Fintech Insider Podcast by 11:FS 978. Insights: Innovating through crisis, how can banks stay ahead?
Jul 10, 2025
Joining the discussion are Ross Gallagher, Head of Consulting at 11:FS, known for his expertise in leveraging digital innovations, and Kate Drew, Director of Research at CCG Catalyst Consulting Group, who leads efforts to navigate market dynamics. They dive into the upheaval faced by banks post-pandemic and the shift from innovation to securing core operations. Key challenges like inflation and regulatory pressures make the role of consultants vital, exploring AI's potential in community banking while emphasizing the need for empathy in understanding client needs.
AI Snips
Chapters
Transcript
Episode notes
Banking's Shift from Innovation to Security
- Financial services faced a rapid evolution accelerated by the pandemic and macroeconomic shocks like rising interest rates.
- Banks shifted focus from innovation to securing core critical operations amidst market instability.
Innovation Amidst Banking Uncertainty
- The enthusiasm for innovation in U.S. banking has waned due to bank collapses and regulatory uncertainty.
- Despite challenges, maintaining an appetite for innovation remains crucial for survival and future planning.
Legacy Challenges Hinder Banks
- Legacy technology and culture hinder incumbent banks' ability to innovate quickly.
- Fintechs, especially AI-native ones, outpace traditional banks due to their agility and customer proximity.