In 2008, the approval rating for banks dropped. And it dropped again in 2009. The approval rating for some banks dropped more than others during those dark recessionary days, Wells Fargo & Co. and Citigroup being the two most prominent examples. All this negativity swirling around banks back then led to a wave of innovation. Banks realized that they could no longer just plod along printing profits, but rather had to invest in new products and services and generally revamp and invigorate their businesses. That innovation energy may be waning. New data from our State of Banking Innovation Survey for Winter 2014 suggests that banks are less optimistic about their own innovation. For example, we asked members of the banking industry (most, but not all are bankers) to rate their company’s brand for its level of innovation. For the fourth consecutive time, the weighted average rating for brand innovation has dropped. According to our most recent data, banking industry participants rate their company’s innovation a 3.27, where 1 is “poor” and 5 is “excellent.” That compares to a weighted average rating of 3.34 last summer and 3.73 in early 2012. Admittedly, it is hard to pinpoint why bankers are [...]
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