Innovation Not Simple

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    Innovation is not one thing and it is not simple, it is changing the way an organization thinks, says Mark Wagner, vice-president of analytics, retail risk management, at Scotiabank. In the session ‘Fostering A Culture of Innovation’ at the ‘MMF Symposium,’ he said it is about thinking about how to provide solutions which are convenient and what customers want. One driver of innovation is fintech, said Gianluigi Duiella, head of credit risk science financial advisory ‒ strategic alliance and modeling group at Deloitte Canada. The traditional lending environment is being disrupted by fintech, he said, which has built lean organizations which leverage the machine to make decisions and can rapidly test, learn, and change the business experience. These are producing lean operations which are much more efficient and smooth and produce robust solutions quickly. However, there is no shortage of ideas, said Wagner, and the challenge is to create a structure to generate these ideas and how to prioritize them.