Setting:
Then:
21st Jan 2008 – Steve Jobs of Apple unveils ‘the world’s thinnest laptop computer” the MacBook Air. Jobs further illustrates just how thin Apple’s ‘thinovation’ by slipping it out of a common interoffice envelope. The word ‘thinovation’ turns into a common usage and gets into innovation dictionary.
Now:
Customer behavior is constantly changing in financial institutions. Regaining their trust is becoming a challenge. Simultaneously risk levels are rising. Finovation – financial innovation – is the need of the hour. The word ‘finovation’ will also become a common usage in the days to come
Is the environment friendly for finovation?
Increased automation, interoperation, mobile access, regulatory prescriptions, competitive technology – well all these and more are already there to facilitate finovation.
What is the preferred path for finovation?
Predict the future-> Ideate->Innovate-> Execute is the highly principled path preferred by the principled original finovators!
Pick the best from market place->Make few changes in the packing or appearance->Alter few alphabets in the original name->Market at a deep discount price is the short cut preferred by the Shanzhai innovators!
What are the rules for finovation?
Rule No.1 – Question the obvious
Rule No.2 – Forget, borrow and learn
Rule No.3 – Think outside the box
Rule No.4 – Explore what is not known
Rule No.5 – Anticipate future customer needs
Rule No.6 – Exploit technology
Rule No.7– Allow freedom and flexibility
Rule No.8– Avoid processes and procedures
Rule No.9 – Encourage interaction
Rule No.10 – Work in clusters
Are we ready?