Why do banks spend so little on R&D?

Written by Ashwin Rattan Wednesday, 23 January 2013 21:34
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From Clientific


Banks don’t even show up on Booz & Co.’s Global Innovation 1000 spending report.

They are lumped in to the “other” category of all industries except the top nine.

All of the other industries combined only account for 2% of the $603 billion spent on research and development in 2011.

Average R&D intensity, that is R&D spending as a percent of sales, across all industries was 3.43%.

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JP Nicols is the CEO of Clientific and a consultant and advisor to financial and fintech firms that serve affluent and high net worth clients.

He explores the intersection of leadership, advice and innovation for the future of wealth management on his Affluent Strategies blog at

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