The Banking Head of Digital’s Five-Year Innovation Strategy

A Playbook for Open Finance, AI, the Metaverse, and Beyond

About This Report
Taking risk on technology is crucial to competitive advantage: Banks are challenged to counter emerging threats, seize opportunities, and build an innovation pipeline. While digital organizations evolve, corporate labs, ventures, accelerators, and strategic investors lead the charge.

Executive Summary

Banks’ success today depends on an organization designed to harness and nurture emerging technologies. This goes beyond meeting increasingly high expectations for the customer experience: It involves identifying business challenges, researching and sourcing technical solutions, and commercializing resources that will be critical to banks’ competitive advantage.


  1. What are the greatest challenges facing banks’ innovation leaders?
  2. Which technological changes do they anticipate?
  3. What innovation strategies are they pursuing in response?

WHAT’S IN THIS REPORT? A look into technological changes and the strategies to address them as synthesized from interviews with top executives in charge of digital, innovation, and ventures at leading banks, as well as management consultants working with them.

KEY STAT: Growth in US bank technology spending peaked in 2022, driven by a rapid rise in “change the bank” expenses. While the burst of growth will taper off, we expect already high technology spending to rise to $111.73 billion in 2026.

Here’s what’s in the full report


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    Table of Contents

    1. Executive Summary
    2. Key Points
    3. Digital Leaders’ Concerns
    4. Technologies to Watch
    1. How Banks Have Adapted
    2. The Checklist for 2023
    3. Insider Intelligence Interviews
    4. Read Next
    1. Sources
    2. Media Gallery

    Interviewed for This Report

    Michael Abbott
    Global Banking Lead
    Interviewed August 29, 2022
    Rohan Amin
    Managing Director and Chief Product Officer
    Interviewed August 19, 2022
    Dhruv Goswami
    Boston Consulting Group
    Managing Director and Partner
    Interviewed August 19, 2022
    Imran Khan
    TD Bank Group
    Head of Global Innovation
    Interviewed August 31, 2022
    Jason Maude
    Starling Bank
    Chief Technology Advocate
    Interviewed August 26, 2022
    Luke Purcell
    Boston Consulting Group
    Partner and Director, BCG Digital Ventures
    Interviewed August 19, 2022
    Jaidev Shergill
    Capital One Ventures
    President and Managing Partner
    Interviewed August 29, 2022
    Dominic Venturo
    U.S. Bank
    Executive Vice President and Chief Digital Officer
    Interviewed August 31, 2022

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    Tyler Brown


    Maria Elm
    Senior Analyst
    Tiffani Montez
    Principal Analyst, Banking