Powering Corporate Innovation in Finance: Industry Insights

Fintech startups are revolutionizing the finance industry with new technologies that are making banking easier, faster, and more intuitive. The growth of these companies is outpacing that of the traditional players in the industry. In this article, the key trends in finance that companies need to be aware of are analyzed, along with the challenges and opportunities that they present. The rise of digitally-native challenger banks and consumer fintech brands present significant challenges to traditional players. Cybersecurity and regulation also remain a concern for traditional players as they need to balance open banking with data protection. On the other hand, there are plenty of opportunities for innovation in the finance industry, such as the use of AI, biometric payments, cloud computing, and open banking. To effectively innovate, finance organizations need to adopt innovation management software, which allows them to ideate, develop, and implement innovations consistently.