Aite Group is tracking four main innovation models in existence within capital markets
Woodward, research associate, and Virginie O’Shea,
senior analyst, Aite Group
markets firms have now built internal innovation labs, launched
partnerships with innovation accelerator hubs or incubators
(sometimes with great fanfare), and employed chief innovation
officers (CINOs, sometimes known as the "other CIOs"). Jump
back 10 years, and you would struggle to find a bank with any
of those three initiatives in place, yet you would probably
find a sizeable R&D team within each line of business and
also under the remit of the technology department.
The many existing
sources of recent academic and consultant material on
structuring innovation have influenced some financial
institutions’ approaches to establishing a team
and governance criteria for innovation programs. This has meant
that R&D teams may have some or all of their
responsibilities delegated to an innovation team. This could be
in the form of an informal skunkworks approach, which involves
a small and loosely structured group of people who are in
charge of research and development for a particular project, or
could extend to a big bang innovation approach involving a new
CINO and a whole new support structure.
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