Linking innovation with the business plan

first_imgby: Shazia ManusChange is an inevitable part of life, and innovating to adapt to change is an important part of remaining successful in today’s financial services environment. I recently took a closer look at innovation and its effect on financial institutions (FIs) in a white paper, “Reimagined Banking in the Age of the Consumer.”Below is an excerpt from the paper examining the elements of a good strategic plan that encourages FI innovation.“Two years ago, I had the opportunity to participate in a panel session alongside innovation expert and Wharton School professor David Robertson. To prepare for the session, which was a part of CO-OP Financial Services’ THINK conference, I read Robertson’s book, Brick By Brick: How Lego Rewrote the Rules of Innovation. Much of my learnings and insights on innovation since have been shaped by this read. One of the significant take-aways for me was this: For innovation to truly work, it must be aligned with the strategic business plan of the organization.A good strategic plan outlines how the financial institution will remain relevant; delivering real value to the consumers it serves. Without understanding the aspirations, behavioral attributes and financial pains of consumers, it’s incredibly difficult to innovate your way into their world.  continue reading » 4SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img

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