 2015, Part 3: Case Studies of Innovation and Emerging Technology in Banking

by Stephen Greer,  Bob Meara, March 23, 2015
Case Studies
Global

Abstract

The vision for Celent’s Model Bank research, now in its eighth year, is to spotlight effective uses of technology in banking. The approach that Celent takes is to seek examples of best practices in technology usage which, in aggregate, would answer these three questions.

These examples span a five-part report series:

In Part 3, Celent profiles four innovative initiatives in Innovation and emerging technology.

  • Barclays: Social Innovation Facility
  • Emirates NBD: Digital Product Innovation
  • Maps Credit Union: Idea Lab
  • mBank: Bancassurance

Bankers must not only modernize, but transform, their internal systems and the ways in which they interact with a vast web of customers, colleagues, counterparties, and regulators. Doing so is no longer optional. Innovation is now an imperative in financial services.

“Most financial institutions agree with this,” says Bob Meara, a senior analyst with Celent’s Banking practice and coauthor of the report. “But viewing innovation as critical and delivering innovative, game-changing initiatives are two different things.”

“There are powerful common elements across these otherwise diverse examples of innovation,” says Stephen Greer, an analyst with Celent’s Banking practice and coauthor of the report. “The requisite cultural change that fosters innovation is a fascinating element of two Celent Model Banks.”

Nominations were accepted in late 2014, and the Celent Banking team selected winners based on degree of innovation, degree of difficulty, and business benefits provided. Each Model Bank winning initiative is presented as a detailed case study within the report, including detailed descriptions of business drivers, technology environments, and quantitative success metrics. Lessons learned are proposed at the end of the report.

This 42-page report contains four Celent Model Bank case studies, eight tables, and 15 figures.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Introduction

4

 

Summary of Model Bank Components

5

Innovation and Emerging Technology in Banking

9

Case Studies in Innovation and Emerging Technology

12

 

Barclays: Social Innovation Facility

13

 

Emirates NBD: Mobile Banking Product Innovation

18

 

Maps Credit Union: Idea Lab

24

 

mBank: Bancassurance

30

Lessons Learned

35

Leveraging Celent’s Expertise

37

 

Support for Financial Institutions

37

 

Support for Vendors

37

Related Celent Research

38

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