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Now think about if you did that in a bank…
John Reed from the Citibank days of Citi, was a huge believer in innovation. He had setup an entire advanced development group (ADG) within Citibank that was constantly looking at technology and figuring out how to develop new products and services for customers to differentiate the company. The group was known for having some of the best and brightest in the bank and a lot of Citibank’s award winning online banking platform came from that group. Reed left shortly after the Citigroup merger, and predictably, the ADG was soon disbanded. Ironically, now the stock is nearly at pre-merger prices and Citi is known more for its US$XXB in credit exposure than the fact that they were the first bank to deploy an ATM in 1939. Innovation in banking is key and ADG was Citibank’s ‘20%’.
Of course all of this is a bit optimistic. Banks these days gets a lot more scrutiny than Google ever has in terms of costs and it’ll likely be awhile before any of that changes. However, with a little more flexibility, empowerment and the recognition of the importance of it, real innovation in banking can happen.
It did for Citi.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
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