Bank of America-Case Study-HBR

Innovation management Course

However, despite the above need, what is key point that (at the time) characterized banking industry problematic approach to new products and services as shown in this statement:

"Innovation, would require a revolution. That banks traditionally downplayed product and service development was reflected by a near universal lack of R&D departments. ... New products and services in the banking industry, if and when they came, generally arose from marketing departments, which lacked the formal processes, methodologies, and resource commitments that companies in many other industries took for granted."