12:56 pm - Thursday April 27, 2017

Rules for FINOVATION

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?

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