Published July 2, 2015
On Thursday, June 18th, 2015, Moving Interactive, Culturevate and Kindling came together at Innovation Loft to host a panel focused on building lasting financial service companies. The panel included:
- Tim Meany: CEO | Kindling (Moderator)
- Declan Denehan: Managing Director | BNY Mellon
- Christina Mott: Global Innovation Leader | Marsh
- Anthony Ferrier: CEO | Culturevate
- Patrick Wesonga: Innovation Program Lead at Citi
The panelists discussed a series of topics, ranging from their personal experiences, to the idea of start-ups in the financial space, to bringing innovation to an industry where laws and compliance dictate how you can engage with your consumers.
Here’s what we learned:
- long term plans are out.
- Silicon Valley is your friend.
- Keep your frenemies closer.
- Define innovation.
- There’s still opportunity in the old west.
There’s significant push-back on long-term, 10-year plans vs disruptive innovation. But sticking with the disruption takes faith and tenacity, something that isn’t necessarily evangelized in the financial services industry.
Start-Ups have an edge when it comes to disruptive thinking in financial services, because they aren’t so strictly regulated. It isn’t a zero-sum game, but the key to lasting organizations may be “co-opetition” — the old and new working together to find suitable revenue streams.
While it may seem like mentoring a start-up can be a slightly devious mechanism for older organizations to keep an eye on younger ones, mentoring a start-up is a great way to introduce new and innovative thinking into a stale environment.
If you can’t agree on what innovation is, can you accomplish it? Something that adds value may not necessarily be new, but it could still be innovative.
Even though the world is changing and keeping up can be a battle, institutions with longevity and history are still a great place to begin your career. You gain a great base of knowledge (that you can take with you to work for that startup!)
The endgame? It’s all about the Benjamins. Like Franklin, financial service institutions are finding their footing in a rapidly changing business landscape by embracing failure and welcoming disruption. In the words of this great thinker and innovator:
“You may delay, but time will not.”
Does you organization struggle with a challenging corporate environment? Contact Us to hear more about strategies that empower innovation and collaboration in changing landscapes.