How can you help a financial services company innovate and remain competitive?

1 Assess the current situation

Before you can propose any solutions, you need to understand the current state of the company, its market, its customers, and its competitors. You can use various tools and frameworks, such as SWOT analysis, Porter's five forces, value chain analysis, and customer journey mapping, to identify the strengths, weaknesses, opportunities, and threats of the company. You can also conduct interviews, surveys, focus groups, and observations to gather insights and feedback from the stakeholders.

2 Define the innovation goals

Once you have a clear picture of the current situation, you can help the company define its innovation goals and objectives. What are the main problems or challenges that the company wants to solve or address? What are the desired outcomes or benefits that the company wants to achieve or deliver? How will the company measure and evaluate its innovation performance and impact? You can use SMART criteria (specific, measurable, achievable, relevant, and time-bound) to help the company set realistic and meaningful goals.

3 Generate and evaluate ideas

After defining the innovation goals, you can help the company generate and evaluate ideas for potential solutions. You can use various techniques and methods, such as brainstorming, mind mapping, SCAMPER, prototyping, and testing, to stimulate creativity and encourage divergent and convergent thinking. You can also use criteria such as feasibility, desirability, viability, and scalability to filter and prioritize the most promising ideas.

4 Design and implement the innovation strategy

Once you have selected the best ideas, you can help the company design and implement the innovation strategy. How will the company develop and launch the new products, services, processes, or business models? What are the key activities, resources, partners, and channels that the company needs to execute the strategy? What are the risks and assumptions that the company needs to validate and mitigate? You can use tools such as business model canvas, lean canvas, or agile methodology to help the company plan and execute the strategy.

5 Monitor and improve the innovation results

After implementing the innovation strategy, you can help the company monitor and improve the innovation results. How well is the company meeting its innovation goals and objectives? How satisfied are the customers and other stakeholders with the innovation outcomes and benefits? How can the company learn from the feedback and data and make adjustments and improvements? You can use tools such as key performance indicators (KPIs), customer satisfaction surveys, net promoter score (NPS), or A/B testing to help the company track and optimize the results.

6 Foster a culture of innovation

Finally, you can help the company foster a culture of innovation that supports and sustains its innovation efforts. How can the company encourage and reward innovation among its employees, partners, and customers? How can the company create and maintain an environment that fosters collaboration, experimentation, and learning? How can the company embed innovation into its vision, mission, values, and processes? You can use tools such as innovation champions, innovation labs, innovation contests, or innovation training to help the company build and nurture a culture of innovation.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?