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 FI Segments Payment Performer edition of the Playbook is designed to examine whether mid-sized financial institutions, those with assets ranging from $5 billion to $25 billion, are succeeding at innovation if they outperform others, and what could help them improve. The findings in this Playbook are based on survey responses of 214 FIs in the U.S., who scored the institutions from zero to 100 in terms of innovation readiness.
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INSIDE THE FI SEGMENTS PAYMENT PERFORMER
The best performing FIs focus on Consumer Engagement. 80 percent of top FIs say they are focused on engagement in the next three years, compared to just 40.7 percent of middle performers.
Top performers allocate an average of 75 percent of payments budgets towards innovation projects, while 67 percent of mid-sized FIs allocated less than one-quarter of their budget to the same.
Funding won’t get FIs far without the right infrastructure, however –41 percent of mid-sized FIs said their core systems were well-suited for innovation. Meanwhile, 73 percent of Top Performers, said that their core systems were suitable.