Solving the innovation puzzle. A framework for consistent innovation in banking and insurance

Business and Leadership Ltd.

Overview For the past 500 years, the banking and insurance industries have struggled to balance innovation with stability and conventionality – with innovation suffering as a result. The incremental innovation of the past is not sufficient in today’s rapidly chang In December 2009, Paul Volcker, former chairman of the U.S. Federal Reserve, shocked the financial world by telling an audience of senior finance executives that the banking industry’s single most important innovation in the past 25 years was the automated teller machine, which, he added, had at least proved “useful.”1 Proponents of the Optional Federal Charter – a proposal to allow U.S. insurance companies to choose between a current state-based…

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