As the banking sector continues to change, we believe there hasn’t been enough focus on the importance of having a solid organizational culture and using this to expedite innovation. Whether you seek to improve business value, develop new products and services, or open up new revenue streams, your organizational culture sits at the core and dictates what’s possible and what’s not.
In speaking to banks and financial institutions, we often see many de-prioritizing their focus on this core and instead focusing on more immediate concerns such as reducing costs and increasing productivity. However, this reactive approach can be hazardous in a fast-changing industry, seeing increased competition from agile fintech start-ups and non-traditional players such as big tech.
Only 21% of banking executives believe that they have the necessary expertise to pursue innovation. On the other hand, the banks focusing on their organizational culture are doubling down on innovation. The challenge that slows them down is they lack the digital tools and online frameworks needed to allow their teams to collaborate and innovate effectively, especially with new ways of working.
We’ve also noticed a common misunderstanding of what exactly innovation entails. Unfortunately, organizations often expect a ‘tech upgrade’ will automatically lead to improved innovation, which is not the case.
In this whitepaper, we examine some of the macro trends that affect organizational culture and, as a result, innovation. We also address the common challenges that leaders face in their transformation journeys, and we illustrate how a stronger focus on organizational culture can power true innovation.
Agorize is the most comprehensive innovation management platform, supported by a team of experts and community of innovators. For over a decade, we’ve been providing technology powered by a community of 5 million innovators to foster change and accelerate innovation. Our clients and partners worldwide crowdsource, evaluate and develop solutions from startups, employees, developers and students using Agorize.
We’ve helped over 300 global enterprise companies in Europe, North America, and Asia Pacific, including Enterprise Singapore, Huawei, Microsoft, LVMH, PepsiCo, Bayer, Schneider Electric, Hitachi, L’Oréal and many more by running their innovation programs.
An innovation challenge, or innovation competition, is a competition organized by a company to bring forward innovative solutions. The organizer defines clear objectives and problem statements, after which innovators are invited to submit their ideas and solutions. Proposals can come from startups, employees, students or other talent that is relevant to the topic at hand. Through a process of crowdsourcing and assessing ideas, mentoring participants and developing solutions, the organization will identify the winning proposals that will be implemented. More than 300 enterprise companies have organized innovation challenges with Agorize.
Their results speak for themselves. They’ve reduced go-to-market time with internal teams, fast-tracked the development of niche solutions with the products and services of startups, created long-term strategic partnerships and brainstormed future-proof ideas with students from top universities. Overall, it accelerated their own transformation and made themselves more future-proof.