Innovation and how it can be used to differentiate between payments products

Abstract

This paper illustrates how innovation can be put to use to differentiate between products in a mature market. It explores the impact of innovation in the various payment ecosystems. In times of compression and compromise, is innovation viable or superfluous? The answer lies within the market. Companies that are able to differentiate themselves are showing strong financial results. Basic questions such as 'How can innovation change the bottom line?', 'Can it be used to mobilise employees?', 'Will it fulfil customers' needs?' and 'What is the role of corporate managers?' are answered. The paper also details an ideation process (the Concept Generation Process) and alternatives for managing innovative projects. Finally, it uses two scenarios to demonstrate how innovation can work within payment realities.