Some banks have turned “innovation” into a costume party, welcome to “confined innovation”.
They grab the innovation seat not by building anything new, but by buying their way into the spotlight, buying real estate on newspapers’ Instagram stories to showcase their so-called “Best Bank for AI Innovation” becomes the proof of their progress, it’s innovation by invoice.
Behind the curtain, the reality is dull: AI that looks like a glorified Excel macro (with a huge count of if/then statements), decentralization that’s just an Access database with blockchain lipstick, and “digital transformation” – don’t get me started – which is just scanned PDFs in an automated email coming from a Xerox scanner somewhere in the basement, yet the PR machines spin these steps as moon landings.
In Bahrain, it’s the same story, you’ve got two kinds of AI people: those who actually build and deal with the uncertainty of the technology, and those who build award shows and conferences for themselves so they can clap on stage and hand each other trophies, you know exactly which camp does this charade (care to mention them?).
This kind of confined innovation isn’t just lazy, it’s insulting to what AI brings, customers can tell when the bank has no moat. The fintechs and real disruptors are busy shipping new rails, new protocols, and new business models, while the banks are polishing their LinkedIn banners with “alignment”, “synergy” and “innovation”, and hosting panels about the future they’re not building.
Confined innovation is theater, and theater only works until the audience walks out, and some banks in here do it so well. If these banks don’t stop playing dress-up with their paid award stories on Instagram, they’ll find themselves watching the real show from the cheap seats, want to bet?