Instigators of New Innovation Ideas for Improving A Bank’s Effective Market Performance in Times of Crisis
Jennifer Davis-Adesegha
Research Apprentice at Cloud Analytika-London, United Kingdom
https://doi.org/10.47191/jefms/v7-i5-23ABSTRACT:
Thriving in the increasingly more value-driven financial markets requires all banks to be as innovative as possible. However, as every bank engages in different forms of disruptive innovations to edge out each other, some banks tend to become lost completely on the new innovation ideas and trajectory that their innovation/innovative business activities must undertake. In contrast, others remain accurately focused with clear innovation ideas and discourses to pursue. To revolve such paradoxes, this paper offers accurate analysis of the sources or instigators of innovation that financial institutions can use to extract new innovation ideas that can be pursued to leverage their effective performance in periods of crises. Using a qualitative content analysis, the paper evaluates theories and literature on the instigators of innovation ideas as well as innovation management in the contemporary business organisations. Findings imply the major instigators or sources of new innovation ideas often arise from knowledge-push sources of innovation, need-pull sources of innovation, crisis-driven sources of innovation, users as innovators as well as learning and imitation as sources of innovation. Other instigators were found to arise from regulatory changes, the degree of industry or market saturation and competitors’ actions. To respond to the challenges that some of the banks experience about discerning the new innovation ideas to pursue and turn around their performance during a crisis, the paper suggests the model for enhancing novel banking innovations for leveraging a bank’s effective performance, competitiveness and sustainability during a crisis. Through such analysis and proposition, the paper contributes new insights that not only enrich the existing theories and literature on innovation management, but also new thinking that can be emulated by the contemporary businesses to bolster their innovation capabilities.
KEYWORDS:
Business Sustainability; Innovation; Instigators of Innovation; Sources of Innovation; New Venture Creation; Competitiveness
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