Innovation definition and business modelling framework within the scope of a GFT-led and EU Commission-funded project regarding Fintech.
Client: GFT, a global IT and software engineering services provider driving the digital transformation of the world's leading companies in financial services, insurance and industry
About GFT – Shaping the future of digital business
As a pioneer for digital transformation GFT develops sustainable solutions across new technologies. GFT clients gain easy and safe access to scalable IT-applications and innovative business models. Founded in 1987 and located in more than 15 markets, the GFT team consists of over 8,000 determined experts.
www.gft.com
JET Participants
Edoardo Filippi, Alberto Barberis, Runze Hum, Rodolphe Moulin, Valentina Matiussi
Challenge
During fall 2021, we collaborated with GFT in the ongoing EU innovation project INFINITECH. INFINITECH is a joint effort of global leaders in ICT and finance to lower the barriers for Bigdata/IoT/AI-driven innovation, boost regulatory compliance, and stimulate additional investments, which relies on a budget of €21 Million. GFT, the project Coordinator, appointed us to produce a detailed research of the concept and theories of innovation, along with concrete innovations applicable to INFINITECH pilots’ target industries.
What we did
Our work consisted of conducting market research to deepen concepts such as innovation, new trends that will develop in the future, digital transformation, and the different strategies - according to the IBM model - leading to the latter.
Then, we focused on innovation related to digital finance, analyzing the history of the evolution of services/products in the financial sector. The technical and social innovativeness of the task required an innovative approach to the business model and implementing the Business Model and the Lean Model Canvases. Thanks to their visual component, these methods simplify the vision of the business model.
Our analysis focused on the definition of innovation management, Innovation Project Portfolio Management (IPPM), and the impact of big data analytics in the innovation process. Finally, we assessed the different market opportunities and how to support the exploitability of INFINITECH assets, which may contribute significantly to the outreach of digital finance for companies and individuals. One of the most crucial challenges for the INFINITECH project exploitability is to ensure sustainability beyond the existing funding of the project. All those findings were used by GFT to develop an innovative methodology to assess the current level of innovation of each use case and then suggest specific actions to raise those levels.
Results delivered
By the end of the engagement, the team successfully and thoroughly analyzed the technological innovation trends in the finance industry leveraging frameworks and methodology. JET associates also identified relevant market opportunities to exploit the assets of INFINITECH, suggesting concrete solutions on the applicability of various pilots. JET team consistently supported the creation of a new methodology by GFT team providing deep research and insights on which it was based on while being under the guideline of the EU innovation framework. The team was highly motivated by the INFINITECH project, the technological advancement in the finance industry, and the new solutions presented by different parties involved. Thanks to this engagement, JET associates acquired knowledge on emerging technologies and innovation frameworks transferable to future works.