Industry Average Innovation
Maturity Level
Novice
Industry Average Innovation
Maturity Score
1.87 / 4.00
Least Developed Innovation
Ecosystem Pillar
Leadership
BANKING & FINANCIAL SERVICES
Probably the industry with the most dynamic incumbent population the banking and financial services industry has been at forefront of the digital revolution for a decade.
Independent of their geographic location the incumbents in this industry seam to face the same challenges: diminishing margin, portfolio unbundling from fintech startups, increased competition from players outside their industry (in particular technology companies) and a legacy infrastructure not adapted for the current customer needs. However the resolution to these threats varies massively from company to company. From fully digital insurance companies and banks to institutions still debating the role of technology in the sector – the banking and financial services industry has it all.
Based on OUTCOME’s pioneering work on measuring corporate Innovation Maturity, we’ve launched ‘AIM Individual’ – a single-person version of the enterprise-wide tool AIM, used to build The Global Innovation Maturity Index.
Innovation Maturity Summary
Strategy
There seems to be a lack of focus for innovation in companies in this industry. Innovation seems to be sidetracked by companies in this industry in favour of incremental efficiency improvements lead by the latest technological trends.
Leadership
The leadership of the companies in this industry seem to be better suited to lead incremental efficiency of the legacy offerings rather than breakthrough innovation.
Management
There seem to be a disconnect between the skills needed to manage and work in innovation and the upskill programs offered by companies in this industry.
Culture
It seems that most employees of companies in this industry are not willing to change because they are not incentivised to change, creating a culture of conformity and incremental improvement.
Process
Apparently, the majority of companies in this industry don’t have the right process and structures in place for innovation – this has repercussions in resource allocation, where the efficiency improvements of the legacy core are prioritized over innovation.
The Top 11 Most Innovative Companies in the world compared with the 11 Biggest R&D Spenders...
Download our Banking & Financial Services Industry Maturity Report 2021.