Financial services businesses falling into the digital fast followers group take calculated risks in embracing new applied sciences or optimizing business approaches. However, they can typically not pioneer innovation or bow out in their current value proposition. Some fast fans seek agility and speed to market to minimize reaction time to market changes or to competition. Taishin International Bank in Taiwan, another 2018 neighborhood Eye on Innovation Award winner, developed Richart, an entire digital event with economic amenities provided via an app, with competitive, innovative and integrated items that are easily available by cellphone and laptop.
Digital innovators are more technology enabled and mature in how they include new approaches and strategies to enhance. They are early adopters of new applied sciences reminiscent of blockchain and synthetic intelligence AI. These agencies often seek applied sciences that may enhance buyer experience through the use of chatbots and other tools to improve the customer provider interaction. Bancolombia, which won an Eye on Innovation Award in 2017, was able to automate 40 business strategies in the first year of an incredible robot processing automation project, translating into a $1. 4 million discount in operational costs and a $7. 5 million boom in the bank’s income.