Thursday, August 21, 2014

What banks can't do for themselves: Reuters offers innovation for financial services

Most of discussion about innovation focuses on tech inventions and billion-dollar exits. This story of creative thinking demonstrates that the bigger the business, the bigger the pay-off.

Despite the ubiquitous, continuous fall-out of the global financial crisis, and the continuous challenges within banking practice, there have been very few effective solutions offered.

To be fair, regional challenges take up a lot of our bandwidth. In the UK, we had a hard time agreeing on how to handle problems as local as a couple of beavers who showed up, unannounced, and are causing quite a row among conservationists. Once this is solved, try working your way up to the NHS lack of funding or benefits, and it's hard to see how it will all come out.

Now move to something with the enormous impact on everyone globally - say, transparency in global financial practice. And don't give up.

Cross-disciplinary innovation is probably the most effective because it brings with it a kind of perspective that an industry can not have for itself. So despite the crazy agreements required among stakeholders across countries and continents, Reuters has begun to make a real dent in the problem that the banks themselves have not been able to. And they've done it in less than a year.

Anna Mazzone is primarily responsible: she's worth checking out.

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