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The WEALTHTECH Book
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The WEALTHTECH Book

by Susanne Chishti, Thomas Puschmann
July 2018
Beginner
336 pages
11h 58m
English
Wiley
Content preview from The WEALTHTECH Book

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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Publisher Resources

ISBN: 9781119362159Purchase book