Innovation Outlook 2016: Practitioners' Predictions
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].
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Table of Contents
Business Drivers of Innovation
Leveraging Celent’s Expertise
Support for Financial Institutions
Support for Vendors
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