White Paper
Digital Innovation
What exactly is digital innovation strategy? From the financial services perspective, it’s a strategy meant to be able to transform business, operations, behaviors, transactions and communication to a digital format, and in the case of Lanica Solutions to an “interactive digital platform”. With so many technological changes, financial institutions must create a digital innovation strategy to stay competitive, while also giving their business clients (companies) the platform to digitize their financial management responsibilities. In order to do this successfully, financial institutions will need the right digital financial tools, and framework to first support themselves, and then transition to manage their clients’ digital innovation needs.
According to the Swedish Center for Digital Innovation, “digital innovation is a means for new entrants to leverage digital technology in order to challenge incumbent firms – ultimately causing radical industry – level transformation. It also provides opportunities for incumbent firms to enhance and expand their product and service portfolios into new domains.”
In Summary: To drive growth from innovation in this environment, financial institutions must first identify and define a digital transformation strategy that includes the application of emerging technology areas, disruptive business models, and in the process create a new set of innovative digital banking solutions specifically tailored to their business clients by:
- Industry
- Company size
- Product
- Functional role within the organization
- Addressing their global needs
Therefore, financial institutions need a new set of dynamic tools to support themselves in managing the new types of digital innovation needs that have emerged with their clients. The nature of these process changes has forced financial institutions and companies to challenge their prior assumptions about their products and service offerings, their digital environment, and ways of organizing innovation models. In this exercise, we introduce a new framework that supports this strategy for financial institutions in this undertaking.
The framework, geared to support ongoing improvements needs in digital innovation covers five key areas:
- User experience
- Digital evolution
- Infrastructure
- Data
- Performance
Case Studies
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Social Media
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