Setting:

Then:

21^st Jan 2008 – Steve Jobs of Apple unveils ‘the world’s thinnest laptop computer” the MacBook Air. Jobs further illustrates just how thin Apple’s ‘thinovation’ by slipping it out of a common interoffice envelope. The word ‘thinovation’ turns into a common usage and gets into innovation dictionary.

Now:

Customer behavior is constantly changing in financial institutions. Regaining their trust is becoming a challenge. Simultaneously risk levels are rising. Finovation - financial innovation - is the need of the hour. The word ‘finovation’ will also become a common usage in the days to come

Is the environment friendly for finovation?

Increased automation, interoperation, mobile access, regulatory prescriptions, competitive technology – well all these and more are already there to facilitate finovation.

What is the preferred path for finovation?

Predict the future-> Ideate->Innovate-> Execute is the highly principled path preferred by original finovators!

Pick the best from market place->Make few changes in the packing or appearance->Alter few alphabets in the original name->Market at a deep discount price is the short cut preferred by the Shanzhai innovators!

What are the rules for finovation?

Rule No.1 – Question the obvious

Rule No.2 – Forget, borrow and learn

Rule No.3 – Think outside the box

Rule No.4 – Explore what is not known

Rule No.5 – Anticipate future customer needs

Rule No.6 – Exploit technology

Rule No.7– Allow freedom and flexibility

Rule No.8– Avoid processes and procedures

Rule No.9 – Encourage interaction

Rule No.10 – Work in clusters

Are we ready?