There’s an elephant in the bank’s vault, and it’s not asking for a loan! It’s our rather ‘quaint’ approach to innovation – or lack thereof.

In the Financial Services Industry (FSI), genuine foresight and creativity are exceedingly rare. Misusing Generative AI can exacerbate this.

As it is becoming increasingly clear, the abuse of AI without the proper skills is turning a powerful tool into a catalyst for groupthink and echo chambers, rather than an engine for innovative thinking.

Developing an effective innovation framework for this sector is a challenging task. It’s comparable to redirecting a massive vessel, necessitating not just minor adjustments but a fundamental organizational transformation, and a lot of technology.

However, there’s promising news. Recent advancements in General and Generative AI offer a dynamic and robust framework, capable of accelerating transformative changes and guiding us towards a future potentially rich in sustainable innovation.

In my quest to stimulate innovation in FSI, I’ve put together a few ideas how to innovate innovation in the industry.   See my playbook here.