By FINTECH Books Contributor, Konstantin Speidel
Just Do It – Using the buzz around innovation to impact banks and asset managers
There is currently no conference or statement without executives speaking about the importance of innovation. Big banks and asset managers nevertheless often fail to create an environment to foster innovation. I have seen a few successful projects and many failures and detected something which Edison apparently already saw 100 years ago.Innovative projects being implemented successfully followed following patterns “Innovation is 1% inspiration and 99% perspiration” – I am convinced that the institution are not miss the creativity but execution power.
MVP + approach: The focus of all doing needs to be on building a real product leveraging part of the existing infrastructure. The faster something real can be shown the higher the success probability. Important here is to adopt Eric Ries Lean Start-up Theory to the corporate world. Cooperation can build with a little effort more than a MVP as they have access to existing products, know-how and infrastructure.
Less is more communication. Visibility will lead to alignments, doubts and coordination efforts. Stay in stealth as long as you can.
It is about tech do not outsource IT. Hiring an agency to support can be useful, hiring an agency to lead the development will be deadly.
Be bold once ready. Executives built labs, created teams and promised a lot. The likelihood you will be there only justification for all this time and effort is quite high. Approach them directly and avoid the middle management which is rarely supportive.
Tackle not question. There will be probably always a better way but innovation is an improvement and not perfection. The best way to innovate is to try.