The Passion for Innovation Is Alive and Well (Not a Banking Joke)

It was a diverse group. Executives from Bank of America, LendingClub, CapGemini, Bank Simple, SemanticWeb.com, Sum2 LLC, and others participated in a fun evening of drinks and idea-sharing. For example, a founder of Bank Simple, Shamir Karkal, and a BofA exec talked about the challenges they each face. The three of us bandied about our perspectives on innovation, and it is clear that each of these enterprises is forging very different, but no less ambitious, innovation paths. At Bank Simple, which aims to be a kind of “people’s bank” with simple fee structures and consumer-centric service, the challenge is overcoming its lack of bank charter and scaling up without losing that intimate connection with its customers. For BofA, it is the reverse — the bank is constantly struggling to grow closer to its customers through its thicket of manifold products — and turf battles.

Through this, Nitin Gupta, who is with consultancy CapGemini, considered the path to best performance for both. And it wasn’t easy. As we departed for the evening, I sensed that Gupta was focused on the details of the strategies discussed. That’s where the devil is, after all. To me, this was fodder for our next Bank Innovation gathering. I was struck by the hunger for innovative ideas and this morning I feel a renewed sense of purpose for Bank Innovation. Bank Innovation is the online home for innovative banking ideas. We’ll do everything we can to redouble our efforts to provide those insights to you. We’ve got the passion, too.