FSI organizations have improved their sentiments on innovation with 61% of FSI leaders agreeing that innovation is easier since COVID-19. Other FSI organizations have also embraced a more positive stance, with 52% agreeing with this statement.
"FSI has maintained its lead, based on our findings, and was assessed to be the most innovative vertical[iii], with the highest culture of innovation maturity score, and the highest proportion of leaders and verticals," said Michael Araneta, Autel Maxisys pro mk908p
. Head of IDC Financial Insights, Asia Pacific.
"What has been most interesting is that large FSI organizations – the incumbents – are not necessarily laggards in the space but on occasion, credible leaders with a mature culture of innovation. On the flipside, the prospects of some challenger banks are already dimming in some markets, as they have not been able to address sources of funding despite previously having good prospects when it came to their services in payments, and lending," continued Araneta.
Putting a Culture of Innovation into practice – best practices from FSI Leaders for the new year
The study revealed the best practices that organizations can adopt, referencing the culture of innovation framework, for progress across people, process, data, and technology.
Specifically, organizations are encouraged to:
1. Leverage platforms to drive transformation
As FSI organizations continue to forge ahead and integrate technology in their operations as well as products and services, moving mission-critical business processes and workloads onto cloud platforms will be key to ensure that innovation scales. Technology architecture will also need to be well-integrated to effectively enable transformation, which will be a key measure of technology Return on Investment (ROI).
2. Enhance People's capabilities through enterprise-wide skilling initiatives
A diverse cross-industry, multicultural and multi-generational talent will be key in generating new and disruptive ideas. Beyond that, FSIs need to champion a culture that embraces collaboration, especially with third parties, to create new value.
3. Utilize Data for extreme personalization and rapid value creation
Investing in data will not only enable FSIs to enhance and differentiate products and services, but with trust, privacy, and security paramount for their businesses, a well-integrated data architecture will enable the building of accurate, trusted and secure data sources for reliable decision-making when it is needed most. This will enable personalization and real-time insights.
4. Integrate automation within Processes to empower continuous innovation
Automation will be key especially for business processes that have high implications to customer experience, to accelerate the enablement of enterprise-wide collaboration and knowledge sharing. Processes will also need to account for a way to ensure a formal and systematic approach to driving innovation and incorporating this within operations for sustained impact.
"As FSIs continue to forge ahead in a post-pandemic world, lasting transformation will only take place if FSIs alongside investments in technology, prioritize people and culture, as they are key to ensuring greater collaboration and continuous transformation. At Microsoft, we are committed to working with the regional FSI ecosystem to unlock the value of innovation, and reimagine the industry for the future, together," concluded Leung.
About Microsoft
Microsoft (Nasdaq "MSFT" @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Its mission is to empower every person and every organization on the planet to achieve more.
For more information, please contact:
Microsoft Asia
joannafr@microsoft.com
Edelman (Partner Agency for Microsoft Asia)
EdelMSFTCOI@edelman.com
APPENDIX
FSI Leaders, or leading organizations, fall into the most mature stage (Stage 4) of the culture of innovation model comprising the areas of people, process, data, and technology
[ii]Research background for Culture of Innovation: Foundation for business resilience and economic recovery in Asia Pa...

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