2 Working with change
Our recent Global Innovation Survey, released
in December 2013, found a clear link between
innovation and growth. Insights were gathered
from 1,757 C-suite and board-level executives
from more than 25 countries, including Canada,
across more than 30 sectors. A large segment of
Canadian respondents included members of the
ﬁnancial services industry, with representatives
from banks, asset managers, insurance
providers and researchers.
According to our research, the most innovative
companies are set to grow 62.2% over the next ﬁve
years — nearly twice the pace of the anticipated
global average (35.4%) and three times as fast as
the least innovative companies (20.7%).
It is no wonder that 43% of the executives
we surveyed said innovation was already
a competitive necessity — and 51% felt it
would become a necessity within ﬁve years.
Three-quarters of the CEOs surveyed in our
Unleashing the Power of Innovation study now
consider innovation to be just as important as
operational effectiveness, if not more.
Innovation can drive growth, create a competitive advantage,
improve customer satisfaction and lower costs. Our global research
has shown that the vast majority of ﬁnancial services leaders see
innovation as a key driver of success in the years to come. Yet when it
comes to innovation, Canadian ﬁnancial institutions lag their global
counterparts. Why? And what can we do to close the gap?
C-suite and executive-
From more than
From across more than
Canadian ﬁnancial institutions are struggling with innovation.
How can these institutions, including insurance companies,
change to focus on opportunities, rather than barriers, and
ensure that they are not outrun by more innovative players in
the years to come?