Paul Steenkamp, Head of Employment Branding and FNB Innovators at First National Bank in South Africa elaborates on what drives innovation and how FNB came to be the most Innovative Bank in the World.
Pauls comments were as follows:
Innovation deals with helping organisation stay competitive, and in most cases outsmarting competitors in order to reach the identified plausible/desirable future.
The importance of creating competitive advantage and improving organisational growth through innovation cannot be understated in today's fast changing and turbulent world.
The globalisation of commerce has led to changes in lifestyles, preferences and the demographics of customers (and employees). And as a result, the rate of change in the business environment is also accelerating over time. Nowadays, business success is directly linked to an organisation's ability to monitor and respond to these changes, which tend to present as both opportunities and threats.
Encouraging and supporting self generated innovation can improve an organisation's ability to respond to this exponential rate of business change. Ultimately, these elements are key ingredients to the development of both competitive advantage and organisational survival.
FNB was named the Most Innovative Bank in the 2012 BAI-Finacle Global Banking Innovation Awards. However, it aims to be a Master of Two i.e. of innovation and customer intimacy.
In fact, it rarely innovates for the sake of doing so. Rather, FNB tends to innovate in the interests of deepening its relationship with its customers.
If you are interested in understanding what dimensions of innovation management, drive innovation performance and customer intimacy within FNB, this presentation is for you. It highlights the role played by dimensions including Leadership, Strategy, Structure, Culture, Processes, People and Rewards.
I look forward to seeing you, in March 2013 at The Sandton Convention Centre, Johannesburg, South Africa for The Future Bank Africa Conference.