IT Best Practices

Create A Culture of Innovation

Provided by Magenic

Category IT Best Practices

Type White Paper

Length 4

Publish Date April 13 2017

Date posted May 04 2017


Change can be downright painful for businesses, especially those whose greatest assets are centered around tradition, stability and trust.

It’s hardly news that players in the financial services industry are feeling the pressure to invent new products and services that can help them survive against newer, more innovative competitors optimizing the breakneck speed of new technology. Increasingly, consumers are responding to the market shift by demanding greater convenience and efficiency in their financial transactions.

If your company isn’t in the habit of continually seeking new ways to innovate, it’s far from alone. Many traditional banks and lenders have become so reliant on their reputations for longevity and stability that they haven’t had to make major changes in decades. Others have become risk-averse in their thinking through years of experience in the highly data-driven financial industry.

It’s not surprising, then, that many are finding it difficult to stop focusing so much on tradition and start fostering company cultures of creativity.

Companies able to pinpoint the source of their cultural issues frequently point to large, inflexible departments; a dearth of digitally talented staffers able to focus on innovation; a lack of funding for experimentation; legacy enterprise systems and/or resistance to change by senior executives. But the most prevalent element — cited by 32 percent of firms in a recent study Magenic commissioned from Forrester — may be resistance to collaboration by siloed product and channel teams that simply aren’t motivated to change the status quo.

Institutions unsure of how to get started with innovation may wish to review the Forrester study, which recommends four procedural best practices: idea generation, structural evaluation, incubation and implementation. Based on that research, this article offers tips on creating a culture that encourages new ideas by rewarding and supporting enterpriselevel successes.

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