Investments that are necessary to innovate and serve customers are no longer sustainable while COVID-19 hastens the need to exploit the potential of digital innovations. Serving customers accurately during unprecedented times requires a new mindset and business model innovations. If banks respond to customer requirements in completely new special situations, they can gain trust and integrity and become winners of the crisis.
Post-pandemic, public bodies must restructure SME support systems for long-term growth with well-functioning innovation systems with the right balance of instruments.
In 2011, world population passed the 7 billion mark. While growth will continue, total fertility rates are falling fast and will result in slower population growth and possibly, according to some, declining total population. Lower fertility rates may bring a demographic dividend, significant opportunities but also challenges. Or, we may be doomed, as others would suggest.
The concept of “financial innovation” can be defined as making and promoting new financial products and services, developing new processes to facilitate financial activities, to interact with customers and to design new structures for financial institutions. This article takes a look at the needs for innovation in the financial sector and some basic requirements.
Interpersonal networks within organizations have a huge influence on how successfully firms can generate and execute new ideas, says innovation professor Tim Kastelle.
One key partner that has the potential to greatly affect and enhance the human condition is government. This author prefers the open market as the main catalyst for change, but given the complexity and scale of certain types of research, government can play a vital role in advancing knowledge in science and technology by supporting basic research. While some governments have been funding research for quite some time, the inefficiency of the process may be keeping new discoveries from being commercialized.
Adjustable-rate mortgages. Zero calorie colas. Television webisodes! Even in tough times, companies maintain a healthy slate of new products and ideas by creating new markets or boosting market share in existing segments. But is every new product or service offered to customers an innovation? In this article, Dr. Gaurav Bhalla, with over 30 years of global experience in the fields of strategy, innovation, and marketing shares his thoughts on the subject of innovation.
