Companies like Apple or Google did not wait for innovation to happen, rather they were proactive and their innovation processes never stop. What should the banks do to emulate these examples? Of course the first fundamental pre requisite is to refine the quality of data.
It is this data which facilitates banks to profile their customers, which in turn would enable them to be well on a growth trajectory using technology. While banks have made investments in building technology infrastructure, the same cannot be said of building and digitizing quality data. Present IT systems of banks are essentially built to manage structured data.