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2020 Silver Linings
This is for me what I want to remember of 2020: people’s ability to quickly reinvent themselves and their businesses. If you are going to remember one thing, remember this: We can all be the innovator of the year; we only need to try
Whose job is it to innovate?
“Do you think Innovation will be part of everyone’s job?”
I was asked this question recently when discussing how to enable business SMEs to drive innovation. And it made me stop and consider the role of innovation teams in incumbents and its evolution.
Should Innovation teams adopt a FinTech or a TechFin approach?
The term FinTech refers to a company in which financial services experience is improved by leveraging digital technologies. FinTechs leverage approach 1. They start by understanding the problem and then identify the technology.
While TechFin refers to a technology company that aims to improve financial services experience. TechFins leverage approach 2. Technology is at the heart and starting point.
Now, let’s look at innovation teams within incumbent banks.
Corporate Hackathons: How far have we come?
This article was originally published on FintechTalents.
Hackathons seem to be in vogue this year, potentially boosted by global organisations and employees working remotely. However, and similar to other innovation methods, particularly innovation labs, they create a love-hate reaction in the financial services industry.
Having been a judge of hackathons throughout the years, I keep going back and forward on this matter too.
Big Financial Institutions Can Foster An Innovation Mindset
Innovation is driven by people for people.
Technology has been at the forefront of innovative change and a big enabler in the transformation of financial services. However, all innovative products and solutions deployed in financial services have in common an innovative team.
The Pandemic shows that digital transformation pays off
This article was originally published on Data Driven Investor.
The Pandemic crisis has created turmoil in the global economy and challenged the traditional ways of working and delivering value.
It has shown large financial institutions that digital transformation projects do pay off, they should be a continuous investment and that the “new normal” will be a continuous re-invention based on new tools and technologies in the market.
Innovation in a pandemic: Moving Away From Fully Fleshed Out Products
During the pandemic, corporations faced the challenge of having to pivot quickly to remote working. In many cases, technology had to be upgraded with Zoom and similar platforms being adopted.
We have seen numerous success stories, many with new technology adopted within weeks and in some cases even days instead of pre-coronavirus adoption times of months or even years. Here the key focus was on speed and immediate support instead of design and perfection.