Lead Innovative Thinking and Practice in Banking Sector - NAB Case Study

The report aims to implement innovation in the banking sectors of the Australia. The bank selected for the implementation process is depicted with NAB. The main technology implementation will be considered with using an oracle-based software which will aim at registering of the debit cards in the mobile allow for contactless transferring of money. Some of the main discussion of the study has been shown with Leadership factors influencing innovation, Personal experience till date, Leadership factors influencing culture and practice of innovative thinking and drawing the effective relationship with the leadership style and innovation.

Running head: LEAD INNOVATIVE THINKING AND PRACTICE
Lead Innovative Thinking and Practice
Name of Student:
Name of University:
Author’s Note:

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LEAD INNOVATIVE THINKING AND PRACTICE
Table of Contents
Introduction......................................................................................................................................8
Activity 1:........................................................................................................................................8
Creativity and innovation:...............................................................................................................8
Leadership factors influencing innovation:.................................................................................8
Personal experience till date:.......................................................................................................9
Leadership factors influencing culture and practice of innovative thinking:..............................9
Reflections:..................................................................................................................................9
Relationship between leadership style and innovation:...............................................................9
Activity 2:......................................................................................................................................10
Leading innovative environment:..................................................................................................10
Understanding of culture of organization:.................................................................................10
Factors influencing culture of organization:..............................................................................10
Style of culture in organization:................................................................................................10
Description of management style, power and values of organization:......................................11
Creation of innovative environment using system of management:.........................................11
Improvement in current organizational culture:........................................................................11
Fostering innovation in enterprise:............................................................................................11
Characteristics of organization:.................................................................................................11
Activity 3:......................................................................................................................................12
Creating an innovative culture:......................................................................................................12
Activity 4:......................................................................................................................................14
Maintaining an innovative environment:.......................................................................................14
Opportunities for implementation of project:............................................................................14
Rationale for promoting innovative idea in organization:.........................................................14
Nature of problem at workplace:...............................................................................................14
Leadership methods for problem solving activities:..................................................................14
Opportunity identification for introducing innovative response at workplace:.........................14
Key interest of stakeholders in the focus of problems:..............................................................14
Strategy development in creating problem solving exercise:....................................................15
Determination and identification of strategy of risk aversion:..................................................15
Steps in the particular technique application in the problem solving activity:..........................15
Issue identification and working environment problem presentation:......................................15

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LEAD INNOVATIVE THINKING AND PRACTICE
Addressing of issue using driver’s identification:.....................................................................15
Supporting the problems by enabling identification:.................................................................16
Steps in the actioning and documentation of range of solutions offered by group:..................16
Activity 1: Developing Innovative Environments.........................................................................16
1. Drawing the research conducted through the topic...............................................................16
a. Opportunities existing for the implementation of the innovative project..............................16
b. Rationale used to promote the ideas within the organization................................................16
c. The methodology...................................................................................................................17
2. Referring to range of reading for supporting the ideas..........................................................17
3. Preparing to present the findings to work with team, colleagues, mentor, study group or
community of practice...............................................................................................................17
a. Data shown with the verbal presentation...............................................................................17
b. Workshop...............................................................................................................................17
c. Flow chart on posters.............................................................................................................17
Activity 2: Leading Innovative Environment................................................................................18
1. Identification of the opportunity to introduce innovative response to a problem..................18
a. The nature of the problem......................................................................................................18
b. Stakeholders with a key interest in the focus of the problem................................................18
c. Organisational structures and cultural factors........................................................................18
2. Consider your leadership style and the methods.......................................................................18
3. Developing a strategy to lead your team in a creative problem-solving exercise.....................18
4. Include an activity to identify risk.............................................................................................18
a. Key steps in the technique for problem solving.....................................................................18
b. Identification of the issue and the problem............................................................................19
c. Identification of the drivers for addressing the issue.............................................................19
d. Identification of the enablers that exist to support addressing the problem..........................19
e. Steps in the documentation and actioning of the range of solutions offered by the group....19
5. Debriefing the process of the team............................................................................................19
Activity 3: Creating a culture of innovation..................................................................................20
1.Designing the activities as per the attached checklist.................................................................20
a. Strategies required for addressing of the cultural barriers to the generation, promotion and
support of innovative practices..................................................................................................20
b. Identification of gap in systems and processes needed to support innovation......................20
c. Required strategies for engaging the key stakeholders in the organization...........................20

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LEAD INNOVATIVE THINKING AND PRACTICE
d. Resource requirement for rolling out the emerging innovative practices or innovative ideas
...................................................................................................................................................20
2. Developing the strategy for engaging with the plan from the from the key people..............21
3. Getting feedback from the main stakeholders and strategy for engagement.........................21
Activity 4: Maintaining an Innovative Environment.....................................................................26
2. Steps that are necessary to address these gaps in preparation for your final assessment..........27
Assessment Task 1: Innovation drivers and implications..............................................................27
1. Identification of organization to consider the drivers along with the implications...............27
2. Research and trend analysis and shaping the current and future thinking and practice........27
a. Current and past theories and thinking of the creativity and innovation...........................27
b. Global and local drivers of innovation both internal and external....................................27
c. The organization’s mission, current strategies and objectives...........................................27
d. Specific conditions needed for innovation........................................................................28
e. Issues impacting on the individual and collective innovative thinking.............................28
3. Evaluating the overall context for the individual and collective innovative thinking...............28
a. Potential barriers and risks to the innovation.........................................................................28
b. The Impact of the legislative framework relating to the copyright.......................................28
c. Current innovative performance and opportunities required for developing strategies to
improve the innovation..............................................................................................................28
4. Reflecting on the leadership role which may be used to improve the innovation in the target
organization...................................................................................................................................28
a. Leadership skills and leadership style and impact on fostering innovation...........................28
b. Opportunities used for enhancing the personal effectiveness and promoting the culture of
the ongoing learning and development......................................................................................29
c. Strategies required for the modelling of the innovative thinking and practice......................29
Providing Training and inculcating Financial Involvement......................................................29
5. Identification of the of the number of options for improving the innovation in the target
organisation....................................................................................................................................29
a. Strategies for responding to identified organizational barriers and risks..............................29
b. Application of the management techniques required for the encouragement of the creative
thinking......................................................................................................................................29
c. Theories, processes and the practices for transformation of the organization.......................29
d. Strategies for managing the state of the changes...................................................................29
6. Compiling the analysis, evaluations, reflections and proposed options in the paper................29
Assessment Task 2: Lead and sustain innovation thinking and practice.......................................30

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1. Planning of the introduction of the innovative thinking and practices in the target
organization...............................................................................................................................30
a. Identification and accessing the adequate resources for the innovation................................30
b. Establishing the organizational mechanisms, processes and the systems for supporting the
innovation aspect.......................................................................................................................30
c. Initiating and fostering the communication, consultation and engagement with the main
stakeholders...............................................................................................................................30
2. Supporting the introduction of the new practices......................................................................30
a. Using the approach for the team development and building the support and the skills
innovation..................................................................................................................................30
b. Using the range of the techniques to generate new ideas......................................................30
c. Devising and implementing the mechanisms for promoting the knowledge transfer...........30
d. Establishing the new ways for capturing, communicating and sharing of the innovative
ideas and the practices...............................................................................................................31
e. Promoting of the innovative practices, processes and products or services..........................31
3. Leading the innovative practices as per the target organisation................................................31
a. Introducing and promoting of the creative thinking techniques............................................31
b. Fostering of the workplace culture which encourages innovation........................................31
c. Developing and using the processes for monitoring of the individual performance which is
related to the collective contribution of the innovative thinking and practice..........................31
4. Sustaining of the innovative thinking and practice in the target organization..........................31
a. Managing the risk associated with innovation.......................................................................31
b. Application of the change management strategies for overcoming the organizational barriers
...................................................................................................................................................31
Conclusion.....................................................................................................................................32
References list:...............................................................................................................................34

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LEAD INNOVATIVE THINKING AND PRACTICE
Introduction
The report aims to implement innovation in the banking sectors of the Australia. The
bank selected for the implementation process is depicted with NAB. The main technology
implementation will be considered with using an oracle-based software which will aim at
registering of the debit cards in the mobile allow for contactless transferring of money. Some of
the main discussion of the study has been shown with Leadership factors influencing innovation,
Personal experience till date, Leadership factors influencing culture and practice of innovative
thinking and drawing the effective relationship with the leadership style and innovation. Some of
the other discussions of the study is implemented with the application of the leadership styles
which will influence the overall technology in the banking sector. Some of the various types of
the other discussions of the study will incorporate the assessment tasks showing factors driving
Innovation in the selected bank along with the implications and incorporate Lead and sustain
innovation thinking and practice.

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LEAD INNOVATIVE THINKING AND PRACTICE
Activity 1:
Creativity and innovation:
Leadership factors influencing innovation:
Implementation of innovation in banks by creating a mobile payment service in NAB.
The main technology will be used for registering of the debit cards in the mobile will allow for
contactless transferring of money. The innovation factor will be determined by the performance
of teams and how the team perform is dependent upon the leadership characteristics in a period
of 6 months.
Personal experience till date:
I have learned that in an organization, it is required on part of employees to stimulate
their willingness for undertaking creative efforts.
Leadership factors influencing culture and practice of innovative thinking:
Innovation in organization is underpinned by motivation at organizational level,
management practices and innovation.
Reflections:
I have gained experience that team norms should be established for creation of innovation
within the organization. There is a combination of different leadership style that is adopted by
leaders for producing creative ideas and product and services (İşcan et al. 2014).
Relationship between leadership style and innovation:
Characteristics of leadership encouraging innovation:

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Innovative leaders are required to create the idea behind innovation that envisions path
converting such idea into reality.
Weakness and strength of leadership styles:
The main strength of adopting different style of leadership is that they are representative
of distinctive lines of comprehensive and thoughts at the same time. In addition to this, it also
helps in creating a stringent and systematic framework.
There exists different demand on leadership using different styles as the difference is
attributable to their opinion in the process of decision making.
Feedback about manager or mentor in the work environment:
The feedback that can be provided is that the link between different style of leadership
and different innovation stages varies.
Identification of professional development:
The professional development concerning employees at different levels receives
assistance from leadership styles.
Activity 2:
Leading innovative environment:
Understanding of culture of organization:
In enhancing the creativity in banking services, leadership plays a crucial role by driving
and launching innovation projects. There have been several types of the previous initiatives in

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the past which shows how ATM machine identified faces of the customers. The present
technology implementation is seen to be depicted with the application of the contactless mobile
payment service.
Factors influencing culture of organization:
In a culture of implementation of innovative ideas within organization, there is required
to have sufficient management of innovation.
Style of culture in organization:
The collective ideas, beliefs and organizational member principles are represented by
collective principles. In current situation, organization has hierarchy style of culture.
Description of management style, power and values of organization:
The management style of organization is authoritarian where managers are possibly low
on agreeableness and high in conscientiousness.
Creation of innovative environment using system of management:
Innovation management and leadership have several aspects by focusing exclusively style
of leadership relating to innovation (Renko et al. 2015). In several innovation projects, it has
been found that participative and directive leaders play a considerable role.
Improvement in current organizational culture:
The current structure of organization can be improved by enabling leaders to adopt
leadership style that is participative.
Fostering innovation in enterprise:
Leader influence on organization’s innovative capability:

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LEAD INNOVATIVE THINKING AND PRACTICE
The innovative capability of organization is influenced by the style of leadership and it is
indicated by research that for establishment of clear rules, directive leadership styles is relevant
(Anderson et al. 2014).
Citing example from good practice:
The innovations of firms receive are seen with considerable amount of contribution from
interactive style of leadership. However, some kind of guidance is involved such as coaching for
innovating.
Characteristics of organization:
Factors generating, supporting and promoting innovation:
The most important factors for supporting innovation are style of leadership in
organization (Lofquist and Matthiesen 2017). In addition to this, organizational culture and
management style also plays a considerable role.
Involvement of key stakeholders in implementation of innovative culture within
organization:
Some of the key stakeholders that are to be involved in innovative projects include
employees, senior management executives, third parties such as agencies and government and
valuable customers of NAB.
Tools, strategies and techniques for engagement, consultation and communication within
organizational environment:

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LEAD INNOVATIVE THINKING AND PRACTICE
Organization needs to employ adequate tools of communication for enhancing flow of
activities. Moreover, for consultation and engagement on larger scale, employees and managers
should be trained.
Activity 3:
Creating an innovative culture:
Meaning of business model:
Business model is the structure that incorporates the goals, purpose and ongoing plans of
organization for supporting the viability of business.
Link between organization and business model:
The model business determines the way organization is structured and what sort of
culture is followed. Business model and performance of organization are related positively.
Description of business model of organization:
The business model is the description about how NAB will operate by framing the source
of efficiency, effectiveness and agility.
Difference between business model of organization and that of peers:
The business model of peer is based on structure that is used for designing new products
while that of concerned organization is about operation of activities.
Leadership style necessary for fostering and maintaining innovative working environment:

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LEAD INNOVATIVE THINKING AND PRACTICE
Some of the leadership styles are listed below:
Participative and directive leadership
Shared leadership
Instrumental leadership and strategic leadership
Distributive leadership:
Identification of directions, initiatives and programs in organization:
Organizations are required to take initiative actions on part of initiating innovative
projects. In addition to this, they are required to implement the activities that helps in guiding the
innovative projects.
Activity 4:
Maintaining an innovative environment:
Opportunities for implementation of project:
Implementation of innovative projects within the organizational context is driven by the
ideas and creative thinking of leaders and managers.
Rationale for promoting innovative idea in organization:
In order to promote innovative idea within the environment of team, members should be
provided with a reason and importance of innovation should be continually stressed.

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LEAD INNOVATIVE THINKING AND PRACTICE
Nature of problem at workplace:
The nature of problem might be associated with resistance on part of employees or
unwillingness on their part to work or carry out innovative projects.
Leadership methods for problem solving activities:
The authoritarian and charismatic style of leadership at organizational level should be
implemented for solving problem at workplace.
Opportunity identification for introducing innovative response at workplace:
Identification of opportunity at workplace can be done by assessing employees and by
finding out their willingness to work on innovative projects.
Key interest of stakeholders in the focus of problems:
Stakeholders have considerable interest in solving the problems as they are directly
related and performance of NAB has a direct influence on them.
Strategy development in creating problem solving exercise:
Development of strategy is associated with solving the problem in an efficient manner
which is related to time, direction and materials.
Determination and identification of strategy of risk aversion:
The risk decision and strategy should be integrated effectively along with development of
risk management experience and skills in employees.
Steps in the particular technique application in the problem solving activity:
Steps are mentioned in points below:
 Identification of problems

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 Identification of root causes of problems
 Methods for curtailing it
 Development of appropriate strategies
Issue identification and working environment problem presentation:
Identification of issue is done by implementation of appropriate tools and techniques as it
has considerable impact on working environment.
Addressing of issue using driver’s identification:
Some of the drivers include human resource management which is responsible for
ensuring that employees remain productive. There should be accurate time tracking and easy data
access (Donate and de Pablo 2015).
Supporting the problems by enabling identification:
Problems at workplace are supported by identifying the facts and causes that has led to
occurrence of such issue. It is the responsibility of leaders and managers to ensure that problems
are addressed using appropriate employment of tools and techniques.
Steps in the actioning and documentation of range of solutions offered by group:
 Identifying wide range of alternative solutions to the issue faced at workplace
 Development of appropriate strategies to deal with employment of the identified
solutions.
 Arranging for the management level personas responsible for solving such issue.
 Providing employees with a feedback form for seeking some useful information
regarding strategy implementation.

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LEAD INNOVATIVE THINKING AND PRACTICE
Activity 1: Developing Innovative Environments
1. Drawing the research conducted through the topic
a. Opportunities existing for the implementation of the innovative project
The main opportunity is seen with the implementation of a new contactless application
for mobile banking of NAB. The exiting enablers are seen with other banks such issuing
contactless cards. These are identified with the contact less payment options offered by the banks
such as CBA, Westpac and ANZ. The exiting drivers are depicted in terms of the devices such as
debit cards- “payWave or PayPass”, smartphone- “Samsung Pay (Samsung only)”, “Google Pay
(Android only)”, “Tap and Pay (Android only)” and “PayTag (all phones)”. In terms of the
wearables the devices are seen with “FitBit Pay”, “Garmin Pay” and “Westpac PayWear”.
b. Rationale used to promote the ideas within the organization
Non-use of carrying any debit or credit card.
c. The methodology
The main methodology will include developing a mobile application and connect the
same with Oracle platform.
2. Referring to range of reading for supporting the ideas
The main range of reading will consist of contactless technology and RFID.
3. Preparing to present the findings to work with team, colleagues, mentor, study group or
community of practice
The main assistance for the completion of the project will be taken from mentors and
study group. This will have done via conducting PowerPoint presentations.

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LEAD INNOVATIVE THINKING AND PRACTICE
a. Data shown with the verbal presentation
The will relate to the various types of the benefits in using contactless technology for
banking sector. The various types of the verbal depictions will be based on the use of PowerPoint
presentations.
b. Workshop
The workshop will be held for 6 months.
c. Flow chart on posters
The flow chart will include the overall process for the implementation of the new
contactless technology.
Process for Monitoring
Implementation of the technology
Collection of the information
Blueprint Design
Formulation of the Idea

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Activity 2: Leading Innovative Environment
1. Identification of the opportunity to introduce innovative response to a problem
a. The nature of the problem
The main problem is seen with delay in transactions in NAB. This is mainly due to the
increase demand of the cash disbursement at branch level during peak hours.
b. Stakeholders with a key interest in the focus of the problem
The main stakeholder’s involvement will be depicted with managers, customers, software
engineers and employees.
c. Organisational structures and cultural factors
The main cultural factors will be determined with most number of customers relying on
mobile technology.
2. Consider your leadership style and the methods
The leadership style will be depicted with transformational leadership. The stages in the
leadership will include Leading by considering the previous examples, Motivate by Inspiring,
Challenging the intellect and Providing help to the employees in the implementation process.
3. Developing a strategy to lead your team in a creative problem-solving exercise
The strategy to lead the team to create a new application for mobile application within 6
months.

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4. Include an activity to identify risk
a. Key steps in the technique for problem solving
Identify the issues, understand everyone's interests, Listing the possible solutions, evaluating the
options and select an option. This will be done via mind maps.
b. Identification of the issue and the problem
The main risk will include
 Financial Risks such as initial investment managed by the CFO
 HR Risks considered with the appropriate selection of the personnel by the HR manager
 External factors in terms of the present global financial situation
c. Identification of the drivers for addressing the issue
The main driver for identification of the issue will include the various types of the factors
related to the cost and time.
d. Identification of the enablers that exist to support addressing the problem
RFID technology is depicted as the main enabler in addressing the present problem.
e. Steps in the documentation and actioning of the range of solutions offered by the group
 Risk identification will be performed with a SWOT analysis
 Risk Assessment
 Risk Control
 Documentation of the process by conducting weekly reports, generating reports,
collecting feedback and inducting surveys
 Monitoring and Review

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5. Debriefing the process of the team
Agree on contingencies, monitoring, and evaluation. This will be done by conducting
seminars on the innovation plan in every week.
Activity 3: Creating a culture of innovation
1.Designing the activities as per the attached checklist
a. Strategies required for addressing of the cultural barriers to the generation, promotion
and support of innovative practices
The main form of the strategies needs to be based on the increasing the rigidity of
hierarchical organization, addressing the widening gap in the technology and increasing out of
touch culture. This will be done by conducting survey and preparation of a relevant questionnaire
(Nastanski and Management 2014).
b. Identification of gap in systems and processes needed to support innovation
The identification of the main gap needs to be identified in terms of the challenges
pertaining to the new technology. The bank will also consider performing a Training need
analysis and conduct a questionnaire among the stakeholders to answer the relevant problem.
c. Required strategies for engaging the key stakeholders in the organization
The following strategies will be implemented:
 Active involvement of the stakeholders

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LEAD INNOVATIVE THINKING AND PRACTICE
 Communication via emails
 Ensuring that the strategy is implemented according to the plan. This will be ensured by
comparing the archived objectives with the milestone report. (Management and
Hülsemann 2015)
d. Resource requirement for rolling out the emerging innovative practices or innovative
ideas
 Identification of the HR needs
 Equipment’s and Technogy such as RFID
 Financial Resources
 Time Required (Management and Hülsemann 2015)
2. Developing the strategy for engaging with the plan from the from the key people
Successful and sustainable innovation requiring high level of the energy and
commitment. Defining the clear roles and responsibilities for driving the innovation agenda. The
timeliness aspect will be maintained along with following transformational style of leadership.
3. Getting feedback from the main stakeholders and strategy for engagement
Focus and stakeholders
Drivers for the change Internal
These needs to be related to the activities
in the organization such as HR policies
and corporate policies

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LEAD INNOVATIVE THINKING AND PRACTICE
Focus and stakeholders
External
The changes in terms of the external
environment is seen in terms of the
corporate tax rate
Local, National or Global
The different types of the monetary and
fiscal policies taken by the government
Government Policy and Regulation
The government regulations are also
affecting the decisions
Market feedback identifying a demand
for the change
Technology changes and convergence
The changes in the technology in terms of
the new innovations
New markets
The new entrants are also a considerable
threat to the bank
Current conditions which would
support or hinder the change
Knowledge management
The knowledge management ad per the

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LEAD INNOVATIVE THINKING AND PRACTICE
Focus and stakeholders
formulation of the new strategies
Organisational culture and values
Such cultures which is shared by the
management and influences the people
Resources (physical and human)
Setting of the HR policies
Staff capability, competency, and skill
sets
Setting of the competency among the
staff with benchmarks
Executive support
24x7 support provided by the executives
Labour market and industry changes
and restructures
The regulations of the labour laws in the
bank
New business models

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LEAD INNOVATIVE THINKING AND PRACTICE
Focus and stakeholders
Introducing models such as red ocean and
blue ocean strategy(Project Management
Institute 2014)
Risk management strategies Training plans
This will be able to improve capability to
meet outcomes of innovative changes
Resource implications
Analysing the present resource
availability
Continuous monitoring of the resources
Adequacy of systems and processes to
enable changes including
Following a robust system
Human resources
Maintaining a secured HRMS system
Information technology
Continuous monitoring of the IT facilities

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LEAD INNOVATIVE THINKING AND PRACTICE
Focus and stakeholders
Planning (strategic and corporate)
Implementing effective management
policies
Methodology to get engagement across
the organisation
Nomination of an executive champion
Nominating an individual with an
experience of 5 years
Linking Systems
Linking the strategies with current
systems and processes
Phases of implementation with
outcomes or risks of each phase
 Initiation Phase
 Planning Phase
 Implementation (Execution) Phase
 Closing Phase
Consideration of the financial risks
Consideration of the increasing costs
Tools and techniques

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LEAD INNOVATIVE THINKING AND PRACTICE
Focus and stakeholders
This should be based on supporting
consultation and rollout of change across
NAB
Resource requirements
Sourcing of the raw materials at
minimum price
Any budget considerations
Considering a minimum increase of 40%
profit
Strategic alliances or partnerships Industry
Presently operating industry
Peers or colleagues
Strategic alliance formed with the
experienced employees
Communication strategy Networks
Star Network
Communities of practice

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LEAD INNOVATIVE THINKING AND PRACTICE
Focus and stakeholders
Financial experts and enthusiast
Social media
Facebook, Instagram and Twitter(Terrain
Natural Resource Management 2016)
Activity 4: Maintaining an Innovative Environment
Table showing the gap in the organisation in the following areas
Current strategies to embed innovation in
organisation’s systems
Spending more time in managing the people
Current strategies to support a learning culture Facilitating internal and external training
Current enablers and barriers to innovative
thinking and practice in your organisation. This is
seen with the action of the CEO
Taking information from the internal and external
outcomes
Current workforce development strategies Improving the training facilities. This will be done
by conducting meeting, seminars and mailing the
receipts

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2. Steps that are necessary to address these gaps in preparation for your final assessment
Assessment Task 1: Innovation drivers and implications
1. Identification of organization to consider the drivers along with the implications
Encourage employee development and learning and providing a clear vision and goals for the
future.
2. Research and trend analysis and shaping the current and future thinking and practice
a. Current and past theories and thinking of the creativity and innovation
Feedback analysis, calculating the gaps, future assumptions.
b. Global and local drivers of innovation both internal and external
Internal drivers - Impact the success and approach of operations
External Driver- Strategic goals and objectives (Chen et al. 2014).
c. The organization’s mission, current strategies and objectives
Mission Statement- Differentiating itself in terms of the banking services by understanding the
needs of the clients, communities and employees
Vision Statement- To be a leader in Australian banking services
Objective- Complying with the present innovation strategies
d. Specific conditions needed for innovation

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LEAD INNOVATIVE THINKING AND PRACTICE
This is depicted in terms of the adhering to the legal requirements such as stated in the
“Amendment to Statutory Trust Accounts - Terms and Conditions”.
e. Issues impacting on the individual and collective innovative thinking
Poor Communication, Lack of vision and risk. In case the actions plans are not able to
flow at all the hierarchies of the organization then there may be significant level of the problems
in the final implementation plan. In case the blueprint is no clear in the initial stages then there
may be several problems experienced in the final implementation plan.
3. Evaluating the overall context for the individual and collective innovative thinking
a. Potential barriers and risks to the innovation
Unconcreted innovative thinking. There may be significant nature of the barriers in terms
of the allocation of the resources and managing the human resources for creating a robust and
secure payment gateway.
b. The Impact of the legislative framework relating to the copyright
Preventing any instance of misuse of information
c. Current innovative performance and opportunities required for developing strategies to
improve the innovation
The present innovative performance is seen to be lacking significantly in terms of the
communication. The opportunities are seen with the scope of the future innovation activities. For
example, actions plan may not be properly communicated among all the hierarchies at the
workplace (Ruiz and Management 2016).

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4. Reflecting on the leadership role which may be used to improve the innovation in the
target organization
a. Leadership skills and leadership style and impact on fostering innovation
Following transformational leadership. The stages involved in the leadership process are
stated as follows:
 Leading by considering the previous examples
 Motivate by Inspiring
 Challenging the intellect
 Providing help to the employees in the implementation process
b. Opportunities used for enhancing the personal effectiveness and promoting the culture
of the ongoing learning and development
Facilitated with the training needs. This will be based on the significant nature of
appointment of industry experienced personnel’s who will take the responsibility of mentoring
the existing employees.

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c. Strategies required for the modelling of the innovative thinking and practice
The innovative thinking and practice functions will be established with developing
personal leadership style for modelling the positive innovative thinking and practice. It will
further include reviewing of the practice and determine the requirements promoting a sustainable
innovative activity for the optional context and involvement of the people (Training.gov.au.
2018).
5. Identification of the of the number of options for improving the innovation in the target
organisation
a. Strategies for responding to identified organizational barriers and risks
Team coordination and following an effective mail system for the communication. The
specific strategy associated to this would be based on incorporating a cyber security team which
will deal with the problems related to theft of privacy.
b. Application of the management techniques required for the encouragement of the
creative thinking
Implementation of the motivational theories such as Theory X. For instance, in case
employees are not putting their best effort in the implementation of the innovation process then
the punishment for this will be considered in the appraisal process of that employee. On the
contrary, a good performing employee shall be rewarded with higher incentives.

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c. Theories, processes and the practices for transformation of the organization
Application of the transformational leadership theories. This will allow the mangers to
identify the change and bring about the innovation process by encompassing factors such as
enhancing the motivation, morale and job performance with introducing variety of mechanisms.
d. Strategies for managing the state of the changes
Goal: Introducing a new contactless card
Results/Accomplishments:
Action Steps Responsibilities Timeline Resources Potential
Barriers
Communications
Plan
Step 1:
Formulation of
the Idea
CEO 1 Week Human
Resources
and
Financial
needs
Cost
Limitations
Managers and
CEO
Step 2:
Blueprint Design
CEO Week 2 Human
Resources
Time Managers and
CEO

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LEAD INNOVATIVE THINKING AND PRACTICE
Step 3:
Collection of the
information
Employees Week 3
&4
Contacts
with the
software
solutions
Time Managers
Step 4:
Implementation
of the
technology
Managers and
CEO
Week 3
&4
Patents and
software
rights
Cost CEO and
Managers
6. Compiling the analysis, evaluations, reflections and proposed options in the paper
The previous papers has been conducive in terms of defining the change management
policies, learn from High School Science Class and following of bottom line numbers(Group
2014).

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LEAD INNOVATIVE THINKING AND PRACTICE
Assessment Task 2: Lead and sustain innovation thinking and practice
1. Planning of the introduction of the innovative thinking and practices in the target
organization
Stage 1- Formulation of the Idea
Stage 2- Blueprint Design
Stage 3- Collection of the information
Stage 4- Implementation of the technology
Stage 5- Process for Monitoring
a. Identification and accessing the adequate resources for the innovation
The identification and accessing the resources is seen with the requirement of Human
Resources. The overall time requirement for the implementation of the innovation aspect is
depicted with 6 weeks as shown in the milestone report.
b. Establishing the organizational mechanisms, processes and the systems for supporting
the innovation aspect
Application of the SMART objectives. The planning strategy has been seen shown as
follows:
Specific- The specific objective is seen with the implementation of the contactless card system in
NAB
Measurable- The gains in terms of the process charges will be most evident in nature

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LEAD INNOVATIVE THINKING AND PRACTICE
Achievable- The achievable aspect of the project will be decided on the number of people
willing to switch to the contactless payment option.
Relevant- The relevancy of the plan is seen with the implementation in the banking industry
Time-bound- The total time is depicted to be limited to 6 weeks.
c. Initiating and fostering the communication, consultation and engagement with the main
stakeholders
The different types of the ways to initiate and foster the communication, consultation and
engagement is seen with conduction of meetings, maintaining the ethics, conducting seminar and
presentations.
2. Supporting the introduction of the new practices
a. Using the approach for the team development and building the support and the skills
innovation
The team building approach will be ensured with project planning, introducing a reward
system and communicating the benefits.
b. Using the range of the techniques to generate new ideas
The range of techniques to generate new ideas includes:
 Identification and Reward creativity
 Mind Mapping
 The Checklist
 Six Thinking Hats

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LEAD INNOVATIVE THINKING AND PRACTICE
 Lateral Thinking
 Change Perspective
c. Devising and implementing the mechanisms for promoting the knowledge transfer
Implementing the main mechanisms for the appropriate transfer of knowledge. These
techniques will be implemented based on mentoring and coaching.
d. Establishing the new ways for capturing, communicating and sharing of the innovative
ideas and the practices
The main medium for the establishing and capturing the communication process for the
innovative ideas will be based on social media platforms such as Facebook, Twitter and
Instagram.
e. Promoting of the innovative practices, processes and products or services
The promotion strategies will be considered with the internal and external stakeholders.
The internal stakeholders of the company will be identified with the employees, staffs and the
managers. The different types of the external stakeholders of the company will be seen with the
customers and the companies which will provide the patents and software solutions for the
contactless card.
3. Leading the innovative practices as per the target organisation
a. Introducing and promoting of the creative thinking techniques
Brainstorming, actively solicit ideas, Train staff and be supportive. This is also
considered with including the techniques such as mind maps.

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LEAD INNOVATIVE THINKING AND PRACTICE
b. Fostering of the workplace culture which encourages innovation
Enhancing the overall communication process. The corporate policies pertaining to the
implementation of the innovative technology should be clear in terms of formally establishing
the multiple commutation channels across the business. The innovation efforts will be cross
referenced with the marketing efforts of the organization. In addition to this, both the external
and internal communications will include the public relations communications and reflect both
the innovative minded orientation thereby highlighting the milestone achievements. The
effective communication strategy will lead to collaboration among the innovative teams. This is
seen to lead to various types of the optimal performance outcomes for new product development
of the contactless card (Idea to Value. 2016).
c. Developing and using the processes for monitoring of the individual performance
This development process would be brought into account with defining the individual job
roles and action plans.
4. Sustaining of the innovative thinking and practice in the target organization
Stressing on the importance of the creativity aspect which is relevant with the innovation
plan. Innovation aspect will be implemented with assisting the financial services considered in
terms of the implementation of the new technologies and staying committed to the same (The
Financial Brand, 2018).
a. Managing the risk associated with innovation
The main risk concerning the implementation of the contactless card is depicted with the
risk of identity theft. The risk of digital pickpocketing will be managed by NAB by maintaining

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LEAD INNOVATIVE THINKING AND PRACTICE
a dedicated server and firewall support for ensuring seamless transaction with contactless
payments (The Independent 2017).
b. Application of the change management strategies for overcoming the organizational
barriers
Simplification of the process with a milestone report.
The milestone report is shown below as follows:
Sequence of the
activities
Week 1 Week 2 Week 3 &4 Week 5 & 6
Formulation of
the Idea

Blueprint Design 
Collection of the
information
 
Implementation
of the technology

Process for
Monitoring


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Conclusion
The findings will be seen with the focusing exclusively style of leadership relating to
innovation in banking sector. It has been further seen that the Some of the key stakeholders that
are to be involved in innovative projects will include employees, senior management executives,
third parties such as agencies and government and valuable customers of NAB. Business model
is the structure that incorporates the goals, purpose and ongoing plans of organization for
supporting the viability of business. The main required strategies for engaging the key
stakeholders in the organization is depicted with active involvement of the stakeholders and
ensuring that the strategy is implemented according to the plan. The internal factors are
considered with the activities in the banks. The changes in terms of the external environment is
seen in terms of the corporate tax rate. The various types of the HR policies are seen with Setting
of the HR policies. The innovative initiatives for the implementation of the contact less card will
be implemented with the use of Oracle software.

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