How to quickly get the effect of innovation in the banking sector.
Innovation in banking is very necessary in present competitive market . Banks have come forward in diversifying products , and delivery channels in an effort to remain competitive. Innovation has been witnessed in mobile banking, SMS banking, branch less banking, through the use of technology . ATM service, debit and credit card are other innovative instruments. Banking in some way is transforming to our finger tips , as we can make payments from our mobile phones. Banks that could go forward with innovations would remain in the market. Otherwise there is a change to remain behind compared to others.
The issue has many dimensions:
1) banks don't generate feasible (tangible) products, the real value of bank's products is in many cases had to assess
2) banks are perfect in marketing and legally protecting their services, this has a strong impact on end customers buying their services but lack an understanding of the eventual implications
3) when it comes to assessing real economy innovation banks are oftentimes lacking a thorough understanding of assessing risks and uncertainty of innovation projects. the classic banking assessment methods are partially suitable only
4) to some extend the main mission of banks and the nature of innovation might contradict. banks often focus on continuing short term revenues, innovation is in many cases a long term undertaking.
5) in summary: it depends on which type of we talk about, also there is a clear need to elaborate a solid innovation assessment tool which corresponds to banks methods and routines.
http://www.academia.edu/1600971/The_Effects_of_Financial_Innovation_and_Development_on_Monetary_Policy
https://www.researchgate.net/publication/280570323_Consumer_acceptance_and_mobile_banking_services_in_Bangladesh?ev=prf_pub
Chapter Consumer Acceptance and Use of Mobile Banking Services in Bangladesh
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