Banks seeking to improve their innovation efforts are turning to ‘Open Innovation’ programs that leverage internal talent.BY COLEY BROWN
Faced by competitive challenges from non-bank disruptors such as PayPal, Google and Apple, banks are stepping up their efforts to be more innovative. Many have established innovation teams, for example. A recent Accenture study pointed out, however, that in spite of funding and executive endorsements, many banks are still not satisfied with their innovation programs’ ability to deliver bottom-line results. These institutions often realize that many of the best solutions need to be pursued outside their internal organizations, sometimes in early-stage companies.
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