by: Shazia Manus

Change is an inevitable part of life, and innovating to adapt to change is an important part of remaining successful in today’s financial services environment. I recently took a closer look at innovation and its effect on financial institutions (FIs) in a white paper, “Reimagined Banking in the Age of the Consumer.”

Below is an excerpt from the paper examining the elements of a good strategic plan that encourages FI innovation.

“Two years ago, I had the opportunity to participate in a panel session alongside innovation expert and Wharton School professor David Robertson. To prepare for the session, which was a part of CO-OP Financial Services’ THINK conference, I read Robertson’s book, Brick By Brick: How Lego Rewrote the Rules of Innovation. Much of my learnings and insights on innovation since have been shaped by this read. One of the significant take-aways for me was this: For innovation to truly work, it must be aligned with the strategic business plan of the organization.

A good strategic plan outlines how the financial institution will remain relevant; delivering real value to the consumers it serves. Without understanding the aspirations, behavioral attributes and financial pains of consumers, it’s incredibly difficult to innovate your way into their world. 

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