Published July 2, 2015
FROM, The Digital Transformation Agency (previously Moving Interactive) hosted a panel at the Innovation Loft that was focused on building lasting financial service companies.
The panelists include:
Tim Meany – CEO of Kindling
Declan Deneham – Managing Director of BNY Mellon
Christina Mott – Glorbal Innovation Leader of Marsh
Anthony Ferrier – CEO of Culturevate
Patrick Wesonga – Innovation Program Lead at Citi
They 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.
1) Long Term Plans vs Disruptive Innovation
There’s significant push-back on long-term plans vs disruptive innovation, but sticking with the disruption takes faith and tenacity, something that isn’t necessarily evangelized in the financial services industry.
2) The Edge of Start Ups
Start-Ups have an edge when it comes to disruptive thinking in financial services, due to the fact that they aren’t so strictly regulated. The Key to lasting organizations may be “co-opetition” — the old and new working together to find suitable revenue streams.
3) Start-Ups Cultivate Ideation
For older organizations, mentoring a start-up can be a great way to introduce new ideas and innovative thinking. Younger organizations are eager to get the ball rolling and can provide a different angle of ideation for their older mentors.
4) Define Innovation
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. Communication is very important, get your team on the same page by defining the goal and the problem you need a solution for. Understanding the problem and where you want to be is the foundation of innovative thinking and collaboration.
5) Realize Opportunity
Although the digital world is changing everyday and keeping up with it can be difficult, institutions with longevity and history are a great stepping stone to begin your career while learning a lot along the way. It will be an experience where you will practice and learn new skills that will translate very well into working for that start up.
Financial service institutions are finding their footing in a rapidly changing business landscape by embracing failure and welcoming disruption.
“You may delay, but time will not.”
– Benjamin Franklin
Does you organization struggle with a challenging corporate environment? We provide more tips & tricks on our blog, read Does Your Product Need Wings? to learn more about how innovation & idea cultivation made drastic improvements to an already simple to use product. If you have any other inquiries about our space or services, please don’t hesitate to email firstname.lastname@example.org or give us a call at 646-692-3522.