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Innovation Outlook 2017: Making Progress

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28 February 2017
Michael Fitzgerald

Abstract

Celent invited innovation professionals from financial services firms to provide their outlook for 2017 in an online survey. The participants are all innovation practitioners who bring a current and practical perspective to their predictions. Their feedback is valuable for financial services leaders who want to benchmark and advance the innovation capabilities in their firms.

Celent has released a new report titled Innovation Outlook 2017: Making Progress. The report was written by Mike Fitzgerald, a Senior Analyst in Celent’s Insurance practice.

Innovation continued to gain traction in 2016. Customer expectations, the imperative of digital transformation, regulatory scrutiny, growth needs in the face of increasing competition, and expense pressures provide impetus for change.

Additionally, emerging technology provides opportunities. The rise of sensors and intelligent digital ecosystems blur the boundaries between the digital and physical worlds and generate massive new data sources. Next-generation analytics and artificial intelligence are coming on stream to harness that data and provide new services to prospects and clients.

In response, Celent expects the need for effective innovation in financial services to continue to accelerate. With the onset of a new year, Celent surveyed innovation practitioners to understand their outlook for 2017. Programs participating in the survey are between two and three years old, focus on incremental innovation, and budget for innovation as part of their technology spending.

Investment in technology enabling innovation and spending on external and internal staff are the areas expected to see the largest increases.

“These innovation professionals are optimistic about 2017. They expect that customer expectations will continue to grow and provide opportunities for innovative firms to gain market share,” Fitzgerald said.

“Work remains to be done, however. Practitioners expressed concern about funding sources and acceptance of experimentation by their organizations,” he added.

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