Innovation Outlook 2016: Practitioners' Predictions

by Michael Fitzgerald, February 10, 2016
Industry Trends
Global

Abstract

Innovation Outlook Key Research Questions

 

Changing customer expectations, digital transformation, growth needs in the face of resource scarcity, and environmental impact concerns are impacting every industry, including financial services. These changes accelerate the growth of the sharing economy and the demand for new customer value. For example, the rise of sensors and intelligent digital ecosystems blur the boundaries between the digital and physical worlds and generate massive new data sources. Next-generation analytics and artificial intelligence are coming on stream to harness that data and provide new services to prospects and clients.

To get the view from the front-lines, Celent invited innovation professionals from financial services firms to participate in an online survey. The respondent group was composed of insurers, banks, and wealth management firms, predominantly based in North America.

“The participants in the survey all are involved in leading innovation efforts on a day-to-day basis,” says Mike Fitzgerald, a senior analyst and author of the report. “They bring a current and practical perspective to their predictions.”

Companies which have invested in innovation programs can use these results to benchmark their own expectations. Firms which are considering such initiatives will gain a valuable insight into the activities of their competitors.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is part of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

Program Profile

2

2016 Outlook

5

 

Business Drivers of Innovation

5

 

Innovation Investments

6

Going Forward

9

Conclusion

11

Appendix

13

Leveraging Celent’s Expertise

15

 

Support for Financial Institutions

15

 

Support for Vendors

15

Related Celent Research

16

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