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Innovation in a pandemic: harnessing digital curiosity
The pandemic has shown that we are all able to move up in the technology ladder as long as we are willing to try new technologies and have support available during the initial stages. Similar to learning to walk, learning to talk and other skills which everyone learned when they were young.
The question now is, how will financial services build on this new curiosity and willingness to try new digital technologies from both consumers and employees?
Innovation in a Pandemic: Financial Services
In my previous article, we discussed some of the principles applied by small and medium businesses to innovate and pivot their businesses during the pandemic. Today, we will take a look at the financial industry, specifically large corporations, and understand how they can leverage those innovation principles.
Innovation in a Pandemic
The Coronavirus pandemic is impacting all industries at a global scale with small and medium-sized businesses significantly impacted.
As per the English phrase “Necessity is the mother of invention”, some businesses have taken it into their own hands to quickly pivot their offerings ensuring cash continues to flow while the country is in lockdown.
How To Find Innovative Solutions?
In order to find innovation solutions or simply put, digital tools, teams should connect internally and externally.
Awareness of the innovation environment should not be something pursued occasionally during high-pressure times but throughout the year. Innovation champions do not require a pre-defined scholarship background or a role title but only a curious sense and desire to continuously learn.
Why should we celebrate failed corporate innovations
Corporate innovation pilots are initiated with the aim to experiment and educate. However, the learning component is often lost through the process as teams fixate over-delivering results and ensuring the tool, being tested, solves their issues and pain points.
Blockchain and its potential in Finance
Blockchain seems to divide people like no other disruptive tool in the market.
The reality is that Blockchain has not reached the masses as expected but pilots and experiments keep popping up in different fields. For example, the increased investment by incumbent banks in the payments space using consortiums (co-partnerships) of Distributed Ledger Technologies.
Why Finance has lost the AI race
Although Artificial Intelligence is widely used in our daily lives, asking Alexa to research available flights, checking your app for daily commute estimation, etc. banking has only joined the race in recent years.