innovation in financial services embracing customer-centricity in product and service innovation

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1、InnovationinFinancialServicesEmbracingCustomer-CentricityinProductandServiceInnovationLeadingResearchRameshNairArindamChatterjeeInnovationinFinancialServicesEmbracingCustomer-CentricityinProductandServiceInnovationExecutiveSummary??Booz&Company’s2010GlobalInnovation1000studyindicatesthatasignif

2、icantmajorityofseniorexecutivesbelieveinnovationiscriticaltoachievestrategicgoals,yetfewaresatisfiedwiththeircurrentperformance??Traditionally,thefinancialservices(FS)industryhasbeenslowtoinnovatecomparedtomanyotherindustriesduetocomplianceandregulatoryobligations,dependenceonlargeinternalandextern

3、alinfrastructure,andanextensivefocusonsecurity??Despitetheselimitations,FSorganizationsaretryingtoinnovate,withvaryingdegreesofsuccess–Drivenbytheneedtobecomemorecustomer-centric,themajorityofFSorganizationshavestartedworkingoninnovativeproductsandservices,enabledbycustomerinsight–Atthesametime,FSo

4、rganizationshavestartedadjustingtheirbusinessmodels,buttheyseemtofallshortwhencomparedwithtruebusinessmodelinnovationinotherindustries??OurGlobalInnovation1000studyhasidentifiedthreeinnovationstrategiesthatarebeingadoptedinthemarket:needseekers,marketreaders,andtechnologydrivers–FSorganizationsneed

5、toaligntheirinnovationstrategywiththeirorganizationalculture–Basedonsecondaryresearchconductedfor16FSorganizations,wehaveidentifiedseveralcriticalenablersthatneedtobeinplaceandalignedwiththechoseninnovationstrategy??Oncetheinnovationstrategyisdefinedandenablersareidentified,asetofactionsmustbeunder

6、takentoinitiateandsustainaninnovationcultureFromChangeManagementGraduatestoTheBoardroom—//.booz4>>/changemgmt1Seniorexecutivesbelieveinnovationiscriticaltoachievingtheirstrategicgoals,yetfewaresatisfiedwiththeircurrentinitiativesImportanceofInnovationtoSatisfactionwithCurrentStrategicObjectivesInno

7、vationInitiativesIntroduceMoreNewProductsCritical65%ReduceProductCostEstablish/MaintainTechnologyLeadership27%DevelopProductsFasterImproveProductQuality6%(CustomerValue)IncreaseEngineeringEfficiency2%Improv