On Monday March 18 I will be moderating a panel on New Product Strategies & Possibilities at the Bank Innovation 2013 conference in San Francisco. The panel will discuss best practices to promote innovation in product management from a variety of perspectives from within and without the banking industry. That’s a topic I have been spending quite a bit of time on lately as many financial institutions struggle to find ways to differentiate themselves against literally thousands of similar competitors.
The afternoon session will begin with a presentation on Big Data and Banking: The Seeds of Innovation by Shawn Budde, Co-Founder & Chief Operating Officer of ZestFinance. Shawn will discuss how big data can drive innovation and create new product opportunities.
I asked Shawn for his thoughts looking ahead to the conference:
“As a startup, we’ve had the opportunity to take a fresh look at underwriting by bringing Google-style analytics to lending. Historically, there hasn’t seen much disruption in this space, but we’ve managed to realize improvements in just three years. These advancements would not have been been possible with the techniques that the industry has been using for decades.”
Following his presentation, Shawn will join fellow panelists Peter Vogel, Co-Founder & CEO of Plink, John Schulte, SVP & CIO, Mercantile Bank of Michigan, and Michael Panzarella, Director, Financial Services for Perficient. (See also Perficient’s special page on the conference.)
Bank Innovation Panel: New Product Strategies
During the session, we will discuss best practices to promote innovation in the product management function, the impact of regulatory compliance on innovation, the role of rewards, couponing, and commerce in banking products and future areas for potential innovation and product development.
I think John Schulte put it well as we discussed the broad scope of our discussion:
“Innovation can come in a number of forms. Sometimes the art of innovating is in the ability to curate and integrate the right complimentary solutions to form something that’s more powerful as a whole.”