Societal and technological trends are developing at an exponential pace. We see it, sense it, and read about it every day. While corporate innovation is often labelled as a viable strategy for improving the company’s performance, a successful implementation of corporate innovation remains challenging for most companies. Here, we share the most important innovation lessons we have learned over the last three years in a financial services context to help organizations, hopefully yours, avoid common pitfalls.
Innovation for financial services is to a large degree around using technology to disrupt various business model components. The focus is on achieving economies of scale, increasing efficiency, and facilitating peer-to-peer in-teraction. Different stakeholders play different roles in the FinTech ecosystem. There is a trend toward better ser-vicing customer needs relying on omnichannel experiences. Regulators should be seen as a friend rather than an enemy. But most important, the future starts now, and can only be approached with sound change management capabilities.
Recently I had the opportunity to have an insightful conversation with Mick Simonelli to talk about innovation challenges in the insurance industry. Mick is a dynamic thought leader on innovation in large organizations. Mick served as the senior innovation executive for USAA, and as a lead innovator within the Department of Defense, Today, Mick is an executive innovation practitioner with his work appearing on NPR, American Banker, Harvard Business Review, Workforce Magazine, Fast Company, and academic articles. Continue reading