For my term paper below, Innovation for the Royal Bank of Scotland, I need a perfect executive summary. Can a tutor help me with this?

Mapping the Innovation Space: The 4Ps

Product

Royal Bank of Scotland (RBS) provides the customer with a wide range of financial, banking, and insurance sectors. As part of its marketing mix, the services include personalized and commercial banking, wealth management, insurance, capital markets, and investor services. Royal Bank of Scotland also offers various Fintech services that enable digital technology for its services. RBS has been using mobile van services for its rural markets form the year 1946. RBS provides loan credit and savings accounts and deposits for its customers, including commercial business. The RBS also provides support services, including procurement, payment, technology, anti-money laundering, etc. The subsidiaries are involved in providing certain specialized services in different geographies. This helps the Royal Bank of Scotland in catering to different services as per the customer's needs.

Process

There have been various initiatives undertaken by RBS to provide efficient and innovative services to its customers. It has developed big data analytics, 'personology', to connect with its customers. This has been done to understand the needs of customers and provide the required services accordingly. Here the customers receive notifications regarding various banking and financial schemes and get detailed information about it. Also, today's entire process has been digitalized to provide better convenience to the customers. Hence this completes the marketing mix of the Royal Bank of Scotland (RBS).

RBS has been facing a severe financial crisis after the recession of 2008; in the year 2016, it has even reported a loss of 52 billion since its bailout. Thereafter there have been severe attempts to downgrade the operation costs by closing some of its branches and reducing some of its operational reaches. This has been done with the prime focus of freeing the capital for some resources and offer major services efficiently. RBS also has Bankline fees where the charges for different banking services are tailor-made for customers based on their availing of services.

Position

RBS has the physical reach to its customers through 3300 branches across the world, including its subsidiaries. It has a presence in almost every continent with its branches, regional headquarters, and ATM services. Royal Bank of Scotland also has a strong online presence, thereby offering customers internet banking and mobile banking. These facilities ease in rendering different services to customers without maximizing efforts in having higher physical reach. Also, they help in providing information regarding various services offered by the bank.

Paradigm

Royal Bank of Scotland has a strong presence as part of its physical evidence. The major form of physical evidence is the branches located in different parts of the globe and ATM services. Also, the online presence of RBS has been stronger where different services can be availed through the click of the mouse or the smartphone. The other form of physical presence in the credit and debit cards, banknotes, and the company logo of RBS has been synonymous with Scotland's banking and financial services.

Innovation Capabilities

The Royal Bank of Scotland falls under the "reactive firms." The bank mainly remains passive and does not do much to go before the market and research any potential changes heavily in the market. The bank waits for an event to happen in the market before starting processing how they will deal with it internally and with their customers to ensure that they are provided with the best services. The company deals with events after they happen in the external environment, and they have learned how they influence and affect business; they then form methods on how to deal with them and respond to them and accommodate their customers in the change process.

Tidd and Bessant's innovation process

Royal Bank of Scotland has applied the Tidd and Bessant's innovation process. First, the company has invested in the search for innovation process. The company has an innovation team that specializes in search of the innovation process and idea. The team has the CEO, the head of business and Bank innovation strategy leader alongside a research team on areas they could be interested in innovation. The bank has focused its innovation on the Fintech technologies to ensure that they are able to incorporate the technology that can be incorporated in the traditional banks set up to connect with consumer needs of the bank (Weichert, 2017).

The Bank has thus implemented and incorporated fintech in its operation and it is currently working with and consults over 1000 fintech companies most of which are start up to come up with new innovative ways that the bank can use its operations. RBS funds the fintech companies and those that are able to develop a system that can be used in the bank, the system is run through a pilot test for 12 weeks before rolling its use in the bank systems.

The pilot test represents the third step of innovation where the bank seeks to find out how the identified fintech system can be used to make the banking process easy for consumers. The final step involves rolling out the innovation of the capture of the implementation which is to evaluate the benefits that come with the innovation.

One of such projects is the CAD project that was used by the bank in the research and development team in the process of computing space. Other similar fintech solutions that have been adopted by the bank is the use of the Facebook's workplace tool that that is used for internal communication within the bank and has been used by workers to enhance their communication through sharing ideas, solving problem and consequently this has improved how employees can easily attend to consumers (Weichert, 2017).

How does RSB master the dynamics in innovation in the face of technological change?

To master the dynamic of innovations the Royal Bank of Scotland through master of speed that the innovation process can be completed. This is to ensure that the company is able to stay in sync with ever growing technology and ensure that it does not spend a lot of resources on old technology. In addition, constant research enables the company to capture a huge benefit of the innovation and remain innovative in the financial industry.

Recommendations

To improve innovation at the Royal Bank of Scotland than some of the strategies that could be applied by the management include; Engaging with their customers and asking for feedback from them to determine how their needs from the bank have been meeting and how they can be delivered better for them to receive more value and be able to be more satisfied by the bank hence the feedback that the customers give will be analyzed and used to determine the innovation methods that the bank can adapt and keep the bank forward. Innovation can be improved in the bank by ensuring that they provide a superior level of convenience and security and unify the user experiences across platforms to be considered a channel that provides an open and secure mode of conducting financial business. The bank should ensure that they always have people on the ground who are studying the market and provide the appropriate feedback from how other similar sectors are working and how they are evolving so that the bank can learn from them and take more innovative steps to be even more ahead of the other banks who are their competition.