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GFT UK Office Office

GFT Financial Limited. 9th floor, 107 Cheapside
London
EC2V 6DN
GB

GFT USA, Inc Office

261 Madison Avenue, 19th Floor,
New York City
NY 10016
USA

GFT Brazil Office Office

GFT Brasil Consultoria Informática Ltda. Alameda Rio Negro, n° 585 Ed. Padauiri,
10° andar, Alphaville,
06454-000 Barueri -SP
Brazil

GFT Belgium Office Office

GFT Technologies Belgique AS, Square de Meeûs 35,
1000 Bruxelles
Belgique

GFT Canada Office Office

GFT Canada Inc. 70 University Avenue, Suite 1460,
Toronto,
Ontario M5J 2M4
Canada

GFT China Office Office

GFT Technologies Hong Kong Ltd. Lee Garden One, 33 Hysan Road,
Causeway Bay,
Hong Kong
CH

GFT Cost Rica Office Office

GFT Costa Rica S.A. Edificio 1B Ultrapark,
La Aurora Heredia
Costa Rica

GFT France Office Office

GFT France SAS, 12 rue Alsace Lorraine,
79000 Niort
France

GFT Germany Office Office

GFT Technologies SE Corporate Center, Schelmenwasenstr. 34,
70567 Stuttgart
Germany

GFT Italy Office Office

GFT Italia S.r.l. Via Sile, 18.
Alphaville20139 Milano
Italy

GFT Mexico Office Office

GFT México S.A. de C.V. Calle Gobernador Agustín Vicente Eguia 46, 6º Colonia San Miguel Chapultepec. 11850 Mexico City
11850 Mexico City
Mexico

GFT Poland Office Office

GFT Poland Sp. z o.o. ul. Kilińskiego 66,
90-118 Łódź
Poland

GFT Singapore Office Office

GFT Technologies Singapore Pte. Ltd. 71 Robinson Rd.
068895 Singapore
Singapore

GFT Spain Office Office

GFT IT Consulting, S.L.U. Avinguda Alcalde Barnils, 71.
08174 Sant Cugat del Vallès
Spain

GFT Switzerland Office Office

GFT Schweiz AG. Baumackerstrasse 24.
8050 Zurich
Switzerland

GFT Vietnam Office Office

GFT Technologies Vietnam Limited. Room 02-115, 2nd Floor, Lim Tower 3, Number 29A, Nguyen Dinh Chieu Street,
Da Kao Ward, District 1
Vietnam

Telephone

T +44 20 3372 9200

Contact

Tim Osler / Dawn Blenkiron / Benjamin Tranham
[email protected] / [email protected] / [email protected]
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GFT study reveals financial institutions must be open to external initiatives

Open Innovation: a key competitive factor for banks 

A bank asks its customers what it could do to improve and then awards a prize for the best suggestions. Another includes its employees in the development of new service standards. Just two examples that are rooted in the idea of 'open innovation'. What is special about this: external partners, with all of their experience, expertise and skills, are specifically included in the innovation process. The potential that open innovation yields for banks has been captured in a new study released by GFT, a leading international IT solutions providers to the financial sector.

"The market conditions for financial service providers are changing increasingly rapidly," states Marika Lulay, Chief Operating Officer at GFT. New technologies are forcing their way into the market and compelling bankers to make a move or be left behind - digitally. "The financial crisis had a rapid impact on customers, whose loyalty plummeted. That's why it's increasingly important for financial institutions to differentiate themselves with innovative products and services - including from new competitors." Examples of such competitors are e-commerce companies or businesses offering payment services. In essence, everyone wants a piece of the action.

The GFT study, "Open Innovation in the Financial Services Sector - why and how to take action", reveals how banks can deal with the new pressures of innovation. Momentum to change does not just come from within, i.e. from in-house development departments, but rather from external sources. External partners - suppliers, customers, designers or partner companies from different industries - are the ones shedding new light on the issue of innovation. The advantage: they are often much closer to the target group or can infuse stale ideas with fresh, new, out-of-the-box thinking.

According to Marika Lulay, "Traditionally, banks do tend to be early adopters of new technological solutions, but these innovations are generally geared towards the institution itself and the processes it has running in the background. In the digital economy, however, it's important to make the customer benefit more visible and tangible. In other words, in many cases banks must completely rethink their approach to innovation."

The study includes examples of successful open innovation programmes, revealing just how broadly the new methods can be applied. These range from crowdsourcing (where end-customers are included in the development of products and services) to corporate venturing (where companies invest in start-ups). For companies thinking about implementing open innovation themselves the important thing to note is that the approach taken must tie in closely with the company's overarching strategy. After all, the key to successful open innovation is a willingness to open the door to ideas from outside the business.