These times are not only turbulent and challenging but also represent an interesting epoch for the global financial services industry. Recent developments in the banking sector are topping the list of current hot financial events for financial services organisations. For these organisations the innovation imperative has increased both in intensity and urgency. Innovation across a number of areas holds the answer for organisations affected by the ripples of this new economic tide. Innovation is also increasingly becoming a potential tool for ensuring competitiveness and longevity for those threatened or are yet to be affected by global turbulence. Major areas of innovation focus include capabilities and processes, product and services, business models and business linkages.

A recent report by the Competition Commission of South Africa revealed that local bank charges are exorbitant and recommended bank reforms to address this anomaly. This has been supported by general outcry from clients who strongly object to high bank charges. Banks are now under pressure to reduce the charges and cost of other bank services.

In this current economic downturn, the BIG question for both local and international organisations in this sector is,
What innovation strategies can be used to reduce operational costs and improve service while at the same time maintaining company profitability and ensuring affordability of products and services?

SystemicLogic has talked the talk and walked the walk in this space. In 2008, research around innovation in the financial services sector was conducted. The research clarified key innovation concepts, principles and myths surrounding innovation, and provided invaluable insights on how financial services organisations can be configured for change and create a conducive milieu for enterprise-wide innovations. In the same year, SystemicLogic provided innovation solutions for several clients in the financial sector including banks.

Check out the following innovation research artefacts:

Innovation in South African Banks 2007: A Market Research
In the highly competitive market that banks in South Africa find themselves, a means of differentiation is of paramount importance. Read more…
Innovation and Technology: Perspectives on Dealing with an Unknown Future
The paper consists of best of practice examples of innovation models and their use across the globe. Read more…
Mobile Banking: The Current State of Adoption and Trends
The paper summarises the technology for mobile payments and banking, and examines the current state of adoption of mobile banking among the major banks in Australia and South Africa. Read more...

Also check the latest on the Built To Thrive blog, Social Innovation Systems