The OC1 asks for “proven track record or examples of innovation in the digital technology sector as a founder or senior executive of a product-led digital technology company or an employee working in a new digital field or concept”. I have a question and would greatly appreciate your inputs.
My question is as follows:
Q: Are challenger banks/neobanks considered innovation?
What’s confusing me is this:
They are basically digital banks on the surface but they have much better and developed technology than the traditional banks. Still, I’m not sure if my evidence for the Neobank is considered as innovation.
If you can prove you were a key contributor to innovation in the product maybe.
I would avoid saying “they have much better and developed technology than the traditional banks”, this sounds like something a layman would say. Can you elaborate in detail why and how the technology is better?
Innovation can be either scientific like algorithms that are new or product that is new and unique relative to the industry. E.g Uber when it just came out was innovative.
Thank you so much this was very helpful!
I believe the key is to clearly demonstrate your input and efforts in the realm of innovation (I think neobanks can be considered here). Ensure that your submission includes screenshots and a comprehensive write-up that explains your contributions.