Just Do It! Using the Buzz Around Innovation to Empower Banks and Asset Managers
By Konstantin Speidel
Program Manager Digital Transformation – Vice President, Allianz Global Investors
There does not seem to be a conference, town hall or announcement these days without executives speaking about the importance of innovation. Companies like Uber or Spotify have shown that digitization and technology can bring disruption into established industries. This, and the growing FinTech scene, are alerting executives in banks and asset managers. They are setting up different initiatives to understand how technology will impact existing business models. Hackathons, labs, think tanks, accelerators, incubators, outposts, dedicated functions and teams are all frequently seen examples of attempts to support innovation in the financial world.
Big banks and asset managers nevertheless often fail to create an environment which fosters innovation, even though they have talented staff and good ideas. I have seen a few successful projects and many failures, and detected something which Edison apparently already saw more than a hundred years ago: “Innovation is 1% inspiration and 99% perspiration.”
I am convinced that the institutions are not missing the creativity, but the execution power to develop new things. The good news is that, from my experience, the failure of execution power is not about missing opportunities, or the funding, but boils down to a rigid corporate culture lacking the pragmatism ...
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