Joel Berg

Creating checking accounts, mortgages and consumer loans with features that suit folks with lower incomes is paying off in unexpected ways for some banks.

The research and development process needs to undergo radical change. To remain relevant in the digital age, banks large and small are creating innovation labs, conducting quick beta tests of products early in the development stage and partnering with fintech startups.

Some banks are coming up with creative strategies for dealing with the rising cost of health care, from on-site clinics to full-time wellness coordinators. They also are softening the blow of high-deductible plans by phasing them in and contributing to employees' Health Savings Accounts.

Besides trying to figure out how to keep health insurance affordable, bankers are wrestling with a slew of other challenges, including recruitment, leadership development and employee engagement.