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Innovation in the face of disruption

Author

Listed:
  • Herrmann, Katharina

    (Global Head of Platforms & Beyond Banking, Germany)

Abstract

The coronavirus crisis has accelerated various trends across industries, predominantly in favour of digitalisation and the need for innovation. Consumer behaviour is changing rapidly in response to the crisis, as customers expect their banks to mirror the personalised, quick delivery experiences offered by the BigTechs and the companies outside of the financial world. With regard to innovation in times of crisis, financial services companies are faced with a choice between a defensive approach, where they safeguard their current operations — already hugely under pressure — and an offensive approach, which is crucial to avoid losing relevance, market share and profits. The dilemma banks face concerns how to save costs and safeguard their current operations while addressing immediate customer needs and investing in the future. This paper describes shifts in customer behaviour and explores opportunities for banks to disrupt themselves and invest in new business models with a focus on platforms.

Suggested Citation

  • Herrmann, Katharina, 2021. "Innovation in the face of disruption," Journal of Digital Banking, Henry Stewart Publications, vol. 6(1), pages 48-56, June.
    • Handle: RePEc:aza:jdb000:y:2021:v:6:i:1:p:48-56
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    More about this item

    Keywords

    platforms; disruption; digitalisation; customer experience;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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