Innovation in Financial Services

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Permalink Reply by Geovanny Romero on September 25, 2011 at 5:24am

I think you should focus to meet the customers needs and work together with stakeholders. Don´t forget that all your projects are aligned with the company's strategy.

So, the most important in innovation is the new product/service concept with high customer value.

 

Regards

 

Geovanny

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Permalink Reply by Frank Davidsen on October 14, 2011 at 12:06am

Hi Andres

 

Which type of financial services company are you working for?

 

I have worked 10 years with innovation, product management and projects in the financial services industry (mainly investment and retail banking) working for small regional niche players to Tier 1 banks such as JP Morgan. The approach to innovation can be quite different and the challenges may vary. For example, one major regional bank had considerable challenges ith implementing the innovation strategies and changing the company culture. While a niche player did not have this problem, but rather faced challenges with Open Innovation and coping with all the "good ideas" generated within the company. Some of the key issues that I have experienced are:

 

Executive commitment

Designing and implementing innovation strategies

Culture and organizational changes

 

The last point can be particularly challenging as many established market players often have a conservative, defensive attitude towards cultural and organizational changes.

 

Here are a two good links you may benefit from:

http://www.innovationmanagement.se/2011/09/13/innovation-for-financ...

http://www.innovationmanagement.se/2011/05/02/being-the-chief-innov...

 

regards

Frank

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