Nearly eight in 10 financial services professionals believe that innovation will be critically important to the industry over the next three to five years, according to a new report.
Celent discloses this finding in "Innovation in Financial Services Firms: The Leadership Gap." Based on a survey of 110 financial services professionals, the report examines financial services firms' efforts at innovation, including changes to products, services or business models that "break existing trade-offs and result in value to the customer."
Noting that customer expectations are "changing rapidly" and that the industry is "under pressure to keep up," 79 percent of the survey respondents flag industry innovation as "critically important" over the next three to five years. This compares to 20 percent who say innovation will be "somewhat important" and one percent who believe innovation to be "relatively unimportant."
