Creating an innovation-friendly environment
Often, the internal processes within banks do not go well with innovation-friendly cultures.
Given the fast pace at which changes happen in the digital age, only four software release cycles
per year are no longer appropriate. It will be vital for banks’ senior management to arrange for
the transformation to take place in a controllable manner and to embed an increased outward-
facing orientation within the entire organisation (i.e. Customer benefit as a key metric).
In many areas, banks are not inherently “made for” innovation – also owed to complex legacy
IT systems that lack interfaces to connect third-party systems. However, product and service
innovations as well as cooperative relationships with other market participants – including
outside the rather homogeneous banking world – are a necessity in the scenarios depicting
a new, modularised universe of financial services.