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How financial services companies can remain competitive in business with a Finance Innovation Lab

Remember standing in a long queue at the bank just so you could deposit money into your account? Or using travellers’ cheques when going on holiday? Times have changed and so have the needs of customers and businesses. We live in a world where customers want companies to add value to their lives. 

This means innovating in order to provide holistic solutions that would support customers’ needs digitally and in person. Whether your goals are to stay competitive and increase revenue, help small businesses, provide access to financial services to underserved communities or implement disruptive technologies, a Finance Innovation Lab can be an easy way to transform your business and increase value to your customers.

 

Why innovating in the finance sector?

Innovation allows your company to solve complex problems, to operate strategically, to think outside the box and to provide products and services that truly add value to your customers. Innovation in the finance sector not only gives companies the tools they need to adapt and to thrive in a digital world, it builds resilience, it allows companies to be inclusive, to tap into new markets and have sustainable growth.

 

What are the market opportunities in the finance sector?

Digital Banking 

Perhaps a no-brainer but still a big opportunity as it includes: Mobile Banking and self-service, Financial Planning, Card Management, Digital Payments and Transactions, Investment, and more. People’s lives are becoming more and more digital which means that there is a big demand to adapt services so they can be easily accessible through technology.

 

Banking as a Service 

Where banks can integrate their services via APIs into the products or services of businesses that operate outside the finance sector. For example, an airline or a retail company can offer credit cards, loans, payment services, etc. without needing a banking licence.

 

Open Banking 

This allows businesses that are not banks to access data from a customer’s bank account to provide insights like spending habits or trigger payments. While Open Banking is similar to Banking as a Service in the sense that it is integrated via APIs, Open Banking only allows access to data, it does not allow the company to provide services like loans.

 

Green Banking 

Sustainability is a must and the finance sector can play a key role in supporting sustainable decisions. This includes: Sustainable Investment, Environmental friendly lending, green technologies, etc.

 

Social Impact

Like green banking, businesses that create social impact provide an added value that customers and businesses are looking for. According to a report by Social Entrerprise UK and Barclays, in the UK there are more than 100,000 social enterprises which contribute to around £60 billion to the UK Economy. Whether it’s impact investment, working along social enterprises to create impact or providing access to unbanked communities, the finance sector can not only contribute to creating a better world but also increase revenue and customers at the same time. Win-Win.  

 

Banking in a globalised world 

Whether this is related to remittances, travelling or remote working, there is an increasing need for easy access to international transfers and money movement.  

 

Why partner with L Marks?

L Marks is a leading global corporate innovation specialist that focuses on providing solutions that have real world applications and can support you achieve your goals. 

L Marks has supported businesses in the finance sector to identify disruptors whose products and services have the potential to create significant benefits for customers, partners and colleagues. Furthermore, we understand that innovation is more than creating a new product, it’s about giving businesses the tools to thrive in a global, digital, constantly changing world.

We have created over 80 Open Innovation programmes around the world helping our clients identify key challenges and get solutions that fit their goals in an efficient way.

 

Case Studies

We have collaborated with Metro Bank, BMW Financial Services and with Winton Capital on innovation labs to find and deploy new finance solutions for their customers. The following case studies are evidence of our results-driven approach. 

To find out how we can help your organisations, please get in touch.

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