As digital optimization and advances in big data feed more personalized customer needs, financial services firms are reassessing and refining their product offerings. Driven by rising millennials, shifting customer behavior, and the blurring of lines between industries, new opportunities and threats are emerging and demand that leaders continually assess and evaluate growth strategies.
Innosight helps companies across the finance sector learn to excel in the rapidly evolving digital ecosystem, anticipate and plan for change, and establish innovation as a core capability to seize opportunities for new growth.
We collaborate with business leaders to interpret market trends, uncover and mitigate threats from non-traditional competitors, and achieve visionary long-term goals by adopting a future-back view of new customers and markets. Our expertise in guiding financial organizations to redefine customer segments through the lens of their jobs-to-be-done enables the discovery and cultivation of innovative new areas for technology-enabled growth.
Incumbents can meet the challenge of new fintech entrants by delivering more innovative solutions and doing so more quickly. Explore the helpful tools here.
Leaders can build on the systems already in place with a five-P model — performance, priorities, pathways, portfolios, and people. Read the e-book here.
Markets We Serve
- Retail Banking
With customer expectations rising from fintechs offering hyper-personalization and a la carte product options, the focus is on updating legacy infrastructure and accelerating innovation.
Data-driven customer acquisition and AI-based predictive analytics have revolutionized the way the property and casualty, life, and health markets are packaged, marketed, sold, and underwritten.
- Wealth Management
Rethink strategic investments within an uneven regulatory landscape, while growing traditional products into next-gen solutions.
Firms are being challenged to meet the expectations of customers used to the simplicity of now-widespread peer-to-peer services and fintechs who have redefined how we perform transactions.
- Financial Services Technology Firms
Fast-moving data and technology ecosystems require firms to develop innovation strategies and bring new products and services to market faster and more repeatably.
We collaborate with leaders from consumer goods companies around the world to help them develop new products and retail formats while building lasting innovation capabilities.
Experian Makes Innovation a Competitive Advantage
We partnered with financial services leader Experian to transform and scale their global innovation system. The effort introduced a series of key enablers to enhance the innovation system: a revised approach to long-term strategic planning; new teams and structures responsible for managing innovation; a new portfolio management system to facilitate resource allocation; and a portfolio of training initiatives. The impact included an increase in the average revenue of innovation projects and faster time to pilot. Experian was named to Fortune’s “100 Best Companies to Work For” for the 4th consecutive year in April 2023. Read the full impact story.
Regional Bank Creates a Future Growth Engine
We helped a super-regional bank incubate a new online bank and develop customer-centric value propositions. Our work focused on aligning executive leadership around a set of high-potential strategic focus areas, building innovation capabilities to repeatably create new sources of value, and developing a new risk framework and governance diagnostic to guide future decision-making. Effectively, the bank accomplished the dual transformation of repositioning their current business to maximize resilience while simultaneously creating a future growth engine.
Building a Future-Focused Product Management System
We partnered with a premier wealth management firm to strengthen product capabilities to improve their ability to respond to new fintech players and opportunities. First identifying and prioritizing gaps in their product development process, we then helped design a future state that would link enterprise strategy to front-line work, focus the product portfolio, and define individual product strategies. Finally, we helped to prototype interventions to demonstrate benefits for the organization. The engagement better enabled the company to prioritize and communicate market opportunities, create more cohesive product portfolios, redefine metrics, and identify repeatable capabilities to drive scale.
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