Innovation in Banking and Finance:

How Evidence Based Is It?


“Innovation” seems to the word on the lips of many bankers today. Any industrial event will have discussions on innovation in general or about innovative” technologies such as Blockchain, cryptocurrencies, Artificial intelligence or Big Data.

However how do you make good decisions about innovation? Surely it requires the same discipline as other types of management decision making, defining the problem, assessing two or more solutions, assessing the quality of evidence about problems and solutions and using a genuinely experimental approach where there is no evidence.

We talked to three experts on Blockchain, one the key innovative ideas that has captured the imagination of the banking world, about Bitcoin, Blockchain and Innovation.



“There is a growing understanding of problems that need solving, but it’s unclear whether solving them will cure the symptom or fix the root causes.”

Interview withTodd McDonald – Co-founder and Head of Ecosystem Development at the R3 Distributed Ledger Consortium



“Doing any kind of experiment means you need some kind of baseline to measure success against. This is one of the many reasons the sector needs to look harder at how they use existing data to understand baseline, costs, risks etc.”

Interview with Angela Romero – Innovation Lead, Distributed Ledger and Blockchain at HSBC Global Markets



 “The specialist Bitcoin press looks like a normal specialist section of the press, but most of it is just “boosterism” for specific cryptocurrencies or products aiming to make money from the hype.”

Interview with David Gerard – author of “Attack of the 50 Foot Blockchain: Bitcoin, Blockchain, Ethereum & Smart Contracts



If you or any of your colleagues have anything important to say about decision making in banks please contact us.