How to accelerate customer-driven innovation in banking

Abstract

Customer-driven innovation in banking is critical to creating a sustained competitive advantage in an industry that is faced with digital disruption. Banks should build innovation leadership as a core competency through focusing on developing a culture of innovation, attracting and retaining the right talent and putting in place an innovation capability that enables customer focus, collaboration and speed. Partnering with FinTechs and start-ups can help accelerate innovation and create the right innovation culture but it is important to have a system in place that supports FinTech partnerships at scale. This paper focuses on how to create a continuous innovation capability in a large organisation and highlights some of the essential dos and don’ts.