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FICO: Mass-Produced Innovation is Key to Fintech's Digital Transformation

FICO: Mass-Produced Innovation is Key to Fintech's Digital Transformation


Finserv: Mass-producing Innovation

But what does Edison's 19th century invention have to do with the burgeoning technology that is permeating 21st century financial services?

The key, Bill continues, is the platform that Edison's factory, Menlo Park, operated from. Menlo Park was successful because it brought together a dream team of top scientists, engineers, physicists, machinists and draftsmen from across America and Europe.

They worked as a collaborative team, sharing expertise, vetting ideas, questioning assumptions, and pursuing better answers.

To Bill, this is what financial services companies need today: a collective mentality and culture of innovation to harness the latest technology to deliver services that are better aligned with customer needs, faster.

For fintechs, this collectivism will help drive the next generation of information-based products that can further serve financial institutions.

If companies are feeling the pressure, they're not alone, Bill says. In a recent survey, “The State of Business Building,” business leaders told McKinsey & Company that by 2026, they expect half of their revenues to come from products, services or businesses that haven't yet been created.

The digital transformation gold rush is on, with UK banks responding to growing customer demand for digital solutions by innovating and investing in new technologies.

The UK is leading the way in fintech, with investment capital of 5.1 billion (US$6.4 billion) in 2023 – more than the rest of Europe combined. There's no time to delay now – the battle is on, whether banks and other financial institutions are ready or not.




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