Innovate or go bust – Banks and Insurers
Being disrupted / going bust is a very real fear, and it may sound clichéd to say that either disrupt or go bust. However, this is true for any sector today, including financial institutions. Historically, the regulated businesses of banks and insurers have been slow to seek change, new ideas, much less look at innovation. Today those who actively seek innovation, are driven by digital technologies, seek to further engagement with their customers, and deploy fresh ideas to stay ahead in the market, will be the ones who achieve sustainable success.
Every company has a huge and extremely valuable repository of ideas and knowledge – their employees and customers. By tapping into the intelligence and knowledge of these stakeholders, companies can make significant and rapid advances in all realms of their business. However, given the large number of employees and customers, massive scale of business, and number of locations, many companies find it impossible to leverage this ‘gold mine’.
This is where IdeaBridge plays a game changing role as an Enterprise Innovation Management Platform for global enterprises. We help forward thinking enterprises who seek to invent new products and services, manage costs, raise employee engagement levels, and significantly enhance customer experience. It is our mission to help companies gain and execute ideas received from employees and customers, which are easily transformed to hugely profitable projects and best practices adding significantly to the bottom line. We do this sustainably through crowdsourcing, social collaboration, game mechanics, and big data analytics. Through our platform banks and insurers would be able to better their existing products and services, offer progressive offerings, and overall accelerate positive customer experiences. With a large number of customers and employees submitting ideas that can be easily tracked, vetted, and implemented, these companies would stand to gain immensely. Any bank and insurer would become a force to reckon with on the innovation front by staying ahead of the changes, challenges, and disruptions in their realm of operation.
In today’s competitive market, innovation is the ‘weapon’ that banks and insurers need, and we are the ‘go to’ vendor to supply both the external and internal innovation ‘ammunition’.