Accenture’s Toluwaleke Adenmosun talks innovation in the financial services industry

In an era marked by digital transformation, innovation is seen as the cornerstone for growth and sustainability in the financial services industry. Toluwaleke Adenmosun, Managing Director of Accenture Financial Services Nigeria, shared key insights on how financial institutions in Nigeria are leveraging innovation to revolutionize their business operations and enhance customer service. Adenmosun highlighted the critical importance of adopting a customer-centric approach and utilizing technology to drive efficiency and productivity. One of the central themes emphasized by Adenmosun is the recognition within the financial services industry in Nigeria of the need to adapt and evolve in response to the rapid pace of change. Banks and fintech companies are increasingly leveraging digital technologies to transform the way they engage with customers, enhance operational processes, and create value for both their businesses and clients. Adenmosun underscored the significance of tracking the progress and returns on innovation initiatives, noting that some organizations have reported up to 50% return on investment from their innovative endeavors. Adenmosun provided clarity on Accenture's definition of innovation, emphasizing that it entails more than just the adoption of technology. Innovation, according to Accenture, involves the implementation of novel ideas that yield tangible benefits, whether financial, social, or environmental. To qualify as true innovation, there must be a deliberate intention behind the initiative, with a focus on delivering measurable results that are tracked and managed effectively. The conversation also delved into the differentiation between industry leaders and laggards in terms of innovation practices. Adenmosun highlighted the importance of intentional and strategic approaches to innovation, pointing out that organizations that proactively measure and track the outcomes of their innovation efforts tend to outperform their peers. While acknowledging that all organizations are pursuing some form of innovation, Adenmosun stressed the critical importance of being deliberate and methodical in innovation execution to stay ahead of the curve. For organizations looking to enhance their innovation capabilities, Adenmosun outlined five key metrics for effective innovation that delivers value. These metrics include having a strategic innovation strategy aligned with the organization's goals, fostering a culture of ideation to generate impactful ideas, ensuring the organization's capacity to absorb and integrate change seamlessly, and rigorously measuring and reporting the benefits derived from innovation initiatives. Additionally, cultivating a culture of innovation within the organization is deemed essential for successful innovation implementation. In conclusion, Adenmosun reiterated the imperative for organizations in the financial services industry to prioritize innovation as a strategic imperative for long-term success. By embracing a customer-centric approach, harnessing the power of technology, and implementing robust innovation practices, financial institutions in Nigeria can position themselves for sustainable growth and competitiveness in an increasingly digital landscape.