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How to accelerate customer-driven innovation in banking

Author

Listed:
  • Sigurdardottir, Sigga

Abstract

Customer-driven innovation in banking is critical to creating a sustained competitive advantage in an industry that is faced with digital disruption. Banks should build innovation leadership as a core competency through focusing on developing a culture of innovation, attracting and retaining the right talent and putting in place an innovation capability that enables customer focus, collaboration and speed. Partnering with FinTechs and start-ups can help accelerate innovation and create the right innovation culture but it is important to have a system in place that supports FinTech partnerships at scale. This paper focuses on how to create a continuous innovation capability in a large organisation and highlights some of the essential dos and don’ts.

Suggested Citation

  • Sigurdardottir, Sigga, 2017. "How to accelerate customer-driven innovation in banking," Journal of Digital Banking, Henry Stewart Publications, vol. 2(2), pages 148-155, September.
    • Handle: RePEc:aza:jdb000:y:2017:v:2:i:2:p:148-155
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    Citations

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    Cited by:

    1. Shubin Wang & Qilei Liu & Hasan Dinçer & Serhat Yüksel, 2020. "Analysis of Innovation Performance for Retail Banking Industry With the Hybrid Fuzzy Decision-Making Approach," SAGE Open, , vol. 10(2), pages 21582440209, May.

    More about this item

    Keywords

    FinTech; digital disruption; PSD2; open banking; collaboration; partnerships; innovation; culture; leadership;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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