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It is not easy to talk about the creative process, particularly when applied to anything as etherial as banking. However, speakers at the Summit on Innovation for Financial Services tackled the theme with gusto. Ernst Wilhelm Contzen (picture), chairman of the Luxembourg bankers association ABBL, challenged the current financial sector war-cry: back to basics.
Innovation, he said, should improve a service provided to clients: that is, it should reduce risk, enhance liquidity or improve the supply of capital. If innovation is used to disguise risk and confuse clients, it will result in a backlash by regulators and the public. Worse, the recent crisis has resulted in some widespread misconceptions:
- confusion between innovation and...
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