New research from Innotribe examines the inner workings of innovation within financial institutions, revealing the essentials for high performing innovation teams
This press release is also available in Spanish.
Brussels, 16 March 2017 - Innotribe has released a new report examining the way innovation teams from the financial services sector are harnessing innovation within their organisations. Based on interviews with 11 innovation leaders, the Innotribe report, “Dynamism in Diversity: The essentials for successful Innovation Teams in the Financial Industry,” details current innovation frameworks and best practices for developing innovation programmes across the wholesale financial industry.
According to the research, large financial organisations are up against the formidable challenge of correctly channeling ideas in a timely fashion, whilst working within a complex, high-value and highly regulated business environment. For a successful innovation implementation, organisations need to consider methodologies that foster idea generation and help bring new products to market effectively, yet in a relatively low-risk manner. The research cites that strong collaboration, both externally with clients and internally with product, technology and operations teams, is just as essential in the development of products and services as collaboration and partnership with FinTech startups. A key part of collaboration includes embracing diversity among these internal and external collaborators.
“Based on our discussions with innovation leaders, it is apparent that large and small organisations need to realise the importance of collaboration and embracing cultural differences. This is where Innotribe comes into its own, essentially acting as a cultural translator between startups and more established institutions so that they can work together,” explains Fabian Vandenreydt, global head of securities markets, Innotribe and the SWIFT Institute at SWIFT. “The element of diversity in innovation is extremely important, and we believe that innovation happens when people from different culture, background and expertise sit together and work on a common goal.”
The element of diversity in innovation is extremely important, and we believe that innovation happens when people from different culture, background and expertise sit together and work on a common goal.
Vandenreydt adds, “Innovation teams were created to turn innovation theory into practice, effectively helping financial organisations stay competitive. The intention behind this report is to explore the process of innovation, outline the essential components of building an innovation team and identify what we consider to be the top ingredients for high performing innovation teams. We look forward to continuing our work with these innovation leaders as collaborative innovation in financial services becomes the new normal.”
The experts interviewed for the report are part of a wider Innotribe Anchor Group, which represents a global network of fifty senior executives responsible for core innovation at their respective financial institutions. Launched in 2015, the group exchanges ideas and inspiration on how to develop innovation across the wholesale financial industry, helps drive the selection of topics to be pursued through the Innotribe Industry Challenges, a new initiative in the Innotribe toolbox. Launched in 2016, the Industry Challenge brings together member institutions, FinTech vendors, startups and SWIFT business and IT leaders in the development of collaborative solutions around key business areas such as Securities, Compliance and Cyber-security.
Follow the discussion
Following this report, individual interviews from each of the participating organisations will be published in the form of a weekly series (both in article and video format), highlighting their views about innovation in financial services. These interviews will be available on www.swift.com.
Download the report
Launched in 2009, Innotribe was created to identify the emerging technologies and innovative trends surrounding the financial services industry and generate discussions on their potential impact moving forward. Benefitting from SWIFT’s central position, Innotribe provides a platform to the global financial community to understand the dynamics behind technology changes and to help focus on the opportunities for transformation rather than the threats to current market practices.
SWIFT is a global member-owned cooperative and the world’s leading provider of secure financial messaging services. We provide our community with a platform for messaging, standards for communicating and we offer products and services to facilitate access and integration; identification, analysis and financial crime compliance. Our messaging platform, products and services connect more than 11,000 banking and securities organisations, market infrastructures and corporate customers in more than 200 countries and territories, enabling them to communicate securely and exchange standardised financial messages in a reliable way. As their trusted provider, we facilitate global and local financial flows, support trade and commerce all around the world; we relentlessly pursue operational excellence and continually seek ways to lower costs, reduce risks and eliminate operational inefficiencies. Headquartered in Belgium, SWIFT’s international governance and oversight reinforces the neutral, global character of its cooperative structure. SWIFT’s global office network ensures an active presence in all the major financial centres.
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