SWIFT’s Innotribe venture has released a report, based on interviews with 11 leaders in the field, examining the way in which the FS sector is harnessing innovation within its organisations.
Large FIs are up against the formidable challenge of correctly channeling ideas in a timely fashion, whilst working within a complex, high-value and highly regulated business environment. For a successful innovation implementation, organisations need to consider methodologies that foster idea generation and help bring new products to market effectively, yet in a relatively low-risk manner. The research cites that strong collaboration, both externally with clients and internally with product, technology and operations teams, is just as essential in the development of products and services as collaboration and partnership with FinTech startups. A key part of collaboration includes embracing diversity among these internal and external collaborators.
“Based on our discussions with innovation leaders, it is apparent that large and small organisations need to realise the importance of collaboration and embracing cultural differences. This is where Innotribe comes into its own, essentially acting as a cultural translator between startups and more established institutions so that they can work together,” says Fabian Vandenreydt, global head of securities markets, Innotribe and the SWIFT Institute at SWIFT. “The element of diversity in innovation is extremely important, and we believe that innovation happens when people from different culture, background and expertise sit together and work on a common goal.”
He adds: “Innovation teams were created to turn innovation theory into practice, effectively helping financial organisations stay competitive. The intention behind this report is to explore the process of innovation, outline the essential components of building an innovation team and identify what we consider to be the top ingredients for high performing innovation teams. We look forward to continuing our work with these innovation leaders as collaborative innovation in financial services becomes the new normal.”