To succeed as innovators, banks will need to organise and manage themselves differently.
Talent. Banks need a new type of talent and a new way of managing it. They need to attract people who think big and who challenge the status quo, people who are obsessed with the customer and not with the process. Banks need to enable them to succeed. These people need inspirational oversight and cultivation, not check-the-box management. They may need to be managed outside of the existing corporate structure – with different reporting lines, different measures of performance and even different office space – asking people like this to report to the typical bank IT project manager or embedding them one by one in the business is likely to lead to failure. Many banks have set up dedicated innovation labs outside of their head offices to accomplish just this.