It’s marvelous, the speed at which innovation in technology are hitting the shop floors. While developed markets have always been the forerunner for innovation in technology, emerging markets are fast catching up. But there is a catch! Most disruptive innovations, such as the television, telephone, smartphone, tablets, or the social media, are from the developed parts of the world. These markets have the financial muscle for R&D, the appetite for risk, and the environment that allows innovators to learn from failures. Take for example, the iPad by Apple. It is an innovation that has changed the way users do things such as read books, connect with people, and access information on the go. People are now also using the tablet for newer purposes – as part of sales kits, mobile presentations, and education amongst others. Emerging markets on the other hand have the human and financial resource to dedicate for the creation of successful innovations and develop versions that are suitable for the local market that are cost-effective. According a report by NPD, among emerging markets, China and Asia Pacific have the highest demand for tablets, followed by Brazil, India, and Russia. While Apple is expected to be the highest contributor to this rising demand, it is important to remember that these markets are highly sensitive to cost. Also, a majority of the population in emerging markets do not have the purchasing power for expensive items such as Apple’s iPad. It is here that companies such as Google, Samsung, and Acer are innovating to supply relatively low-priced tablets. For example, Google’s open-source Android OS is witnessing a tremendous growth in demand from all mobile devices (smartphones and tablets). In 2014, the demand for devices running on Android OS is expected to cross the 1 billion mark, 75 per cent of this will be from emerging markets. Similarly, banks operating in emerging markets should borrow technological innovations from the developed markets to better serve their consumers. This should include, but not be limited to the ways these banks approached new customers, the means by which they reached out to the existing ones, there customer support mechanism, and the customer experience they provided. For instance, a bank could look at using tablets to demonstrate their USP to a new customer, or open a bank account for them instantly without the customer having to visit the branch. Banks may even look at using these portable devices and biometric signatures to take banking to the unbanked. Another example is the use of Big Data by banks to offer suitable credit cards to customers based on their purchase pattern. This will help banks leverage technology to win more customers and their retention. Share with us your ideas on how banks can leverage technology advancements in developed markets to sustain in emerging markets.