Facilitated and written by: Phil Alcock and Noemi Keddle, PBF Solutions
Expert: Cris Beswick, The Future Shapers
Headline finding 1:
Innovation will not happen in organisations unless the senior executive group has bought into it and are fully supportive.
Headline finding 2:
Innovation in financial services is not necessarily driven by technology. It is catering to emerging customer needs.
Headline finding 3:
Regulators are not necessarily killers of innovation; they are just barriers that need to overcome.
Headline finding 4:
Regulators can in fact be a trigger for innovation. Examples of this include peer-to-peer lending, international payments and even sub-prime lending.
Headline finding 5:
Sometimes better to allow innovation to occur outside of the core business and invest in it externally.
What are the next steps?
Create industry focus groups to exert pressure on regulators to concentrate on likely customer behavior and the future availability of technology within a 5-10 year horizon.