ID Number: G00169327



Gartner Innovation Survey: Culture and Executive Buy-In Essential to Successful Banking Innovations
14 August 2009
 
David Furlonger  

Gartner surveyed C-level executives at banks in North America, Western Europe and Asia to identify motivations for their innovation initiatives, processes for managing idea generation and implementation, metrics to measure innovation effectiveness, and precursors of and barriers to success.





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Table of Contents


    
 Analysis

1.0
    
 Introduction
2.0
    
 Objectives of Innovation Vary

2.1
    
 Implications of the Innovation Objectives
3.0
    
 Innovation Categorized and Its Impact Measured

3.1
    
 Implications of Innovation Categorization and Impact Measurement
4.0
    
 Drivers of Innovation

4.1
    
 Implications of the Sources of Innovation
5.0
    
 Processes for Identifying and Managing Innovation

5.1
    
 Implications on the Formality of Innovation Processes
5.2
    
 Innovation Process Models

5.2.1
    
 Implications of Formality and Sources of Innovation Processes
5.3
    
 Innovation Process Supporting Technologies
5.4
    
 The Need to Align Innovations to Strategic Goals
5.5
    
 Processes for Developing Innovation Ideas

5.5.1
    
 Implications of Idea Development on Organizational Ownership
5.6
    
 Sources of Innovation Leadership
6.0
    
 How Innovations Are Funded and Approved

6.1
    
 Innovation Approval Process
6.2
    
 The Need for an Innovation Pipeline
6.3
    
 Innovation Success Rate
6.4
    
 Innovation Evaluation Criteria
6.5
    
 Innovations Implemented in the Last 12 Months
6.6
    
 Where Innovations Improved Bank Operations
7.0
    
 Metrics Used to Measure Innovation Effectiveness and Success
8.0
    
 Reasons for Innovation Success

8.1
    
 Organizational and Cultural Factors for Innovation Success
8.2
    
 Customer and Market Factors for Innovation Success
8.3
    
 Barriers to Innovation Success

8.3.1
    
 Latency Barriers
8.3.2
    
 Funding Barriers
8.3.3
    
 Risk Barriers
8.3.4
    
 Culture Barriers
8.3.5
    
 Market Barriers
8.3.6
    
 Management Barriers
8.3.7
    
 Organizational Structure Barriers
8.4
    
 Importance of Communication
9.0
    
 Lessons Learned

9.1
    
 Customer Knowledge and Acceptance
9.2
    
 Innovation Organization and Process
9.3
    
 Corporate Culture
9.4
    
 Internal Communication
9.5
    
 Management Buy-In
9.6
    
 Risk Acceptance

    
 Recommended Reading


List of Tables


Table 1.  
 Approaches to Alignment
 

Table 2.  
 Relevant Differences Between Products and Services
 

Table 3.  
 Innovation Pipelines (Number of Ideas)
 

Table 4.  
 Innovation Evaluation Criteria
 

Table 5.  
 Implemented Innovation Examples
 

Table 6.  
 Innovations Focused on Operational Improvement
 

List of Figures


Figure 1. 
 Innovation Objectives
 

Figure 2. 
 Innovation Objectives Ranked in Order of Importance
 

Figure 3. 
 The Perceived Impact of Innovation Change
 

Figure 4. 
 Sources of Innovation
 

Figure 5. 
 Existence of Formal Innovation Process
 

Figure 6. 
 Sourcing of Innovation Processes
 

Figure 7. 
 Innovation Process Supporting Technologies
 

Figure 8. 
 Employ Process for Alignment of Innovation Ideas to Strategic Priorities
 

Figure 9. 
 Where Innovation Development and Refinement Takes Place
 

Figure 10. 
 Leaders of Innovation
 

Figure 11. 
 Participants in Innovation Programs
 

Figure 12. 
 Have a Dedicated Innovation Budget
 

Figure 13. 
 Innovation Revenue Allocation (Percentage of Gross Revenue)
 

Figure 14. 
 Source of Authorization for Innovation Ideas
 

Figure 15. 
 Perceived Innovation Success Rates
 

Figure 16. 
 Innovation Success Measurement Metrics
 

Figure 17. 
 Innovation Measurement Methods
 

Figure 18. 
 Innovation Communication Approaches
 



Browse Topics:
 
Accelerating Innovation
Banking Business Strategies
Gaining Support and Buy-In




© 2009 Gartner, Inc. and/or its Affiliates. All Rights Reserved. Reproduction and distribution of this publication in any form without prior written permission is forbidden. The information contained herein has been obtained from sources believed to be reliable. Gartner disclaims all warranties as to the accuracy, completeness or adequacy of such information. Although Gartner's research may discuss legal issues related to the information technology business, Gartner does not provide legal advice or services and its research should not be construed or used as such. Gartner shall have no liability for errors, omissions or inadequacies in the information contained herein or for interpretations thereof. The opinions expressed herein are subject to change without notice.




Resource Id: 1132912