BANKING AND FINANCIAL SERVICES
Overview
Average Maturity Level
NOVICE
Average Maturity Score
1.87 / 4.00
Least Developed Innovation Ecosystem Pillar
LEADERSHIP
Innovation Strategy
Average Maturity Level
NOVICE
Average Maturity Score
1.85 / 4.00
Main Blocker
It seems that companies in this industry don’t perceive innovation as key for their in-market success and growth.
Second Blocker
It seems that companies in this industry don’t necessarily have an ethos towards innovation and don’t want to take actions to be perceived as being innovative. The result is many tend to sidetrack innovation investments.
Third Blocker
Apparently there is a lack of clarity around innovation strategy and translating it into clear tactical plans that employees can act on.
Innovation Leadership
Average Maturity Level
NOVICE
Average Maturity Score
1.72 / 4.00
Main Blocker
Senior leaders in this industry typically don’t display the mindset and behaviour required for leading for innovation.
Second Blocker
Senior leadership action doesn’t typically match the organisations articulation of the importance of innovation with the majority of focus being efficiency improvements of legacy products.
Third Blocker
Day-to-day efficiency improvements seem to get the priority of senior leadership resulting in time rarely being dedicated to discuss innovation-focussed topics.
Innovation Management
Average Maturity Level
NOVICE
Average Maturity Score
1.98 / 4.00
Main Blocker
Apparently the skills and competencies required by employees for innovation are underdeveloped across the industry.
Second Blocker
For companies in this industry, it seems there is little time allocated for work on innovation. The expectations being that employees will work on innovation in their spare time and not part of their day-to-day.
Third Blocker
It seems companies in this industry find it difficult to translate the innovation strategy into clear and pragmatic objectives making the implementation of the strategy difficult.
Innovation Culture
Average Maturity Level
NOVICE
Average Maturity Score
1.89 / 4.00
Main Blocker
Roles and responsibilities around innovation are often unclear due to poor internal communication around innovation.
Second Blocker
In general most employees don’t understand how they can contribute to innovation and don’t regard innovation as part of their day job.
Third Blocker
It seems that most employees of companies in this industry are not willing to change because they are not incentivised to change or look for innovative ways of doing things.
Innovation Process
Average Maturity Level
NOVICE
Average Maturity Score
1.86 / 4.00
Main Blocker
Apparently, the majority of companies in this industry don’t have the right process and structures in place for innovation.
Second Blocker
Resource allocation for innovation seems to be an issue for companies in this industry - incremental improvements of the core offerings are typically prioritised over new growth (beyond the core) initiatives.
Third Blocker
Companies in this industry don’t seem to have a clear process for collaboration, knowledge exchange and communication between employees. Employees seem to be siloed and collaboration is hindered.