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Ushering in Boundaryless Innovation in Financial Services

 

Manish Mishra

Global Digital Practice Head, Corporate Accounts, BFSI, TCS

Accelerating innovation cycles through a dynamic framework

With the accelerated adoption of digital technologies, innovation has become crucial to staying competitive in the banking, financial services, and insurance (BFSI) industry. However, the typical innovation cycle followed in most BFSI organizations is long and adversely impacts time-to-market. The need of the hour is to adopt a framework that accelerates the innovation cycle, enabling BFSI organizations to achieve boundaryless innovation through collaboration.

In our view, BFSI firms must embrace an innovation framework that enables:

  • Boundaryless innovation: A dynamic innovation framework that can function in a hybrid environment (virtual and physical)
  • Customer centricity: Understand the end-to-end needs of customers and incorporate an iterative human-centered design thinking approach
  • Open collaboration: Facilitate cross-functional participation to drive a continuous flow of ideas