GOAL-ORIENTED ACTION PLAN BUSINESS CHALLENGES Innovation is the key to profitability in financial services. 97% SEE INNOVATION AS THE KEY TO GROWTH 97% of financial service executives see innovation as a key priority f or gr owth. But... only 10% of financial service executives see their companies as innovation leaders. Financial Services: Finding Innovation Opportunities through VoC And, according to your customers that concern is well founded! 55% of bank executives view nontraditional competitors, like Paypal or Square, as a major threat to pr ofitability. 49% of consumers believe nontraditional pr oviders will have an impact on how financial services are delivered by banks and credit unions. Percent of consumers likel y to use nontraditional pr oviders f or banking services: 51% Millennials 43% Gen-Xers 34% Baby Boomers The Voice of the Customer is key to driving innovation. 45% of customer-driven business cases can become new products or f eatures. 45% CUSTOMER-DRIVEN INNOVATIONS Confirmit has 20 years ’ experience helping financial service organizations operationalize feedback to improve innovation and drive positive impr ovements throughout their business using the world’s most secure, reliable, and scalable solutions f or V oice of the Customer, V oice of the Empl oyee, and Market Research programs. Confirmit’ s solutions enable companies to run f eedback and research programs that increase revenue, reduce costs, and pr omote culture change. Sources: http://www.stage-gate.net/downloads/working_papers/wp_40.pdf http://www.giluniversity .org/files/9713/8692/2432/Best_Practice_Guidebook_-_Harnessing_Voice_of_Customer_for_Incremental_Innovation_-_Citrix.pdf http://www.raddon.com/press/images/SP15_NCR_Infographic.pdf?utm.source=twitter&utm.medium=social&utm.campaign=hootsuite http://www.pwc.com/gx/en/banking-capital-markets/banking-2020/assets/pwc-retail-banking-2020-evolution-or-revolution.pdf http://www.economistinsights.com/sites/default/files/downloads/EIU_SAS_BigData_4.pdf Opportunities for innovation can often be found in how your customers find, select, purchase, and actually use your products. With that in mind, it is crucial that financial service organizations collect feedback at every stage of the customer journey. “If you are not empl oying VoC to generate new product ideas, then you are missing some major innovation opportunities.” Robert G. Cooper, President of the Product Development Institute Inc., and Pr of essor Emeritus at McMaster University’ s School of Business, Ontario, Canada Foll ow us Learn more at confirmit.com Copyright © 2016 Confirmit. All rights reserved.

Financial Services: Finding Innovation Opportunities ... · for banking services: 51% Millennials 43% Gen-Xers 34% Baby Boomers The Voice of the Customer is key to driving innovation

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Page 1: Financial Services: Finding Innovation Opportunities ... · for banking services: 51% Millennials 43% Gen-Xers 34% Baby Boomers The Voice of the Customer is key to driving innovation

GOAL-ORIENTED ACTION PLAN

BUSINESS CHALLENGES

Innovation is the key to profitability in financial services.

97%SEE INNOVATION ASTHE KEY TO GROWTH

97% of financial service executives see innovation as a key priority for growth.

But...only 10% of financial service executives see their companies as innovation leaders.

Financial Services: Finding Innovation

Opportunities through VoC

And, according to your customers that concern is well founded!

55% of bank executives view nontraditional competitors, like Paypal or Square,

as a major threat to profitability.

49% of consumers believe nontraditional providers will have an impact on how financial services are delivered by banks and credit unions.

Percent of consumers likely to use nontraditional providers for banking services:

51% Millennials43% Gen-Xers34% Baby Boomers

The Voice of the Customer is key to driving innovation.

45% of customer-driven business cases can become new products or features.

45%CUSTOMER-DRIVEN

INNOVATIONS

Confirmit has 20 years’ experience helping financial service organizations operationalize feedback to improve innovation and drive positive improvements throughout their business using the world’s most secure, reliable, and scalable solutions for Voice of the Customer, Voice of the Employee, and Market Research programs. Confirmit’s solutions enable companies to run feedback and research programs that increase revenue, reduce costs, and promote culture change.

Sources:http://www.stage-gate.net/downloads/working_papers/wp_40.pdfhttp://www.giluniversity.org/files/9713/8692/2432/Best_Practice_Guidebook_-_Harnessing_Voice_of_Customer_for_Incremental_Innovation_-_Citrix.pdfhttp://www.raddon.com/press/images/SP15_NCR_Infographic.pdf?utm.source=twitter&utm.medium=social&utm.campaign=hootsuitehttp://www.pwc.com/gx/en/banking-capital-markets/banking-2020/assets/pwc-retail-banking-2020-evolution-or-revolution.pdfhttp://www.economistinsights.com/sites/default/files/downloads/EIU_SAS_BigData_4.pdf

Opportunities for innovation can often be found in how your customers find, select, purchase,

and actually use your products.

With that in mind, it is crucial that financial service organizations collect feedback at every

stage of the customer journey.

“If you are not employing VoC to generate new product ideas, then you are missing some major innovation opportunities.”

Robert G. Cooper, President of the Product Development Institute Inc., and Professor Emeritus at McMaster University’s School of Business, Ontario, Canada

Learn more at confirmit.com

www.confirmit.com

https://twitter.com/confirmit

https://www.facebook.com/confirmitsoftware

https://www.linkedin.com/company/confirmit

https://plus.google.com/+confirmit/posts

www.confirmit.com