The INNOVATORS Summit 2019
The INNOVATORS Summit 2019
Innovation and entrepreneurship are recognized as key building blocks of competitive and dynamic economies. Countries and regions with vibrant innovation and entrepreneurship ecosystems tend to witness higher productivity rates, leading to increased economic growth and more robust job creation, the main pathways through which the poor can escape poverty. As a key driver for firm growth, innovation fosters shared prosperity by stimulating formal employment and increasing wages.
New research shows that young, growth-oriented companies contribute significantly to net employment growth and help enhance competitiveness and productivity by introducing new products, developing novel business models and opening new markets. Innovation allows firms to specialize, meet international best-practice standards and upgrade quality. Each of these areas is essential for firms to compete and thrive in the global economy. Especially in developing economies, we need innovators that create new or improved products and services accessible to underserved populations.
Banks today face competition from a vast array of financial technology or fintech startups that are meeting customers’ needs faster and cheaper online. The question is how do the big banks respond? There’s no logical reason why any of the big banks shouldn’t be able to turn this around. But if you look at other industries that have been overtaken by technology, whether that’s the music industry or newspapers, there’s very few of them that you could point out that have made the turn.
The theory runs that innovative new fintech companies, or indeed tech giants like Facebook or Google, will win over customers with zippy websites and apps. The banks will be reduced to providing the underlying products, invisible to the consumer. The upstarts cream off the majority of the profits thanks to their direct relationship with the customer, while traditional banks compete among each other for business with these new platforms, driving down margins.
- The 4th Industrial Revolution and The Lebanese Environment: Setting a strategy - Financial inclusion whereabouts
- The New Banking realities: Digital transformation vs. Financial Transformation – Is Lebanon there yet? What does it require for the Digital transformation journey
- Payment ecosystem: How are banks modernizing the payments environment?
- Smartphone-Based contactless payment innovation
- Regulatory architecture: Overview of the latest regulatory compliance requirements - the Community and legalization Aspect –
- The New Risk management Framework Risk management: Building an effective operational risk management framework
- Is Lebanon Ready for Blockchain and Cryptocurrencies?
- FinTech: Technological Change
- The digitalization of Banking Services
- Mapping Fintech Start-Ups
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