The rapid changes in the world we live are increasingly rewarding those who are innovating. Adoption of new ways of doing things is driving growth in companies, expanding opportunities in economies and increasing the quality of life in nations that embrace it. The outliers in innovation and those who are improving their position have some things common – they bolster their innovation capacities through positive-sum policies such as investments in Research & Development, Education, Tax incentives for innovation that contribute positively to the global body of knowledge and stock of innovation.
In partnership with The Lagos Business School and select C-Suites from tier one companies who are judges in the process, Accenture applies best practice research approaches to provide a confidential customized innovation diagnostic report that identifies each participant’s innovation strengths and weaknesses; benchmarks their innovation within their industries; and presents strategies that may help them gain competitive advantage.
“The banking industry is evolving right now, requiring banks to navigate through significant challenges to not only maintain their profitability but to also increase their revenue and meet the customers dynamic demands. The topic of “Innovation” is a critical discussion among the Banking C-Suites right now, as Banks are being pushed to think about innovation in new ways that were unimaginable just a decade ago,” said Toluleke Adenmosun, Accenture Nigeria’s Managing Director Financial services. “We believe, the biggest challenge banking in Nigeria is facing is keeping up with the changes in digital technology, consumer expectations and governmental regulations. Accenture has received a significant number of requests from banks asking for greater insight and assistance on Innovation in the first few months of 2016. And with a rapidly evolving ecosystem, banks must make innovation a part of their culture and rotate to the new.”
The Accenture Innovation Index 2018 will survey nearly 100 companies in banking and Fintech space – this will include interactions with these executives. This year’s index will focus on banking and the fintech industry that is driving an increasing number of solutions to customers in the financial services space. As companies in this space are pressured to innovative and create new products and services, their impact is shaping people’s lives and contributing to the improvement of living standards in the country. In subsequent editions other industries and their impact will be indexed to give an even broader view of the various industries strengths and the nation’s most advantageous attributes.
Collaborating with us on this journey to document and highlight the topic of innovation, we are partnering with The Guardian newspapers and Techcabal to share the insights with you. This Index is designed to provide a national benchmark for innovation, providing businesses and policymakers with an authoritative and objective snapshot of the state of innovation within their organizations and in Nigeria
We look forward to sharing the report and its findings with you once the process is completed. We are excited to see how our industry leaders compare with peers in other countries where we have conducted the survey.