Results on banking innovation study

Innovation Agency's 2010 Banking Innovation Study, which explores innovation in banking and reflects consumers' perceptions of what makes a bank innovative, has released its results on the perception people have of banks in South Africa.

Women are most likely to rate banks for being innovative because of their marketing. This may be because they are more likely to respond to the perception around a bank, coupled with brand appeal, rather than what is actually being offered. This may also indicate that women associate feelings with brands more so than their male counterparts when deciding whether they like something or not.

Women are also more likely to switch banks than their male counterparts, despite similar ratios and reasons for switching banks. This suggests that men would much rather complain and make a noise about their dissatisfaction rather than actually switching. Women, on the other hand, will quietly switch banks while being far less vocal.

The study was conducted on men and women aged predominantly between 25 and 50 and falling into an income bracket exceeding R150 000 per annum.

The company offers advisory work and the mobilisation of innovation campaigns, underpinned by a customised technology platform. It employs a new paradigm called social based innovation to pave the way to a more networked and integrated means of managing innovation.

For more information, go to www.innovationagency.com