Abstract
Financial firms often attempt to benchmark competitors or related
service industries to improve new product development (NPD) and other
key business processes. Although much has been learned about innovation
in banks and other financial institutions in recent research studies,
gaps in knowledge of best practices and cross‐industry differences
remain. A Canadian survey reveals variations in strategic management of
new products and innovation in banking and other financial sectors.
Banks should exercise caution in interpreting the findings of
benchmarking projects before adopting practices from other industries.
The study also compares innovation successes and failures. Critical
factors were identified which have received relatively little attention
in previous work. Human resource strategies such as recruitment,
evaluation systems, rewards and incentives appear to be very important
for success. Investment in R&D, broadly interpreted to include
process and administrative innovation, is also crucial. Joint ventures
and cycle time reduction are found to be positively related to success.
The study confirms the importance of a proactive and organized approach
to innovation in practice.
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