In a bid to increase competition and lower barriers to entry, regulators are enabling inclusive policies for participation from non-banking players that include digital banking licenses, open banking, and the launch of regulatory sandboxes. FinTech startups are no-more nibbling at the edges but are turning into financial superstores by re-bundling financial and even non-financial products to become a one-stop shop for customers’ needs.
Corporate Innovation Moves to the Top-shelf
The Future of Innovation: Open, Collaborative, and Pluralistic
- On the vertical axis, firms need to evaluate the objectives of the innovation i.e. whether it is intended to solve a specific, well-defined problem that customers or employees are facing currently, or it is intended towards exploring new products, services, processes, and business models.
- On the horizontal axis, firms need to evaluate the mechanism through which they want to execute the innovation projects either through internal resources or in active collaboration with external partners.
- Ownership-focused innovation involves the traditional innovation approach that gives complete control over the innovation process and allows firms to own the business outcomes and intellectual property that comes from the innovation projects.
- Capability-focused innovation involves up-skilling and cross-skilling the personnel by exposing them to cross-functional or cross-organizational team set-ups and also inculcating entrepreneurial spirit among the employees.
- Solution-focused innovation involves engaging with industry innovators, academic researchers, and third-party marketplaces to explore solutions to specific problems around improving current products, services, or processes.
- Evolution-focused innovation involves unleashing a slew of collaborative mechanisms with fintechs, developers, enterprises to explore modern technology capabilities to launch new products, services, or business models.
NayaOne Powers a Spectrum of Innovation Approaches
NayaOne revolutionises innovation in financial services. We provide banks with a single point of access to hundreds of fintechs and datasets, through our Digital Sandbox and Fintech-as-a Service offering. Regulated firms are able to discover, build, evaluate and scale with fintechs in a matter of weeks instead of months.