Innovation in the Banking Sector


The importance of bringing together bright minds to come up with ground-breaking ideas cannot be stressed enough in the financial sector.

In line with this, there is the Innotribe Challenge, aimed at bringing Innovation and the Financial Industry together. It is held at the yearly Sibos conference, which took place at the end of last year in Amsterdam. Innotribe is looking for companies that have a compelling and radically innovative B2B offering focused on Cloud Computing, Mobile Payments, Semantic Web or E-Invoicing.

Among the participants of the last Innotribe Challenge, was Collibra, a pioneer with its headquarters in Brussels. Collibra provides consumers a semantics glossary that allows them to transform data into usable and valuable information through a simplified system integration process that reduces expenses.

An interesting feature of their Business Semantics Glossary is the tool’s ability to transform data into a visual form; for example, an auto-generated diagram, which is interactive and dynamic — a ‘toy’ one might become addicted to!

UK-based miiCard offers an identity validation which is based on Things that You Know and Something You Have, combined with behavioural patterns. Whatever the transaction, customers can use miiCard to prove that they are who they say they are. The company’s ID card is already accepted by various financial institutions in different countries such as the UK, US, Canada, and Australia, for customers’ use in Internet transactions, and reduces time spent in entering personal details on websites.

Other innovators include the FX Capital Group, based in London, with its foreign exchange and international (online or via phone) payment services, as well as its automated accounting systems. Their simple-to-use online platform for buying and selling currency and making international payments is a perfect complement to their traditional phone-based services. It’s simple, safe, and secure.

The banking sector has been forced to recognize the importance of being able to harness an eco-system of vendors, consumers, and partners, who will exchange ideas and insights and bring about the financial sector’s continued success.

In short, this is the importance of innovation.