Financial Services

Financial services businesses are leveraging innovation for growth and profitability at a faster rate than ever before.

On average, the sector spent 5.7% of sales on R&D in 2021, growing at over 18% per year. This expansion is being driven by a combination of new technologies (e.g., blockchain, digital assets, artificial intelligence, systems modernization and cloud computing) and changing environments (e.g., regulatory compliance, risk management, sustainability, decentralized finance and new entrants).

So whether it’s front office innovation—growing revenue through new products, services, markets and business models; or back office innovation—reducing cost, risk and time through improved processes, platforms and practices,  the opportunities and competitive threats are vast.

With big budgets and significant risk, the stakes are high for executives to deliver a successful innovation program.

How we help

We work with financial services clients to equip them with the processes, skills and tools that are proven to deliver successful innovation results:

Innovation Performance Assessment.

Many clients start with our Performance Gap Assessment service to identify their highest impact opportunities and improve innovation results. This service uses our proprietary quantitative scorecard, distilled from our 30+ years of world-recognized academic research, to provide you with a credible, evidence-based improvement roadmap

R&D Portfolio Governance.

Winning at innovation starts with making the right bets, across strategic portfolios and projects, to execute your product innovation & technology strategy.  Implement our Portfolio governance program to optimize your innovation risk and return, prioritize your projects and integrate with your project Gate funding decisions.

New product & service development framework.

Implement our Stage-Gate NPD program to improve your new product and service success rates and integrate with your R&D portfolio governance process.  Combine Stage-Gate with your agile software development frameworks to help both business and technology cross-functional teams to define, build and launch winning new products and services.

Digital transformation.

Organizations managing R&D with a plethora of spreadsheets, documents and disparate software tools can gain significant cost and time savings with a next-generation innovation management system.  Our Digital transformation program will streamline your R&D portfolio and product development processes, eliminate spreadsheets and implement our certified software to automate the whole process, integrating with (or replacing) your existing, disconnected software tools and data.

Client Examples

A few of the Financial Services companies we have worked with: