For the past 500 years, the banking and insurance industries have struggled to balance innovation with stability and conventionality – with innovation suffering as a result. The incremental innovation of the past is not sufficient in today’s rapidly changing world. To successfully exploit innovation today, banks and insurers need to better understand its sources and develop a framework to help them consistently and reliably innovate.
This study is based on information gained through in-depth interviews about innovation with 20 banking and insurance executives, as well approximately 50 informal interviews and discussions with additional executives. The scope of this study is global with an emphasis on mature market Western economies.
The full report is to be found below (pdf file).