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Posted by Benjamin Ensor on September 18, 2012
In our research on eBusiness and channel strategy, we often come across clusters of innovation where innovation by one company in a sector causes its competitors not only to match it, but to try to leapfrog it -- resulting in a rapid cycles of innovation. Among the examples of these clusters are insurance companies in the US (Progressive, Geico and a growing number of others) and banks in Spain (Bankinter, La Caixa, BBVA and Banco Sabadell).
Another of those clusters is the retail banking market in Turkey. Last week I was in Istanbul and was able to see some of the innovations in person and meet a number of heads of eBusiness at Turkey's big banks. Turkey's banks have been quick to adopt digital technologies and achieved some world firsts for the banking industry. Here are a few examples you might like:
Many of these innovations exemplify the principles of Simplicity, Ubiquity, Personalization, Empowerment and Reassurance that we wrote about in our Next Generation Digital Financial Services research.
Thank you to all the people who shared their thoughts on the future of retail banking and made me feel so welcome in Istanbul. :-)