Ac­cen­ture Nige­ria In­no­va­tion In­dex

Business a.m. - - FRONT PAGE - Oluwaseun Afo­labi

AC­CEN­TURE, A LEAD­ING global pro­fes­sional ser­vice com­pany, Fri­day launched a sur­vey re­port of Nige­ria’s 2018 bank­ing and fi­nan­cial tech­nol­ogy (fin­tech) In­no­va­tion In­dex.

AC­CEN­TURE, A LEAD­ING global pro­fes­sional ser­vice com­pany, Fri­day launched a sur­vey re­port of Nige­ria’s 2018 bank­ing and fi­nan­cial tech­nol­ogy (fin­tech) In­no­va­tion In­dex. The In­dex, which seeks to high­light in­no­va­tion role mod­els who have wo­ven in­no­va­tion into the cul­ture of their or­gan­i­sa­tions, had a par­tic­i­pa­tion of 13 banks and 17 fin­tech com­pa­nies in its maiden edi­tion. The re­port showed that 85 per­cent of the bank­ing secwill tor has wo­ven in­no­va­tion into its busi­ness strat­egy, 75 per­cent ideate new prod­ucts or ser­vices to the new mar­ket, while 85 per­cent of the bank­ing sec­tor utilises clients and em­ploy­ees as ac­tive sources to har­vest in­tel­li­gence for in­no­va­tion. The in­dex also points out that 93 per­cent of the or­gan­i­sa­tions sur­veyed in­di­cated that in­no­va­tion forms part of their busi­ness strat­egy, while 60 per­cent have a ded­i­cated in­no­va­tion unit core to their in­no­va­tion process. Fur­ther­more, 90 per­cent of or­gan­i­sa­tions, ac­cord­ing to the in­no­va­tion in­dex, re­port that they have tapped into new cus­tomer seg­ments and 67 per­cent re­ported that their cus­tomers are buy­ing more prod­ucts and ser­vices thanks to in­no­va­tion. Speak­ing on the rea­son why Ac­cen­ture came up with in­dex, Niyi Yusuf, the manag­ing direc­tor of Ac­cen­ture Nige­ria, said “the rea­son why we started this In­no­va­tion In­dex is to track the or­gan­i­sa­tion that is mak­ing in­no­va­tive progress, re­port these in­no­va­tions, record them for pos­ter­ity, for recog­ni­tion pur­poses, to re­ward their ex­ploits and to of­fer sup­port where nec­es­sary.” Yusuf also en­thused on the im­por­tance of driv­ing in­no­va­tion in an econ­omy, as it pro­pels growth and pro­duc­tiv­ity as shown in the find­ings. Toluleke Aden­mo­sun, Ac­cen­ture Nige­ria’s Manag­ing Direc­tor Fi­nan­cial ser­vices said, “these sur­vey re­sults help in­dus­try play­ers to grow and ex­pand their busi­nesses, and also of­fer in­sight on how ef­fec­tive these in­no­va­tions have been in help­ing them gain a com­pet­i­tive ad­van­tage in the mar­ket­place.” The re­search team of the firm col­lated all en­tries and shared sum­maries with La­gos Busi­ness School, its lo­cal re­search part­ner. Dur­ing the ad­ju­di­ca­tion process chaired by Yinka David-West, an as­so­ciate pro­fes­sor at LBS, the team worked with se­lect CSuites from tier one com­pa­nies who judged the en­tries over a pe­riod of weeks to re­veal the in­no­va­tion win­ners in three cat­e­gories for the bank­ing and fin­tech space in Nige­ria. The maiden award cer­e­mony saw Wema Bank win 3 awards in the Bank­ing sec­tor, in­clud­ing In­no­va­tion Masters and in­no­va­tive con­cept, Ac­cess Bank were joint win­ners along­side Wema Bank for the strat­egy, ideation & ab­sorp­tion award. In the fin­tech sec­tor, Flut­ter­waves won the award for in­no­va­tion Masters and were joints win­ners of along­side Paystack. Ac­cord­ing to Aden­mo­sun, the Nige­rian In­no­va­tion In­dex will be an an­nual re­search study, with a plan to ex­pand to var­i­ous sec­tors in the coun­try in­clud­ing the gov­ern­ment .

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