We recently hosted a webinar with the FinTech Network, ahead of their Customer Experience for Financial Services Conference, to discuss the topic of innovation and customer experience in financial services. We were joined by three great panellists - Oke Oleazu, COO at Bought by Many, Bil Ahmed, Head of Product Innovation at Investec and Paola Miani, Head of Design Strategy at Lloyds Banking Group - who gave us their views on innovation in the market. Here’s what we learned:
1. Innovation is a state of mind
The greatest driver of innovation is customer need. This can be relatively easy for a start up that is completely customer focused, trying to build a customer base before later refining their products and services. However, this can be harder for larger and more established organisations which are expected to already offer the best products and services. When the webinar audience was asked: “How much resistance do you get to innovation within your organisation?”, almost three quarters replied with: “A lot of resistance – it’s difficult to get anything done”.
Innovation is a behaviour and therefore must be at the heart of an organisation. In the case of Lloyds Banking Group, this accounts for part of their £3bn investment in becoming the bank of the future, which was announced earlier this year. They are very much focused on empowering their colleagues to do the right things, to make positive changes.
We asked all of those who registered for the webinar to highlight what they thought the most important enabler of innovation was and almost one third said it was: “Leadership and management commitment”: