Customer Centric Innovation in Banking Sector

Abstract

Highly competitive business environments make innovation a key element for survival. Though there are many companies that have been market leaders, they failed. The main reason behind the failure is lack of innovation. This is why companies have to find new discoveries and strategies to survive. Even though innovation is generally defined as a creation of idea, it is more than an idea. It is a process that includes a series of steps that begin with imagination and result in the creation of something. Innovation provides solutions for requirements in a unique way. Before the imagination steps, companies have to understand deeply customers' needs or desires to define requirements of customers. In this chapter, the customer-centric innovation process explained in seven stages.