Product and Service Innovation in Financial Services

10 Comments

Asset Management, Brand Strategy, Corporate and Investment Banking, Fintech, General Insurance, Mortgages, Private Banking and Wealth Management, Retail Banking

Jasmine Butler Burnham

Jasmine Butler Burnham

Member Services Executive

The Financial Services Forum


As part of The Forum’s regular 60 Seconds article – a collection of Member comments on a particular theme of relevance to the financial services marketing community – we would like to ask you for your thoughts on product and service innovation in our industry.

Innovative companies proactively seek to uncover consumer needs, using this knowledge to build and shape new products and services.

Innovation may be on the agenda for your organisation, but are you translating intent into reality?

We're asking for your views on one of two questions:

“How is your organisation introducing innovative products or services that truly uncover consumer needs and drive loyalty and engagement?”

“What role should marketing play in influencing product or service innovation and design?”

Please share some thoughts – in about 120 words – in the discussion box below.

Alternatively, we would like to try some short vox-pops to bring some of the comments to life. If you would like to record your views in a 30-second video, please contact Kate Taylor.

The comments received by Friday 31 March will be considered for an Argent-style article, distributed to all Members via email and published on our website in the Knowledge Centre.

You can find previous Sixty Second articles in the Resources area of the Knowledge Centre.

Many thanks for your help. I hope you have the time to contribute and enjoy the discussion and final article.



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prasanna-kulkarni

Prasanna Kulkarni

Founder and Product Architect

Comparesoft Ltd

May 19, 2017

Hi, On Q1 - We use AI/Machine Learning Technology to understand requirements of our users and present them with accurate asset management software suggestions. (You can checkout the innovation on www.comparesoft.com) On Q2 - The role of Marketing could involve meaningful and actionable feedback from marketing/customer acquisition failures. Marketing traditionally has been about communication, brand building and route to market. For companies to innovate Marketing can also be about listening as well as observing the market so that they can provide actionable insight to product teams. Hope to have added to the discussion.

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Kinex Media

Web Design Company

Kinex Media

Apr 28, 2017

I love this blog. Looks very informative

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Hamish Leiper

Head of Proposition Innovation

Standard Life

Mar 31, 2017

Companies can challenge the traditional approach of launching new products and services in financial services in three ways. Firstly, look to other industries with similar challenges and opportunities to gather world class insight and break down traditional approaches. Secondly, create short cycles of generating and testing hypotheses directly with customers and clients, to validate concepts. Then prototype promising services, to simulate how it will feel to a customer. This allows testing of the underlying assumptions "in the wild" and quickly determines whether the business case stands up, before committing significant funding.

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lorna-loney

Lorna Loney

Director of Product Solutions

Aprimo

Mar 31, 2017

Traditional FS companies are often seen as laggards and use the age old excuse that internal processes and regulation are barriers to getting new innovative products, services and content out to market quickly. We know this is rubbish as the new FS disruptors are not being held back. So what’s different? Could it be people and their willingness to change the way they work? How do you empower your team to do things quickly without compromising on quality or risking breaches? Who’s willing to throw away the quill and parchment in the bin and embrace the technologies that drive agility?

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