{"id":132,"date":"2013-02-28T22:45:22","date_gmt":"2013-02-28T14:45:22","guid":{"rendered":"https:\/\/www.connectedthinking.asia\/?p=132"},"modified":"2016-09-06T11:11:42","modified_gmt":"2016-09-06T03:11:42","slug":"top-50-of-the-worlds-most-innovative-companies-only-one-bank-makes-the-list","status":"publish","type":"post","link":"https:\/\/www.connectedthinking.asia\/?p=132","title":{"rendered":"Top 50 of the World\u2019s Most Innovative Companies: Only one FI makes the list!"},"content":{"rendered":"

\"Most<\/a><\/p>\n

Banks are great at managing risks but extremely poor at innovation.<\/p>\n

So it\u2019s no surprise this week when Fast Company announced their Top 50 of the World\u2019s Most Innovative Companies with only one financial services firm making the cut. Even in their list of THE WORLD’S TOP 10 MOST INNOVATIVE COMPANIES IN FINANCE<\/a> only one financial institution made the list at #7 \u2013 American Express.<\/p>\n

The last major innovation in banking was the ATM in the 1970\u2019s. \u00a0Today there\u2019s innovation happening within financial services, but it\u2019s not being driven by the Banks.<\/p>\n

At the top of the Fast Company list for the second year in row is, Square<\/b>, a new entrant innovating the payments space. Square is the creation of Jack Dorsey, the founder of Twitter. Dorsey had been questioned continuously on how Twitter would make money. He argued that the role of twitter is to create traffic, to engage, and \u201cI\u2019ll make money from my next venture\u201d.<\/p>\n

The inspiration for Square occurred to Jack Dorsey in 2009 while visiting a friend who was unable to complete a $2,000 sale of his glass faucets and fittings because he could not accept credit cards. He explained this problem to Dorsey who built a working prototype of Square within nine months.<\/p>\n

Square<\/strong> is just, so simple:<\/p>\n