Innovation: The Growth Accelerator

Innovation: The Growth Accelerator

With organic growth and customer satisfaction stagnating, banks need innovation to perform better in the market, according to consultants at McKinsey & Co. The authors say more can be done by using customer insights and external idea networks; dedicated innovation funding; and facilitating a cul...

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Veröffentlicht in:Banking Strategies 2008-05, Vol.84 (3), p.36
Hauptverfasser: Taraporevala, Zubin, Capozzi, Marla M
Format: Artikel
Sprache:eng
Schlagworte:
Bank marketing
Innovations
Market strategy
Retail banking
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Zusammenfassung:With organic growth and customer satisfaction stagnating, banks need innovation to perform better in the market, according to consultants at McKinsey & Co. The authors say more can be done by using customer insights and external idea networks; dedicated innovation funding; and facilitating a culture for innovation. They recommend learning lessons from global innovation champions about breaking industry- and company-specific orthodoxies, utilizing senior leadership to move the process forward and building new ideas on a foundation of consumer insights. [PUBLICATION ABSTRACT]
ISSN:1091-6385