The challenge of innovation in financial services
David Troman, head of financial services at PA Consulting Group shares his insights on innovation with Financier Worldwide.
In the article, David examines the struggles financial services firms face when it comes to innovation. He says: "Weighed down by the ever increasing burdens of regulation and compliance, it is not surprising that 90 percent of senior leaders we surveyed admitted that they do not have a strong focus on breakthrough or radical innovation."
The article also goes on to note the differences between sectors. David states that when it comes to financial services: "We also found the sector was more inward facing than the seven others we looked at, with leaders tending to look to other financial services firms for inspiration rather than exploring ideas from outside."