ABA Banking Journal - December 2008 - (Page 26)
BANK INNOVATORS Now, Y more than ever, innovation is a plus, helping carry institutions through a downturn and beyond ou could argue that innovation is a luxury, best suited to a growth economy. Quite the contrary. New ideas and methods, new ways of looking at what others may consider old standbys, or not consider at all, often can make the difference between getting by, and excelling. Even for institutions in distress, where expediency is more the rule, innovation can help them climb out of the trough they’re in. For this report, we present three very different examples of innovation—an unusual approach to urban banking, a storm-driven customer-service idea, and a different way to reach the unbanked. In addition to considering our own list of innovation candidates, we also tapped outside sources for suggestions, including Gary Townsend, analyst with Hill-Townsend Capital, who suggested we look at New York’s Signature Bank. The three innovation profiles presented in the following pages are examples—small or large—of the significant role innovation can play in the success of any venture. 26 DECEMBER 2008/ABA BANKING JOURNAL Subscribe at www.ababj.com
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