The value of open innovation at your credit union

by: Shazia Manus

Innovation is an important element to successfully navigating the ever-changing waters of today’s technology-laden financial services environment. Open innovation is a particularly compelling form. With open innovation, one organization partners with another organization or individual who has already developed a specific technology or who is more advanced along the developmental path of that technology.

A recent white paper I authored, “Reimagined Banking in the Age of the Consumer,” highlights open innovation as it relates to financial institutions. Below is an excerpt taking a closer look at the value of open innovation.

There’s great potential in “the crowd.” We see it in the trends of crowdsourcing and crowdfunding, each of which can significantly impact several different areas of a business. Take marketing, for example. In what was an epic success for Doritos, the company went beyond its internal creative army, beyond its external marketing agency, and tapped the American public — arguably the entire world — for its next great Super Bowl commercial.

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