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As we are now deep into Q1 2017, analyst firm Celent recently released the results of a survey on the state of innovation within financial services. The findings, compiled and authored by Mike Fitzgerald, show that while the industry overall has been slow to adopt and promote innovation, firms understand that clients have come to expect a higher level of technological integration and service; therefore, progress to meet that demand is underway.
Imperative to the adoption and practice of innovation is the presence of an influential individual or team within an organization that can promote and champion technologies. More often than not such persons reside with a firm’s C-suite, and this survey shows which titles are currently most aligned with the pursuit of innovation and which ones have become increasingly so over the past three years.
The survey was completed by nearly 200 financial services professionals and can be accessed by Celent clients here. For those who are unaffiliated, the following bullets are highlights from the report.
Two conclusions can be drawn from this survey’s data: The full adoption of innovation within a firm seems to occur over the course of three stages; and the existence of those stages allows for the careful, incremental introduction of technology.
Initially, the market dictates a need for innovation. Firms can ignore this directive for only so long before realizing they should and must embrace the promise of innovation if for no other reason than to remain competitive. Lastly, in order for an organization to achieve success in managing innovation, they need to construct an effective internal support network and allocate the appropriate level of resources. Based on this latest survey, it’s clear that the leaders of innovation within financial services have already entered this third stage.
This gradual approach to fostering innovation is not exclusive to financial services. As one UI executive recently noted, individuals will more often than not only embrace change if it doesn’t drastically disrupt their normal day-to-day movements and activities. Thus, only those technologies that can be broadly implemented but individually tailored to the behavioral norms of employees will achieve success both in terms of operational ease and user adoption. It will be very interesting to see how this innovation momentum plays out amongst financial services leaders and laggards in 2017.