Sanjay Dalal wrote a good summary of the book, Built to Last - Successful Habits of Visionary Companies by Jim Collins and Jerry I. Porras, on his blog, Creativity Driving Innovation In Business.
The authors summarize their findings from 3M and provide five takeaways to drive Innovation at any business:
1. “Give it a try–and quick!” - Essentially echoing on having a process to try out a lot of stuff, and keeping what really works. The key here is to do something. Keep on trying something new.
2. “Accept that mistakes will be made.”…
http://nykrindc.blogspot.com/2006/10/islamic-banking-innovation-in-islam.html
the report notes that unlike Hadith (traditions attributed to the Prophet Muhammad) which are immutable, Fiqh, which affects all aspects of life, allows Islamic bankers room for maneuver when designing new financial instruments that are both profit-making and compliant with shari’a…
The MEMRI report notes that the increased demand for Muslim financial institutions in the West has also prompted western firms to being providing these services. The report cites, Lloyds, TDS, Deutsche Bank, the Dow Jones Index, and Citigroup among the most notable examples of western firms adapting to tap these…
Islamic Financial Markets: Zeti Akhtar Aziz, Governor of the Central Bank of Malaysia
“Malaysia is enhancing the international dimension of its Islamic banking and financial market, with the introduction of increased foreign participation.”
“…this partnership [Bank Islam Malaysia Berhad, Dubai Financial Limited Liability Company (LLC) and Lembaga Tabung Haji] also serves to enhance Malaysia as a centre of product innovation in Islamic finance. Indeed, conscious efforts have been made to ensure a conducive environment for innovation in Malaysia, including the development of the necessary pool of expertise and talent to drive such…
Doha Bank deputy CEO R Seetharaman has said technology is the driving force behind today’s financial services industry.
Addressing students at the Carnegie Mellon University in Qatar at a function hosted in his honour, Seetharaman said globalisation, consumerism and deregulations are the key drivers of change. “In today’s competitive environment, differentiating factors that decide the success of an organisation are providing better value to customers, one hub 24/7 back office, reduction in processing costs and excess capacity and flexibility to meet the change. These factors will equip an organisation to…
China: Citibank Launches Three New Structured Investment Accounts
Shanghai - Citibank announced today the launch of three new Structured Investment Accounts (”SIA”). They are a one-year, U.S. Dollar denominated SIA linked to a basket of global retailing stocks; a two-year, U.S. Dollar denominated SIA linked to global stock indices, and a one-year RMB denominated SIA linked to the Hang Seng Index.
The Structured Investment Account is an investment product designed to link to the performance of the underlying assets such as currencies, interest rates, equities, equity indices, commodities, bonds, and any other…
In the innovation programs I have run for large financial services companies, a primary objective is to get the participants to build strong networks as they collaborate with their peers and seek assistance from seniors, vendors and clients. Participants regularly report that working with others outside their area and learning about other parts of the business made the experience worthwhile. While everyone recognizes the value of these networks, measuring their value is rarely a priority. Innovation initiatives, especially in financial services, are judged by the revenue generated by the resulting…
http://www.filene.org/blog/post/filene-i3-unveils-7-industry-innovations
…inventive solutions to respond to market needs in the credit union industry…developed by teams of credit union officials participating in Filene’s i3 innovation program, sponsored in part by America’s Corporate Credit Unions.
These seven innovations are natural evolutions of products and services that may find their way into credit union operations in the near future:
Decision Point. When elderly credit union members need help managing their finances, specially trained staff members can advise family members on how to best help their relatives protect and manage their assets. This can include bill-paying, financial…
The list of the stock index winners of the William F. Sharpe Indexing Achievement Awards at the annual Super Bowl of Indexing Conference:
o 2004 – CBOE S&P 500 BuyWrite Index (BXM)
o 2005 – FTSE/RAFI Fundamental Index Series
o 2004 – iShares MSCI EAFE (EFA) and Emerging Markets
o 2005 – EasyETF GSCI Commodities ETF
o 2004 – CBOE Volatility Index (VIX) Futures
o 2005 – Options on Vanguard VIPERS at the CBOE
From an article about the Scottish Financial Enterprise Innovators 2006 awards (link)
Ten Scottish financial services innovations through the ages
1694 - Bank of England founded by Scotsman William Paterson
1728 - Royal Bank of Scotland invents the overdraft
1750 - British Linen Bank - now part of HBOS - develops the first retail bank branch network
1810 - The first mutual savings bank was invented by Scotsman Reverend Henry Duncan
1873 - Launch of collective investment vehicles which played a major role in financing growth of US economy
1946 - National Bank of Scotland - now…
From New York Times, August 11, 2006
THERE is a new cold war on the horizon. An intellectual property arms race is escalating on Wall Street, where financial services firms like Goldman Sachs and Citigroup are building up stockpiles of patents on processes like software-based pricing, trading and risk analysis systems and products like credit cards, exchange-traded funds and exotic derivatives.In 1997, there were 927 patent applications for various methods of processing financial and management data. Last year, there were 6,226.
Last year, more than 1,000 patents for processing financial and management…
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