AI and the Future of Banking

CHAPTER 10Innovation and Implementation

SUMMARY

This chapter will consider issues such innovation and, more importantly, implementation. Implementation is the proverbial ‘elephant in the corner’ and often the stumbling block of many organisations.

Whilst the issue of leadership has been explored elsewhere, including the nature of organisations and how they need to adapt, in this part we will look a little more deeply into that element in the context of innovation and implementation.

The chapter will look into inventive approaches such as the creation of new roles and responsibilities to encourage innovation, and the use of bootcamps and hackathons, for instance. The topic of Fintech is also considered, and the appendix provides examples of Fintech companies in banking.

Finally, we will explore potential blockages to innovation and suggestions for mitigating strategies.

NatWest Becomes First UK Bank to Launch Data Academy

NatWest is to establish a Data Academy to train staff in in how best to understand and harness data. Open to all bank employees, it will offer a wide range of training, courses and qualifications that will cover all levels of proficiency.

The move is central to both the bank's digital transformation and to realising the full potential of a wide range of cutting-edge technologies, including artificial intelligence and machine learning. The academy will give staff the tools and training to serve customers better by offering more tailored, personalised products ...