The PYMNTS Innovation Readiness Playbook, in partnership with digital banking and payment solutions provider i2c, Inc., assesses where banks are on the road to becoming innovators. We surveyed executives at more than 200 financial institutions in the U.S. (excluding the largest 25 banks) to reveal the products and features that top the innovative agendas for banks – now and in the years ahead.
Inside the Playbook
- 57 percent of FIs plan to focus on payment technology over the next three years.
- 80 percent of top-performing FIs will focus on data analytics.
- 62.5 percent of bottom-performing FIs will concentrate on user experience.
Innovation Readiness Playbook – July 2019
- 40.4 percent: Portion of small FIs that sought to be first to market with new products and features in 2018
- 45.7 percent: Share of mid-sized FIs’ budgets devoted to innovation in Q4 2018
- 68 percent: Portion of large FIs that will focus on payment technology over the next three years
Innovation Readiness Playbook – May 2019
- 86.7 percent: Share of top performing FIs that are investing in corporate credit product innovation
- 53.6 percent: Share of FIs that prefer to observe market trends before quickly unveiling new corporate credit products
- 80.2 percent: Portion of FIs that will focus on offering a mix of new corporate credit products and features
INNOVATION READINESS – March 2019
- 35.3: Average index score among FIs in 2018
- 45.5 percent: Share of FIs that rolled out innovations after observing market trends
- 25.4 percent: Portion of FIs that said budgetary restrictions hindered innovations
INNOVATION READINESS Study
- 36 percent of FIs said their existing IT infrastructure made payments innovation hard or very hard
- 68.0 percent of FIs with less than $500 million in assets say they are well suited for innovation
- 63.0 percent of FIs identify meeting a customer need as the main driver for innovation
- 83.6 percent of FIs run core processing systems without a sandbox for development innovation
- 39.7 percent of top innovators use sandbox-to-scale functionality