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January 24, 2009


Guy S.

Open Innovation in the Financial Services, is worth reading, and especially by those bank executives that do not read much or those, who haven’t been very innovative over the last years as they just applied “me too” strategies. The author is not (yet) known as an academic, nor as a leader of a large organization. However, I admire Fasnacht’s motivation to adapt open innovation for the financial services. It was much needed. My advice for experienced practitioners in private banking: you should cherry pick ideas from the book. Everyone can gain information inside – but not all ideas can be adapted for daily business. For instance, I distributed several of the ideas and examples found in the book in a workshop to my staff for consideration. The reactions were generally positive. Some executives noted that much is already known where other thoughts are difficult to realize as they require organizational changes. Overall, I would recommend the book, even with that thought in mind.

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