Benson Kamau Munana

 Innovation management in financial industry Student’s Name Institution Affiliation Innovation management in financial industry/banking Financial innovation is the act of creating new ways of financial instruments and technology to benefit financially ( Narasimhan, 2013). By this one has to be very much innovative to know what is needed to be financially innovative and succeed. There are many risks that financial industry faces but what bring these risks at a high rate is the clients how they manage and operate in financial institutions. Clients expose financial institutions into environmental and social risks into how they are handling work. These risks can lead the financial industry declining and may not develop anymore. There are different challenges and are as follows ( Martin et el, 2014). There is liability risk which is usually caused by clients who want to hold possession of assets. For a client to get hold of these assets this has to do with fines, penalties, and cost for addressing third-party claims for damages because of neglecting management. To avoid this financial industry have to be shareholders for clients’ operation in order to control what the client does to avoid such risk. Financial risk is another challenge that faces financial industries and is from the clients how he or she operates which leads to environmental and social hardships. Clients when not careful may lead the financial industry into environmental problems which may damage the institution’s image and reputation. For example, if a financial industry is in problem environmentally, the government has to be involved to help in solving the problem. When the government is involved they may not trust that certain bank to the customers. Reputation risk is another problem that faces financial industries. This is contributed by clients who may have a negative public image and by that the bank’s image also collapses. The financials brand, image in the media and to the community around becomes negative. For example, if a client faces negative impact from people then the financial industry that person comes from the start being seen negatively with all other staffs included. Market risk is another problem whereby depends on how financial industry shows itself will display what it is and what kind of services is provided. Clients play a big role in ensuring that the financial industry is having the positive market to the surrounding community and the whole country at large. Depending on the services provided matters a lot in the market part. As a manager of my own organization for it to develop more is to know what kind of services or products are to be provided to customers and how they can help. By creating a positive relationship with financial industry is by being one of the shareholders with one of them in order organization’s profit can be always saved there, and other expenses to pay like electricity or water bills can be paid through a certain bank that is dealing with. If there is any loan that I may need is to deal with that certain bank is dealing with in order for them to give me and run my organization well as I need. For the challenges that are always there which cannot be avoided but by hard work and focus they can be overcome to prevent any collapse of the organization. Good positive image and publicity is the key and to have well-made reputation especially for the surrounding community. Having policies that are strictly followed will avoid challenges that may come along. Policies and regulation when implemented well especially like my employees when they follow them then they can help the organization in a big way. Issue making generation of ideas, inventions, and commercialization a challenging task through the following ways Uncertainty avoidance and the innovation dispersion S curve. This is where technology is highly used across the globe. Use of internet in the workplace is highly used and interaction has reduced since everyone is on the internet. The culture that was there during past years was of more of interaction in the workplace like it is now where interaction has reduced due to new technology exposure ( Laeven, 2015). Value and challenges related to subjective preferences, contexts, meaning laden-and experiential nature. In this part is whereby Laden came up with the knowledge of how he viewed the world in an agricultural way to develop more products but it was not followed (Chernyak, 2016). This was a way of improving research planning by having an opportunity of exploring new ideas to help in the innovation sector. Challenges are many because of the use of modern technology that is not very much used by many in some industries as some people may not know how to use to do research. Stakeholders and priorities have needed to assign to them. Stakeholders are the people who got interested in something. Stakeholders have to be assigned responsibilities to prioritize what is going on around the organization. This helps in getting feed either positive or negative to know how to improve. Prioritizing stakeholders has not been done by many because of ignorance or lack of knowledge to know the advantage of that. This is necessary has it will help the organization to grow extremely well (Uribe et el, 2014). New knowledge is created by building on previous knowledge and by combining different types of knowledge. Creating new knowledge help an organization to grow as new ideas are implemented to help the workplace. When more ideas with the aim of developing the organization are combined with different employees then it is assured work will go far. Image, reputation, and brand are created positively with new growing ideas. In conclusion, financial industry banking is a big innovative part that has to be well managed with fully skilled personnel. Clients operations in any place have to always be careful since he or she is the image of the financial industry. Small mess up can damage the financial industry’s sector as it is the main industry that helps most people worldwide and full trust is upon them. References Laeven, L. Levine, R. & Michalopoulos, S. (2015). Financial innovation and endogenous growth. Journal of Financial Intermediation, 24(1), 1-24. Narasimhan, R. & Narayanan, S. (2013). Perspectives on supply network–enabled innovations. Journal of Supply Chain Management, 49(4), 27-42. Chernyak, N., & Sobel, D. M. (2016). Equal But Not Always Fair: Value‐laden Sharing in Preschool‐aged Children. Social Development, 25(2), 340-351. Uribe, D. Geneletti, D. Del Castillo, R. F., & Orsi, F. (2014). Integrating stakeholder preferences and GIS-based multicriteria analysis to identify forest landscape restoration priorities. Sustainability, 6(2), 935-951. Martins, C. Oliveira, T. & Popovič, A. (2014).. International Journal of Information Management, 34(1), 1-13.