FICO: Mass-Produced Innovation Key to Fintech’s Digital Transformation

Finserv: Mass production of innovation

But, what exactly have Edison’s 19th Century inventions got to do with the burgeoning technologies taking hold of 21st Century financial services? 

The key is in the platform on which Edison’s factory, Menlo Park, operated. “Menlo Park was successful because it brought together a dream team of top scientists, engineers, physicists, mechanics, machinists and draftsmen from all over the United States and Europe,” Bill continues. 

“They worked as a collaborative team, sharing expertise, scrutinising ideas, challenging assumptions and pushing for better answers.”

For Bill, this is what financial services firms need today, a collective spirit and culture of innovation to leverage the latest technologies am deliver services faster that are more attuned to their customers’ needs.

For fintechs, this collectivism can help drive next-generation, information-based products that can better serve financial institutions. 

“If firms feel like the pressure is on, they’re not alone,” Bill says. “In a recent study, ‘The State of Business Building,’ business leaders told McKinsey & Company that by 2026, they expected half of their revenues to come from products, services or businesses that haven’t yet been created.

“The digital transformation gold rush is on. UK banks are responding to increasing customer demand for digital solutions with investment in innovation and new tech. 

“The UK is leading the way in the fintech space, demonstrated by the £5.1bn (US$6.4bn) of invested capital in 2023 – more than the rest of Europe combined. There’s no time for delay, the battle is coming whether banks and other financial institutions are ready or not.”