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3 Drivers of Financial Innovation

By Net Assets posted 4 days ago

  

(From FEI Daily) To drive financial innovation and execute new ideas, consider these three points: 

  1. Focus on the customer: What does the customer need and what are some of their pain points? Often, the key is solving those pain points before the customer even realizes there's a stumbling block.
  2. Partner with innovators: Finance training emphasizes the importance of the business case and risk assessments to protect customers, institution, reputation and stakeholders, but with so many checks and balances, developing in-house solutions can take a long time. Find collaborators who are taking risk in ways you don't or can't.
  3. You don’t always need to swing for the fences: Base hits are good too. Often, the biggest bang for the buck solutions are smaller ones that automate busywork, find efficiencies, and boost productivity.

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