Chris Skinner's blog

Shaping the future of finance

12 reasons why banks don’t innovate

Chris Skinner Author Avatar

I just got back from the ICEEfest in Bucharest, Romania.  It’s a fantastic expo organised by Dragos Stanca and his team, and was very enjoyable even with the master of ceremonies, Jeff Leach, taking the mickey out of me.  Jeff is an actor and comedian, and spent the whole conference f-bombing the speakers and the audience.  Different!

Anyways, one little moment stood out enough for me to blog about, and it was the presentation from Capco’s FinTech lead Jeff Tijssen.  Jeff threw some slides up, including some that were attributed to me (which helps when you want some blog coverage!), and then listed 12 reasons why banks find it hard to innovate:

  1. PR value versus real results: often banks have innovation theatre to make it look like they’re doing something when they actually aren’t internalising it
  2. Hampered by Heritage: too much legacy infrastructure to be able to adapt and change
  3. No real sense of urgency: few banks have a burning platform and what drives banks is not customers but regulators so unless it is mandated, why bother
  4. Cannibalisation of existing revenue streams: like the Wal*Mart vs Amazon discussion, creating a marketplace where third parties compete with internal products is not welcomed
  5. A lack of experienced innovators: banks tend to eradicate innovation and so an innovation culture is extinguished
  6. A culture clash: a bank’s culture is all about risk minimisation, which directly conflicts with change, and if no one thinks they can do it, almost everyone thinks they can’t
  7. A lack of ownership and sponsorship: the leaders of banks got there because they are bankers and don’t want to take risks with technology they don’t understand
  8. “Compartmentalised” innovation: innovation takes place around the periphery in departmental compartments but is never internalised across the enterprise
  9. A risk-averse culture: banks don’t allow risks and, if you fail, you can expect to be fired
  10. Governance, governance, governance: unless the regulator allows it, we ain’t gonna do it
  11. Fear to kill new ideas quickly: we just can’t allow new things to take over because it might destabilise the bank
  12. Who else is doing this: if no one else is doing it, then we’re not (but surely that’s why it’s innovation?)

I liked his slides too, so asked Jeff if he could ping them over to me.  He did, so here’s his presentation deck.  Enjoy!

Chris Skinner Author Avatar

Chris M Skinner

Chris Skinner is best known as an independent commentator on the financial markets through his blog,, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal's Financial News. To learn more click here...

Fintech expert Chris Skinner: countries need digital transformation to remain competitive

Digital Transformation Programme

Learn directly from from one of the most influential people in technology, gain insights from the world's most innovative companies, and build a global network.

Top 50 Global Thought Leaders and Influencers on FinTech 2022

Chris Skinner
Commentator, CEO of The Finanser and best-selling author at The Finanser

Thinkers360 Thought Leader

Contact Me

Best Financial Services Blogger

Chris’s latest book

Chris Skinner’s ‘Digital For Good’ Book Launch Event – CFTE

Global Awards

Chris Skinner - Financial Markets Advisor of the Year - The Finanser - UK 2023

Best CEO of the Year UK 2022

Best Digital Finance Provider of the Year UK 2022

Best Financial Markets Adviser of the Year UK 2022

Portal to the Knowledge Base of the Financial Services Club UK 2022

Financial Markets Advisor of the Year UK 2022

Corporate America Today Annual Awards

Best Financial Markets Adviser of the Year UK 2022

Portal to the Knowledge Base of the Financial Services Club UK 2022

Financial Markets Advisor of the Year UK 2022

Nominee of MAD33 2021

Kids creating the future bank | TEDxAthens

Join me on Linkedin

Follow Me on Twitter!

UK’s most influential person in technology

Captain Cake and the Candy Crew

Captain Cake Winner of a Golden Mom’s Choice Award


TheNextWeb – #tnw

Learn more about Chris

About Chris Skinner

Presentation at ZBP, September 2020, Warsaw, Poland

Alex at the Financial Services

Gaping Void's Hugh MacLeod worked with the Finanser

What is the future?

Learn more