In recent years banks, in general, have taken major strides to take advantage of various innovation, emerging technologies and data science tools. In several cases this has been greatly accelerated by various technology labs and startups. On the flip side, because banks have always been heavily regulated, this has also meant largescale testing and validation processes have been necessary which has delayed even more assertive digital system advances.

Examples of innovation success stories include Application Programming Interfaces (APIs) which define and facilitate interactions between multiple software intermediaries, enabling banks to make real-time payments. Banks have made good usage of APIs and have seen success in adoption by their partners and clients.1