Here’s a sad story: I arrived home to find Fast Company in my mailbox with the cover story being the world’s 50 most innovative companies and not a single one is a U.S. bank. Not one. An entire industry that underpins our whole economy, indeed the world economy, and none are innovating to a high enough level. Of course this isn’t surprising – what is surprising is that this sorry fact is not lighting a fire under the banking industry’s behind. And it should.
This can’t continue. Innovation, rapid, responsive, tech-savvy innovation, has got to take the banking industry by storm in short-order. And I’m not talking about the shenanigans of creative accounting that almost brought our entire economy to a complete halt in recent history. I’m talking about enhanced servicing, products that people crave, and new lines of business that enable ordinary people to live extraordinary lives. I’m talking about innovation that invigorates the best, brightest, and most creative minds we’ve got to do the most good in the world that can be done.
Bankers have got to stop watching out for their bonuses more than their customers. They’ve got to be more concerned with being great than being rich. And this isn’t a naive wish – this is reality. If they are going to survive, let alone thrive, banks need to get with the program, stop thinking like stodgy old has-beens, and start thinking like passionate entrepreneurs who have a great sense of urgency. The top 50 most innovative companies list needs to be littered with financial services companies, not devoid of them. And it’s up to us in financial services to see that this gets done.
Published by Christa Avampato
The short of it:
Writer. Health, education, and art advocate. Theater and film producer. Visual artist. Product geek. Proud alumnae of the University of Pennsylvania (BA) and the Darden School of Business at the University of Virginia (MBA). Inspired by ancient wisdom & modern tech. Proliferator of goodness. Opener of doors. Friend to animals. Fan of creative work in all its wondrous forms. I use my business skills to create passion projects that build a better world. I’ve been called the happiest New Yorker, and I try hard to live up to that title every day.
The long of it:
My career has stretched across Capitol Hill, Broadway theatre, education, nonprofit fundraising, health and wellness, and Fortune 500 companies in retail, media, entertainment, technology, and financial services. I’ve been a product developer and product manager, theater manager, strategic consultant, marketer, voice over artist, , teacher, and fundraiser. I use my business and storytelling to support and sustain passion projects that build a better world. In every experience, I’ve used my sense of and respect for elegant design to develop meaningful products, services, programs, and events.
While building a business career, I also built a strong portfolio as a journalist, novelist, freelance writer, interviewer, presenter, and public speaker. My writing has appeared in The Washington Post, The Huffington Post, PBS.org, Boston.com, Royal Media Partners publications, and The Motley Fool on a wide range of topics including business, technology, science, health, education, culture, and lifestyle. I have also been an invited speaker at SXSW, Teach for America, Avon headquarters, Games for Change, NYU, Columbia University, Hunter College, and the Alzheimer’s Foundation of America. The first book in my young adult book series, Emerson Page and Where the Light Enters, was acquired by a publisher and launched in November 2017. I’m currently working on the second book in the series.
A recovering multi-tasker, I’m equally at home in front of my Mac, on my yoga mat, walking my rescue dog, Phineas, traveling with a purpose, or practicing the high-art of people watching. I also cut up small bits of paper and put them back together as a collage artist.
My company:
I’m bringing together all of my business and creative career paths as the Founder of Double or Nothing Media:
• I craft products, programs, and projects that make a difference;
• I build the business plans that make what I craft financially sustainable;
• I tell the stories that matter about the people, places, and products that inspire me.
Follow my adventures on Twitter at https://twitter.com/christanyc and Instagram at https://instagram.com/christarosenyc.
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Here’s a sad story: I arrived home to find Fast Company in my mailbox with the cover story being the world’s 50 most innovative companies and not a single one is a U.S. bank. Not one. An entire industry that underpins our whole economy, indeed the world economy, and none are innovating to a high enough level. Of course this isn’t surprising – what is surprising is that this sorry fact is not lighting a fire under the banking industry’s behind. And it should. 
Christa Avampato 
Indeed, Christa, money makes the world go round.
What’s sad is that many of these companies have “mission statements.” How about walking that talk?
Unfortunately, “the road to hell is paved with good intentions.”
Concern about the bottom-line (productivity and profits) is one thing, but when that becomes your gospel…
“Houston, Houston, we gotta problem…”
It would be helpful if companies actually started to pay attention to customer feedback. And designed products/services according to our tastes, preferences.
If customers leave for greener pastures, you don’t have a business. Hence the need for innovation and creativity.
As always, thank you for your contribution. Cheerio.
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Agreed, Archan!! We need innovation in this industry. That’s what I’ll be working on for the foreseeable future!
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Financial institutions seem to fall into two camps, the stodgy conservatives who tow grandad’s line and the ones who glom onto the latest get-rich-quick scheme (think sub-prime mortgages). I agree. We need a third option.
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Hi Kristin! Excellent point – a third option is absolutely necessary. I hope I can find it.
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