02/09/2022 | Press release | Distributed by Public on 02/08/2022 23:07
Disruption in the financial services industry is on the rise. For example, 88% of leaders in the industry agree that fintechs are growing faster than traditional firms and increasingly challenging their business. Client behaviors are fundamentally changing as well. As one industry leader put it, "we've seen more change in the past two years than the previous 20 combined."
But innovation remains challenging at legacy financial services firms. The fast-follower strategies of the past no longer generate sufficient growth, and financial providers now seek to go on offense with investments in innovation. To achieve this objective, firms seek to build a more disciplined process for product development and new venturing. But the real barrier to innovation in financial services is organizational mindsets. A recent survey of industry leaders revealed that only 34% have an appetite to innovate their company's business model beyond existing boundaries.
Building a true "culture of innovation" can be a complex undertaking, starting with defining what a "culture of innovation" means for your organization in the first place, which is no small task. As a result, this short piece won't discuss how to build an all-encompassing culture of innovation (although be assured that Gartner experts can help you take that on).
But, if your objective is simply to empower yourself and your team to more readily identify innovative new ideas, products, or capabilities, some straightforward techniques can help. Gartner has observed how the best leaders enable their teams to cast aside existing assumptions and identify new ways to grow the business. Here are a few simple exercises and techniques to spark more innovation in your business:
For more ideas to drive innovation across your business, check out our Innovation Management Primer for 2022. For more insight on trends driving the need for innovation, click here to learn about four industry trends concerning financial services leaders. Additionally, contact your Client Success Partner to register for our upcoming Gartner Discussion Group in April on Creating a Culture of Innovation to vet your ideas and get advice from fellow financial services leaders on this critical topic.