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GFT Blue Paper March 2014: Open Innovation in the Financial Services Sector - Why and how to take action

The speed of technology and market change is forcing the banking sector to adapt faster and more efficiently than ever before. True innovation in banking needs to evolve not only through process and organisational change, but also through new customer-facing products and services.

This report reviews the current state of innovation in financial services and the need for banks to embrace innovation as a key element in addressing the challenge of continuing disruptive change in technology and consumer habits.The document also introduces the concept of Open Innovation and its most common practices and discusses opportunities for financial services organisations to adopt innovation in the corporate environment.

The Open Innovation paradigm is very much applicable to banking, particularly as a means to overcome internal and external threats. Open Innovation activities enable organisations to “think outside the box”, to openly discuss and rapidly compare ideas with a broad spectrum of stakeholders in order to assemble a 360-degree view of potential solutions, as well as the means and the partners needed to make those solutions a reality.

GFT and Bax & Willems have joined forces to provide assistance for financial services organisations in addressing Open Innovation under the banner “Innovation House”. This venture is described in more detail at the end of this document, along with additional information on how this methodology can help companies achieve their innovation goals.
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