In a report published by INSEAD and Global Innovative Index (GII) on the Most Innovative Countries in the world for the year 2017, Nigeria currently ranks 119th down from its 96th position in 2011.The top 10 economies in the survey which include Switzerland, Sweden and Netherlands, performed better in two major areas of assessment; Innovation Outputs - Knowledge, Technology and Creativity, and Innovation Inputs - Human capital and Research, Infrastructure, Market Sophistication and Business sophistication. The country is in need of innovation across these areas which will ultimately yield significant dividends for businesses, the economy and improved quality of life for its citizens.
Businesses in Nigeria today face challenges which make innovation an imperative to survive disruption. We believe, the biggest challenges facing Financial Services in Nigeria now are keeping up with the changes in digital technologies, increased consumer expectations and an influx of FinTech startups that are much more agile. With this rapidly evolving ecosystem, banks and financial services organisations must make innovation a part of their culture and rotate to the new.
The topic of “Innovation” is a critical discussion among the C-Suites right now, as organisations are being pushed to think about innovating in new ways that were unimaginable just a decade ago.
In 2018, Accenture will be launching its Innovation Index in Nigeria focusing on the Financial Services industry.
The Index seeks to highlight and showcase innovation role models who are inculcating innovation into the very culture of their organisations—as well as creating product, process, people and service innovations which are changing the way people live and work.
This Index is also designed to provide a national benchmark for innovation, providing businesses and policymakers with an authoritative and objective snapshot of the state of innovation within their organisations and in Nigeria.
It will be conducted by a proprietary online survey and innovation diagnostic which measures innovation and systems of innovation in organisations. The organisations are evaluated based on overall Innovation mastery and/or specific Innovative concepts.
Participation in the maiden edition is open to Banks and FinTech companies who will be invited to apply. This includes all licensed commercial banks in Nigeria as well as Fintech companies that are registered organizations with a commercial product and at least one paying customer.
In partnership with The Lagos Business School and select thought leaders acting as adjudication partners, the top three (3) organisations would be selected in each category, ranked and winners selected.
Accenture will apply best practice research approaches to provide an Innovation Index report with key findings and implications for the country. This culminates in an Awards ceremony where the findings of the Index are presented and the winners in each category are announced.
This index will help organisations in the Financial Services industry in Nigeria and other industries in the years to come, to clarify and assess their organization’s innovation as well put their innovations in the spotlight. We hope it will help to create a culture in organisations and at the national level, that embraces innovation and rotates to the new.
Watch out for the Index survey questionnaire launching in April 2018. Banks and FinTechs would be invited to complete the survey.
Participants will be invited to fill in an online innovation questionnaire that touches on all aspects of their organisation’s innovation and used to assess their overall innovation mastery. This section is compulsory.
Participants have the option to submit specific innovative concepts for consideration. Concepts must be commercialised and in the marketplace from one day to three years and include commercialized products, process, people and/or service innovations.
Scoring is done by the Accenture’s proprietary Innovation Index across the innovation value chain – Strategy, Ideation, Absorption, Execution & Impacts / Benefits.
A panel of judges, chaired by our research partner, the Lagos Business School, will act as adjudicator. The panel’s role will include participating in interviews with the shortlisted top three (3) organisations in each category, ranking them and selecting the winners.
The Awards event will feature the key findings of the Accenture Innovation Index and presentation of awards to winners in Innovation Masters and Concepts categories.
Diagnostic Reports & Index Publication
An Accenture Innovation Index report is published where key findings and award winners are mentioned, state of innovation at national level is discussed.
All participants receive a confidential, customised innovation diagnostic report that identifies their organisation’s innovation gaps and strengths.
The report also provides a benchmark within their industry and strategies which may help them gain a competitive advantage.