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.
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.