How Ready Are Financial Firms for Digital Innovation?

After completing our compelling study with Forrester Research that surveyed innovation leaders within financial firms, it became clear that financial services firms are likely to overestimate their digital transformation capabilities. Many firms are struggling to consistently implement the best practices that can steer a company toward change and ultimately a successful innovation strategy.

Our webinar, presented by Forrester’s Alyson Clarke and Magenic’s Financial Services Strategic Partner, Heather Zimmerman, reviews the findings of the research study, then calls out what’s holding companies back and how they can make the leap forward.

Creating an Innovative Culture

In the presentation, Alyson outlines the findings of the research and emphasizes that a critical element is creating a true culture of innovation. While she stresses that this pursuit is much more art than science, there are some strict behaviors to avoid and some to strive towards.

Avoid these behaviors:

• Risk aversion – fear of failure and discouraging leaders can stunt innovation
• Status quo – doing what has always been done will restrict growth
• Insulated to changes – look beyond direct competitors for inspiration

Strive for these behaviors:

• Excite your team – share new ideas and prototypes
• Engage partners – involve internal and external resources in the process
• Empower key players – test new tools and new attitudes
• Embed the right practices – align on goals and leave room for errors

Getting Started in Your Organization

Heather illuminated how you can begin to take action on innovation in your organization right away. She showed how to become the spearhead within a team and how to push forward in three key areas.

• Idea generation – challenge old thinking with a test-and-learn approach to get to outcomes faster
• Culture – find the right people who can help you drive innovation and demonstrate the merits of moving faster
• Process – identify product owners and create a close, collaborative environment for your teams to develop

What’s the Next Step?

Whether you’re already the spearhead of innovation in your firm or you’re just trying to find the right place to start, finding great partners will help you reach your goals. Magenic is a strategic partner who helps drive innovative thinking and execution in leading financial firms. Take the next step for your organization and reach out to us with any questions.