In this article, there is a discussion of why banks need to stop copying startups and start creating their own innovation model. Corporations are envious about how agile startups are able to innovate, yet should understand the large difference is goals between a startup and traditional bank. Larger corporations naturally act in far more in strategic and slow manner attempting to access mass markets. On the other hand, startups are trying to create as many different things as possible in hopes that every one in a million idea will gain traction.
Corporations can not follow the lean startup model as a way to answer their innovation needs. Corporations using this model often end up wasting a lot of resources and capital that could be used more effectively elsewhere. One of the main findings that can help aid corporation innovation without blindly following the startup model is for big companies to understand what the customer wants and uses. After this is understood, creating a project around this becomes a better use of time and the chances of success is much higher. Banks need to find new ways to efficiently and effectively innovate in this quickly moving landscape.
https://www.americanbanker.com/opinion/rather-than-copy-startups-banks-need-their-own-innovation-model