There are many famous business stories of companies such as Xerox and Kodak that fell from dominant positions due to a failure to understand or implement new technology that was set to disrupt their industry.
Kodak didn't replace film with digital photography despite developing many of the tools for fear of eliminating existing revenues. Xerox allowed Apple and Microsoft to walk away with some of the building blocks of the modern computer revolution after not really supporting the Xerox Alto.
Alto was the world's first true personal computer with an operating system and graphical user interface (GUI) that had icons you clicked, a mouse, ethernet networking, and so on. Ever heard of it?
The Xerox Alto represents what happens when firms don't see future technology or business trends. Leaving developments in the research lab and not moving them to the engineering lab can be as damaging as failing to develop them in the first place.
Banks know this so have turned to financial technology (fintech) firms in recent years to develop solutions for them that they can either buy, license or invest in. Smaller collaborative fintechs are often used as inexpensive external test bed firms so that financial institutions (FIs) can experiment with new mobile, cybersecurity, compliance, processing, data and other end-use applications.