Fintech
FICO: Mass-produced innovation is key to Fintech’s digital transformation
Finserv: Mass production of innovation
But what exactly do Edison’s 19th century inventions have to do with the rapidly expanding technologies that are taking hold in 21st century financial services?
The key lies in the platform on which Edison’s Menlo Park factory operated. “Menlo Park was successful because it brought together a dream team of world-class scientists, engineers, physicists, mechanics, machinists and designers from across the United States and Europe,” continues Bill.
“They worked as a collaborative team, sharing expertise, examining ideas, challenging assumptions and pushing for better answers.”
For Bill, this is what financial services companies need today: a collective spirit and a culture of innovation to leverage the latest technologies and deliver services faster and more in tune with customer needs.
For fintechs, this collectivism can help foster next-generation information-based products that can better serve financial institutions.
“If companies feel the pressure is on, they are not alone,” says Bill. “In a recent study, ‘The State of Business Building,’ business leaders said McKinsey & Company that by 2026 they expected half of their revenues to come from products, services or businesses not yet created.
“The digital transformation gold rush is underway. UK banks are responding to growing customer demand for digital solutions with investment in innovation and new technologies.
“The UK is at the forefront of fintech, as demonstrated by £5.1 billion ($6.4 billion) of capital invested in 2023, more than the rest of Europe combined. There is no time to delay, the battle is coming to determine whether banks and other financial institutions will be ready or not.”