Disruptive Innovation: The Next Day
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5 October 2013Juan Mazzini
What a journey! Celent’s “What’s next: The Search for Disruptive Innovation” brought together an exciting group of people to look into innovation in financial services yesterday in the Bay area. You could feel it in the air. Cases from all around the world were the perfect set-up to let our minds wonder during one day exclusively dedicated to innovation. Too many things I would like to share with you for just one blog, but better than that, please be my guests and look into what people had to say about the different sessions during the day as they shared their thoughts through twitter #celentnext: https://twitter.com/search?q=%23celentnext&src=tyah&f=realtime As for me, I would like to share with you my main takeaways:
- Innovation is inevitable. Either you innovate, even at the extent of having to reinvent yourself, or someone else will do and then you will have no business to re-invent.
- Innovation management is improving but is still on the “must do” list for many.
- Any time we talk about innovation we end with a few imperatives: Be bold enough to try, execute to perfection and learn and adapt. Always remember that the breakthrough will be possible only if you achieve a systemic approach to innovation, which is totally tied to your organization culture and how it deals with innovation.
- You need to protect your innovation initiatives for them to nourish.
- The industry needs to find a balance between what millenials expect today from financial services and running a profitable business. Both sides can and should learn more from each other, and don’t forget that there is nothing such as a free meal.
- It is not all about financial transactions. Customer experience and delight comes from other sources of interchange that might have financial transactions as a consequence but do not put them in the center of the scene. That is why customers want simple interactions, convenience and logically designed touch points. Nothing more, nothing less.
Asia-Pacific, EMEA, LATAM, North America