15 The pace of innovation DIGITAL INTEGRATION NOW AND IN THE FUTURE Aside from regulators many other factors help to define the pace of innovation For instance larger markets such as the US foster innovation by providing a larger potential market for new products But the underlying technology present in each market also plays a key role While there must be an existing infrastructure for certain products to be useful the need to retire legacy technologies can slow down the establishment of innovative processes in developed countries In Africa mobile payments are more popular than in the developed world because there was no infrastructure beforehand The need to retire legacy infrastructure in developed markets can actually work to slow progress in the implementation of new technology A similar narrative was behind the rapid uptake of digital technology in Estonia Unshackled by the need to replace extensive and outdated infrastructure Estonia has invested heavily in digitalization The country already conducts 98 of its banking transactions over the internet according to Estonian government statistics and is now ranked 17th in the World Bank Group s Ease of Doing Business index

Vorschau UniCredit Digitalization Seite 15
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