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

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

1
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

2
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

3
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

4
LEAD INNOVATIVE THINKING AND PRACTICE
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

5
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.
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

6
LEAD INNOVATIVE THINKING AND PRACTICE
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:
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.

7
LEAD INNOVATIVE THINKING AND PRACTICE
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
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.