Join Hans Bathija as they shed light on the imperative of practicality in driving innovation within the stringent confines of major financial institutions. Uncover the strategies, challenges, and considerations involved in executing innovation roadmaps that deliver tangible results and navigate the intricate landscape of banking with a practical mindset.
Innovation within heavily regulated sectors like banking is not just about coming up with new ideas but also aligning them with what's practically achievable. The reality of working within these constraints can shape how innovation is approached and implemented.
Institutions such as banks often dictate the terms of innovation. The challenge for innovators and consultants is not to propose unattainable ideas but to work within the frameworks laid out by these entities, which are often backed by extensive teams and resources aimed at defining their innovation pathways.
Consultants and internal teams may be provided with a strategic 'roadmap' devised by top consulting firms, which serves as a guiding document towards achieving proposed innovations. However, the deliverability of these roadmaps can vary, requiring a realistic assessment and possible adjustments to ensure practicality.
In the financial sector, the pressure of delivering tangible results quarterly and annually can heavily influence the scope of innovation projects. It becomes essential to develop innovations that can be executed within these time frames and provide visible benefits by the end of fiscal periods.
Being practical with innovation, especially in environments like banking, means adapting to the landscape of regulations, corporate expectations, and the cyclical nature of financial reporting. The ability to navigate these factors effectively determines the success of innovative initiatives.