How financial services organisations can stop their best ideas from falling through the cracks
Our new innovation survey has found 68% of senior executives in financial services get more value from incremental innovation (improvements to processes and tweaks to existing products and services).
Over 63% of respondents complain that people use the term ‘innovation’ to describe different things. This suggests that senior management may not have fully articulated what it wants to achieve through innovation.
In our experience, a siloed approach to innovation is unlikely to succeed. To deliver transformational results, innovation has to move beyond the R&D department and become firmly embedded in the culture of the organisation.
To achieve this, our research suggests seven recommendations that senior executives should consider to convert innovation investment into profitable return.
The report also covers:
- Our view of the innovation challenges that organisations face
- Cross-sector learnings for addressing the innovation drain
- Best practice examples from 24 interviews with innovation leaders
- Analysis by sector and key findings
- Analysis by country and key findings.