What are Your Innovation Priorities?
As a part of our ongoing research into global best practices for effective innovation in financial services, we conduct periodic national innovation surveys of U.S. financial services executives.
Like last year's 4Q survey, we again are focusing on the business goals that leaders are trying to accomplish through their innovation activities and where those activities are focused in terms of business lines and customer segments.
New this year, we are drilling down a little bit deeper into how respondents are managing innovation internally, including actions taken and how they are measuring success.
This is partially as a follow up to the results of our 4Q2017 survey. When asked “What factor is most preventing your organization from innovating to its fullest potential?”, 32.7% of financial services executives then cited “organizational or structural impediments”, while 29.6% said there was a “lack of innovative culture and entrepreneurial spirit” within their organization at that time. Download the 4Q17 survey results here.
This is also in line with literally hundreds of conversations we have had with financial executives over the past year. Managing innovation with different funding, decision-making, and measurement processes than the core business is a key differentiator of organizations who generate tangible results from their innovation efforts.
Learn how we help financial institutions build and leverage their innovative capacity with foundational frameworks for funding, governance, and risk management - new tools and skills to help forge ideas into results fast. Learn More