Interesting article by Anna Devine (source: Ignites Europe) on strategies that Asset Management firms (and other financial firms) should follow to foster a better innovation culture (tip: hiring “innovative” people is not enough!).
This is particularly critical at a time when the industry needs to decide whether it wants to address clients directly through digital sales channels.
Key learning points:
- Having the right internal culture is as important as hiring a new breed of employees (otherwise they won’t stick)
- Developing innovation in-house has more chance of success than buying from outside
- Firms should promote leaders who have an open communication style and champion non-hierarchical structures to allow autonomy and freedom
- Real innovators in FinTech know how to pintpoint an opportunity, structure an approach to test the proposed solution and prove the business case behind it