Best Practices, Case Studies, Success Stories

By: Vadim Kotelnikov, Founder of Innovarsityfree online Innovation University!

 

Quotes

by Innovation Leaders of Financial Organizations

Starting a New Innovative Financial Organization

You've got to start with your gut, with something you are really passionate about, for a good reason. You won’t get there by sitting in a closet and thinking, ‘Boy I know the world must want this.’

~ Charles Schwab, Charles Schwab

Vision

A man to carry on a successful business must have imagination. He must see things as in a vision, a dream of the whole thing.

~ Charles Schwab, Charles Schwab

Achievement

A man can succeed at almost anything for which he has unlimited enthusiasm.

~ Charles Schwab, Charles Schwab

Innovation Strategies

Employing people with diverse skills and talents helps us challenge the status quo when developing business strategies,

~ Hal Tovin, Citizens Financial Group

Value Innovation

How do we define innovation? “Process of creating and delivering new customer value.”

~ Sean Belka, Fidelity Investments

Innovative Organization

The most important step I've taken to encourage innovation is to hire people who have experience outside of banking creative people who can apply what they've learned in dynamic, customer-centric categories to our more traditional business.

~ Hal Tovin, Citizens Financial Group

All successful employers are stalking men who will do the unusual, men who think, men who attract attention by performing more than is expected of them.

~ Charles Schwab, Charles Schwab

An innovative financial organization concentrates on aligning its structure and capabilities so that it can change quickly."

Leading Innovation

I consider my ability to arouse enthusiasm among men the greatest asset I possess. The way to develop the best that is in a man is by appreciation and encouragement.

~ Charles Schwab, Charles Schwab

Innovation Team

We hire people and screen them for what we call BVAC characteristics: bright, verbal, assertive, creative.

~ Hal Tovin, Citizens Financial Group

I took anybody. They were a full collection of people. They took risks in their careers. Some were misfits at other places. I took a lot of misfits in.

~ Charles Schwab, Charles Schwab

Creative Marketing

Most banks, for example, look at in-store banking as a service for existing customers. We take a very different view; we use our grocery store branches to acquire new customers. The result is that we've built a billion-dollar bank in just our in-store branches.

~ Hal Tovin, Citizens Financial Group

 

Charles Schwab

From a Small Firm to the World's Leader

 

Charles Schwab pioneered seamless stock trading on Internet in 1996. They went from a tiny firm to the world's largest financial services company. On their journey, first, they developed criteria – Charles Schwab's Guiding Principles – for making fast decisions.

Second, they realized that they should own their competitive advantage to be able to bring financial products to the market faster than their competitors. They did so, and proved their ability to innovate faster that others. Finally, they managed to institutionalize innovation... More

Fidelity Investments

Continuous Innovation and Improvement

Fidelity Investments designs their innovation process holistically and integrates many parts of the whole field of innovation into a single overarching strategy.

Fidelity Center for Applied Technology (FCAT) serves as Fidelity’s idea and innovation catalyst, helping Fidelity’s employees and businesses to imagine and realize the possibilities of emerging technologies and new ideas. FCAT also monitors technological developments globally and applies many of emerging technologies, including social networking, in the corporate environment to enhance the user experience and improve business results... More

Citizens Financial Group

Encourages Innovation by Hiring Outsiders

"The most important step I've taken to encourage innovation is to hire people who have experience outside of banking – creative people who can apply what they've learned in dynamic, customer-centric categories to our more traditional business," says Hal Tovin, a top manager of Citizens Financial Group. "Employing people with diverse skills and talents helps us challenge the status quo when developing business strategies," ... More

 

Discover much more about best innovation practices

in the mini-courses

Winning Customers

Smart Innovation

3 Strategies of Market Leaders

Systemic Innovation

 
 

 

 

Additional Information

  1. 14 Key Innovation Strategies for Financial Advisors and Financial Organizations, Jim Carroll

  2. Europe's Best New FinTech Innovations