In this specially-themed edition of The Wrap we consider how innovation as a concept is driving different initiatives in the financial services industry. Innovation has become a commonly used term among businesses seeking to differentiate themselves in a fast-moving industry.
HDY gets to the heart of innovation in this edition and discover that it can be interpreted through change management, adaption to new technologies, blending digital and human interaction and manoeuvring through the regulatory maze. One common strand we see is the underpinning need for speed and adaptability of thought and ideas. In a word, ingenuity.
In financial services, the need to adapt to challenges brought by operational innovations, new entrants and changing markets and consumer bases is as old as the hills. One view, is that it simply describes capitalism in process. The new buzz around disruption and start-ups in that sense is describing an evolutionary stage only and not a new frontier.
The fintech businesses looking to grab market share from established financial institutions therefore stand as the latest in a long line of market innovators tracing back over the years. These innovators keep good company alongside the developers of the first investment platforms, internet banking, ATMs and telegraphic money transfers.
In the latest edition, we take a deep dive into these themes and ask questions about how new ideas and innovation actually coexist. Thank you for reading.