LEAN INNOVATION AND AGILE INNOVATION: METHODS OF CREATING ADDED VALUE TO CUSTOMERS IN THE BANKING INDUSTRY

BARB Roxana-Maria, Lucian Blaga University of Sibiu

Abstract:
The purpose of this paper is to underline the importance of the added value for customers driven by the services and products created by companies using two relatively new methodologies in the innovation management field, lean and agile. The business environment changes rapidly due to new technologies and the globalisation effects which helps in creating perfect means to bring together companies and clients throughout the world. This is the reason why the focus of the companies needs to be on the created value of the innovative products and services for their clients. Moreover, firms need to make possible for customers to bring their own innovative and improving ideas throughout the entire innovation process. At the same time, organizations must be agile to adapt their offer rapidly to the fast-changing business environment and constantly innovate based on the newly gained knowledge from external and internal sources. The lean and agile innovations can be easily included in any organization’s strategy to obtain a competitive advantage on the market. Two successful examples of using these two methodologies in practice are two companies from the banking sector, ING and Royal Bank of Scotland (RBS). These financial institutions engaged their clients in their innovation processes so they can provide better suited products and services. Simultaneously, both companies responded to the new challenges from the market with an agility mindset, planning their innovation processes rapidly through a transformational strategy. Lean and agile innovations proved to be the best approaches for these banks to provide added value for their customers.

Keywords: Innovation Management, Agile Innovation, Lean Innovation, Added Value

JEL Classification: O32, O00

Volume: 75, Issue: 3

Pages: 16 - 24

Publication date: October, 2023

DOI: 10.56043/reveco-2023-0023

Download the article: http://economice.ulbsibiu.ro/revista.economica/archive/75302barb.pdf

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