Business Innovation Centers: Emerging Paradigm in the Fintech Age

Today, in the Banking and Financial Services industry, innovative business models based on emerging technologies are the primary drivers of growth. Innovation, however, is easier said than done in the banking and financial services domain, as multiple factors impede the creation of breakthrough models and efficient processes. Most large banks are addressing these challenges through ‘Centers of Excellence’ or ‘Digital Innovation Labs’. Aneesh Ramani, who leads the Digital Consulting Practice for LTI’s Financial Services clients, talks about Business Innovation Center (BIC), an idea-led innovation approach from LTI, built on the principles of collective creativity, design thinking, agile development and fail-fast methodology.