Live blog report - Driving Organic growth through innovation
Peter J. Korsten (Leader IBM Institute for Business Value) and Cormac Petit (Consultant IBM Institute for Business Value) explain to us why innovation in the financial services is essential. Interestingly Peter makes the statement that the Financial sector is not very innovative at the moment. He promises to explain why in the end. :-)
Peter gives an introduction of the IBV, (an IBM think tank) in which consultants conduct worldwide studies to gain insight. He explains that a lot of knowledge shared today, come from the CEO study.
Cormac Petit explains why the time for innovation in banking is now. He expains that the market at the moment is sceptical; it is unsure that past successes will be repeated and continious consolidation is taking place. He gives us two reasons; one because new and unexpected competitors are coming into the market. Two; customers are demanding a higher service and personal customer value. This means traditional banks need to rethink their strategies.
Peter goes through some myths of innovation, concluded from the CEO study. The myths: Innovation is about products, it something secret and needs to be done internally. Final myth: It is also something that can be delegated within the company. He uses hilarious videos to illustrate his points! For instance he shows us two innovative ways he found online for solving the problem of folding t-shirts extremely fast. Talk about an original way to illustrate that you should use all the information that is out there!
He comes back to explain his first statement. He shows us the Business Week Top 100 Innovative companies and explains that only one of the companies in the top 100 was a bank. And finally Cormac surprises us with the fact that we were the first audience worldwide to hear the results of the IBV Financial study. It will be published worldwide in October.
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