Interactive Case (Disruptive Innovation at BBVA). Management

Interactive Case: Disruptive Innovation at BBVA
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Interactive Case: Disruptive Innovation at BBVA
There is a need for innovation in banking sectors due to ever-dynamic market changes. One such kind of innovation is disruptive innovation, which refers to processes where businesses like BBVA introduce simple applications that are relatively cheap and accessible. What follows is up-scaling of such products and services to a level where they can effectively compete with established products and services, and probably displace them.
The competition in the financial sector is at an all-time high, for example, due to digital disruption and new payment methods that replace debit and credit card use. This competition calls for the need for banking players to embrace disruptive innovation. Thus, disruptive innovation allows increased accessibility to a product or a service, which was previously considered a preserve of the rich, wealth, or those with skill.
From my experience and observation, I find that the current financial environment deserves innovation than never before. I see a situation where new digital players are becoming a challenge to the traditional banking industry. Thus, conventional banks are facing imminent t...