Innovation most certainly does require time, effort and commitment. What I would say on this point is that innovation is not a luxury but a necessity. If one wishes to survive and maintain relevance, innovating and staying with the market is absolutely critical.

Hortz: Where does the financial services industry stand on innovation versus other major industries? 

Levis: As mentioned in the first question, financial services is innovating at a rate that matches any industry. And we expect a lot more innovation to come.  Technologies like artificial intelligence (AI) and big data promise to unlock many new opportunities in consumer, corporate banking and capital markets.  Voice recognition and other interfaces will dramatically change the customer experience. We’re at the tip of the iceberg and we expect an enormous amount of innovation and transformation ahead.

Hortz: To be more innovative, it is always recommended that you are observant and know what’s going on in other industries so you can use cross-industry pollination to stimulate ideas. Are there any industries that financial advisors should keep an eye on for any ideas?

Levis: Financial advisors would be wise to take careful note of some of the changes and shifts occurring in professional services broadly. Human-centered knowledge work is at the core of what they provide. And professional services, from strategy consulting to auditing, is beginning to feel the impact of technology and we’re beginning to see new models emerging. AI, big data and crowd sourcing are all impacting professional services. Health care is another space to closely watch as the entire patient-doctor interaction model is going through significant change. Fundamentally, what you have is an empowered consumer with more information and more tools at his or her disposal. 

But ideas can come from very unexpected places. Consider the freemium model and collaborative consumption, which emerged in online consumer spaces but have made their way into numerous other spaces, including B2B. It’s a good ethic to have a broad aperture when scanning for trends and opportunities for new ways of doing things.

The Institute for Innovation Development is an educational and business development catalyst for growth-oriented financial services firms. We position our members with the necessary ongoing innovation resources and coaching to drive and facilitate their growth, differentiation and unique community engagement strategies. The institute was launched with the support and foresight of our founding sponsors -- Innovation Equity Partners, Pershing, Voya Financial, Ultimus Fund Solutions, Fidelity, MeridianIQ/AdviceIQ, and Charter Financial Publishing (publisher of Financial Advisor and Private Wealth magazines). For more information or to join click here.

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