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In regulated organizations, innovation can look a little different than weโd expect. Itโs less about disruption for disruptionโs sake, and centered around people, processes, and compliance.
Itโs intentional, disciplined, and controlled, reframing how organizations tend to think about innovation, change, and learning.
In our latest episode of Transformation Talks series, edison365 CEO, Ivan Lloyd discusses Innovation, Change and AI, with Ben Walder, Head of Change, Innovation and AI, at Allied Irish Bank, UK, and the co-author of The Visual Agile Coach Playbook. Here are some key takeaways from their conversation.
Can innovation truly thrive in a regulated industry? โจ
Banking is a highly regulated industry. Itโs ruled by compliance and control, making it seem like the least fertile ground for innovation.
Ben sees it differently.
โWhilst financial services are highly regulated, working in a regulated environment does call for innovation in how you can optimize and deliver the most value within what the regulations will allow.โ
Instead of looking at regulation as a barrier, weโre urged to see it as an opportunity, or a platform. Compliance is mandatory, but we can choose how we optimize everything around the rules.
โYou might feel that regulation stops or inhibits innovationโฆ Well, you can decide that, and make that choice, or you can think innovatively about regulation and regulatory change, and decide to take an innovative approach.โ
Innovation in regulation isnโt about dodging constraints. Itโs โthinking innovatively about regulationโ, and working intelligently within the rules.
Why you shouldnโt tell people to โBe Innovative!โ ๐
But shouldnโt we be encouraging innovation within the organization, as much as we can? Ben brings up an all-too-familiar response to the problem.
โIf you ask people to innovate, itโs almost a rabbit in the headlightsโฆ like when youโre asking someone not to think about something, they think about it!โ
When innovation is thrust onto people, they tend to freeze, unsure of what theyโre supposed to be doing. Innovation should emerge more naturally for it to be sustainable. Tools and platforms could help, but they only make a difference if the underlying culture is conducive to innovation.
โYou can have all the best innovation tools and platformsโฆ But if the culture and the mindset doesnโt exist for innovation, you just wonโt be innovative.โ
While tools and platforms do help enhance efforts, true innovation happens only if the underlying culture empowers innovation and experimentation. Thatโs why innovation management proves to be pivotal to the success of innovation.
Innovation isnโt just the moonshot ๐
โInnovationโ means different things to different organizations, and the definition often narrows down to the more game-changing stuff.
โSome peopleโs definition of innovation is going to be the moon shot, the man on Mars, et cetera.โ
According to Ben, innovation neednโt always be the most expensive or the most disruptive item on the list. Innovation shouldnโt be limited to specific arenas, itโs important to innovate with everything.
โBut I feel that you can innovate with ways of working. You can innovate with your relationships or your interaction with other teams. Innovate in how you have meetings. You can innovate with pretty much everything.โ
This approach to innovation is essential because it makes innovation accessible to all. When innovation is framed differently, people believe they can be a part of it too.
โInnovating outside of pure technology and the expensive sphere of innovation allows you to build that culture and mindset and the belief that people, that innovation is accessible to everyone and everyone can innovateโ.
So, what does โinnovationโ mean to you and your organization?
Recommended Read: 6 Common Challenges in Innovation Management that Leaders Face
Lessons Learned and Continuous Improvement ๐ฑ
While most organizations talk loudly about the value of lessons learned, very few put them to good use.
โLessons learnedโ is often treated like the last segment of a long seminar. Learning is delayed to a point where context fades and the opportunity to improve is lost.
โYou really need to ingrain the process of learning from our lessons into your ways of working on a donโt just wait to the end of the three-year project to do the lessons learned.โ Thatโs why the few organizations that are more intentional about learning prefer continuous learning, rather than a year-end retrospective.
By embedding reflection into your way of work, learning occurs through regular retrospectives and feedback loops.
AI and the Change it Brings ๐ผ
Itโs becoming evident that AI is raising the stakes for change.
It doesnโt just introduce new tools. Itโs changing how people work, how decisions are made, and how processes are framed.
โWeโre all going to be bringing AI team members into the room, into the business, weโre going to be bringing AI into the workflow. That is kind of a seismic change!โ says Ben.
Aside from introducing AI, thereโs a lot that needs to be done to help people navigate the changes it brings. With the right change managers empowering the pivot, more people will embrace the changes with ease.
Recommended Read: Will AI replace Project Managers?
Making Change Real
Behavioural change doesnโt happen just because something new is in play. Similarly, just because a new solution is delivered, adoption doesnโt naturally follow. If anything, new tools challenge old habits, alter workflows, and question decisions. Without clarity on whatโs changing and the adequate support to embrace it, even well-designed solutions will struggle to deliver value.
This is reflected in how organizations choose to innovate, how they enable change, how they learn, and how they leverage technology.
As Ben puts it, โThereโs almost this perception that once youโve created something, everyone will use it.โ
This is where change management makes a difference. Proper change management takes intention, and turns it into behaviour, implementation, and impact. Itโs only with it, that change becomes real.
When innovation is intentional, accessible for all, full of lessons learned, and readily embraced within constraints, even the most regulated environments can deliver lasting value.
Weโd like to thank Ben Walder, Head of Change, Innovation and AI at Allied Irish Bank, UK, and co-author of The Visual Agile Coach Playbook. Known for translating complex change and transformation initiatives into measurable business value, heโs experienced in Banking, Asset Management, and Fintech.
Want to tune into the discussion instead? You can watch the full conversation with Ben here.
