{"id":824,"date":"2021-02-17T21:54:55","date_gmt":"2021-02-17T21:54:55","guid":{"rendered":"https:\/\/innovationmaturityindex.info\/?page_id=824"},"modified":"2022-12-20T15:38:49","modified_gmt":"2022-12-20T15:38:49","slug":"banking-and-financial-services","status":"publish","type":"page","link":"https:\/\/innovationmaturityindex.info\/banking-and-financial-services\/","title":{"rendered":"BANKING & FINANCIAL SERVICES"},"content":{"rendered":"

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Industry Average Innovation
\nMaturity Level<\/p>\n

Novice<\/strong><\/p>\n

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Industry Average Innovation
\nMaturity Score<\/p>\n

1.87 \/ 4.00<\/strong><\/p>\n

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Least Developed Innovation
\nEcosystem Pillar<\/p>\n

Leadership<\/strong><\/p>\n

[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][vc_empty_space height=”20px”][\/vc_column][vc_column width=”1\/2″ column_padding=”3%” background_color=”#10d4e8″ font_color=”#000000″][vc_custom_heading text=”BANKING & FINANCIAL SERVICES”][vc_column_text]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.<\/p>\n

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.[\/vc_column_text][vc_row_inner el_class=”industry-link”][vc_column_inner width=”1\/2″][vc_btn title=”COMPARE INDUSTRY” shape=”round” color=”default” link=”url:https%3A%2F%2Finnovationmaturityindex.info%2Fbanking-industry%2F”][\/vc_column_inner][vc_column_inner width=”1\/2″][vc_btn title=”DOWNLOAD REPORT” shape=”round” color=”default” link=”url:%23BankingReport”][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row type=”full_width_background” bg_color=”#114571″ text_color=”light”][vc_column width=”3\/4″][vc_column_text]Based on OUTCOME<\/a>\u2019s pioneering work on measuring corporate Innovation Maturity, we\u2019ve launched \u2018AIM Individual\u2019 \u2013 a single-person version of the enterprise-wide tool AIM, used to build The Global Innovation Maturity Index.[\/vc_column_text][\/vc_column][vc_column width=”1\/4″][vc_btn title=”TAKE AIM INDIVIDUAL NOW” shape=”round” color=”default” link=”url:https%3A%2F%2Fthe-aim.co%2Faim-individual%2F|target:_blank”][\/vc_column][\/vc_row][vc_row type=”full_width_background” bg_color=”#efefef”][vc_column][vc_custom_heading text=”Innovation Maturity Summary” font_container=”tag:h2|text_align:center”][vc_row_inner][vc_column_inner width=”1\/5″][vc_custom_heading text=”Strategy” font_container=”tag:h3|text_align:left”][vc_column_text]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.[\/vc_column_text][\/vc_column_inner][vc_column_inner width=”1\/5″][vc_custom_heading text=”Leadership” font_container=”tag:h3|text_align:left”][vc_column_text]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.[\/vc_column_text][\/vc_column_inner][vc_column_inner width=”1\/5″][vc_custom_heading text=”Management” font_container=”tag:h3|text_align:left”][vc_column_text]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.[\/vc_column_text][\/vc_column_inner][vc_column_inner width=”1\/5″][vc_custom_heading text=”Culture” font_container=”tag:h3|text_align:left”][vc_column_text]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.[\/vc_column_text][\/vc_column_inner][vc_column_inner width=”1\/5″][vc_custom_heading text=”Process” font_container=”tag:h3|text_align:left”][vc_column_text]Apparently, the majority of companies in this industry don\u2019t 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.[\/vc_column_text][\/vc_column_inner][\/vc_row_inner][\/vc_column][\/vc_row][vc_row][vc_column][vc_custom_heading text=”The Top 11 Most Innovative Companies in the world compared with the 11 Biggest R&D Spenders…” font_container=”tag:h2|text_align:center”][media image=”2312″][\/vc_column][\/vc_row][vc_row type=”full_width_background” bg_color=”#efefef” el_id=”BankingReport”][vc_column width=”1\/3″][vc_empty_space height=”75px”][media animation=”none” image=”1597″][\/vc_column][vc_column width=”2\/3″][vc_column_text]Download our Banking & Financial Services Industry Maturity Report 2021.[\/vc_column_text]\n

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