Innovation in Financial Services 2015: Reaching the Next Level
Significant investment is being made in innovation programs. According to financial services professionals, what works and what doesn’t?
Financial services professionals recognize that innovation in new business models and improved customer experience are critical to future success. This research examines current efforts in innovation in banks and insurers in detail. It analyzes 101 responses to a global survey of industry participants conducted in Q4 of 2015. The results provide guidance to firms that have launched initiatives and to those that are considering investment in formal innovation programs.
“There is now little doubt about the ‘why’ of innovation,” says Mike Fitzgerald, a senior analyst with Celent’s Insurance practice and author of the report. “Vast investments are being made in incubators, accelerators, labs, and other programs. The data from this survey identifies the most significant barriers to successful innovation and suggests interventions to address them.”
A comparison of these latest responses with the 2013 data indicates that innovation is increasingly critical to business strategy. However, a gap remains between the need for innovation to satisfy customer expectations and its importance to company strategy. This report provides examples of how leading firms are bringing these dimensions in line.