Why the financial services industry requires a new approach to innovation

The financial service industry was once seen as ultra-conservative and risk-adverse. Your local banker would stare you down across the desk and stamp approved or declined on your mortgage application. But the industry – and the world - has come a long way since the bespeckled bowler hat wearing bankers of old. So is the financial services industry becoming more innovative today? And how can you balance innovation with the need to comply with increasingly complex regulations?

Mark Hookey, Global Process Improvement Leader for Swiss Re Insurance, has been experimenting with how you can free up people to be creative and innovative, but within a structured context so that they can come to good conclusions. In this Process Perspectives podcast, Hookey discusses why innovation has become more important to the financial services industry and some of the work he's been doing to bring greater creativity to the world of insurance.