Innovation Readiness Playbook
The Innovation Readiness Playbook, in collaboration with payments and commerce solutions provider i2c Inc., gauges where banks are on the road to becoming innovators. The findings in this Playbook are based on the survey responses of 214 FIs in the U.S. (excluding the largest 25 banks), and institutions are scored from zero to 100 in terms of innovation readiness.
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INSIDE COMMERCIAL AND COMMUNITY BANKS AND CREDIT UNIONS
Credit unions seem to be the most innovative group, with 13.5 percent ranking as Top Performers compared to 7.4 percent of commercial banks and 3.7 percent of community banks.
The most innovative FIs make sure to vet their innovations. Eighty percent of Top Performers test their innovations with employees, and 73 percent test them with customers.
Top performing FIs can move an innovation from development to market in roughly 5.9 months on average. Middle performers are slightly slower, however, rolling out new products in 7.5 months.