Managing Innovation in Business: HSBC's Innovation History and Future Strategies

Managing Innovation in
Business

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
The Organization introduction and its Innovation History..........................................................1
The Organizations existing Innovation Performance and Capabilities.......................................2
The Industry in 2022....................................................................................................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Innovation management is the procedure of managing and implementing innovations in the
business for making the business more productive and profitable. Innovation management in
business also helps in the business growth of the organization and increase the competitive
advantage in the market (Bilovodska, and et.al, 2021).it involves all the actions, activities and
decisions required for implementing the innovation strategy in the business.in this report we will
study about the innovation history of HSBC and the organizations existing innovation
performance and capabilities. This report will also highlight on the future innovations of the
company and what will be the future innovation requirements of the company.
MAIN BODY
The Organization introduction and its Innovation History
Managing innovation is very important in running the business as it helps in increasing the
growth and productivity of the organization. Managing the innovation means the process of
managing innovative ideas for running the business.in this competitive environment everyone
have some qualities and benefits within them, so as to earn growth and productivity
comparatively with the competitors innovation is very necessary. Here we will discuss the
innovation audit of one of the largest bank in UK which is HSBC. HSBC is a multinational
universal bank and its headquarter is in London, England, UK .the bank provide financial
services worldwide and deal with products like asset management, banking, trading, credit cards,
insurance, securities, mutual funds and many more.HSBC has its offices in 64 countries and
have serving its services to 40 million countries internationally. In 2020 it was world’s sixth
largest bank in terms of total assets value and market capitalization. HSBC is organized by three
business groups like commercial banking, global banking and markets and wealth and personal
banking.it is also world’s 40th largest public company according to the survey by Forbes
magazine (Belitski,and Godley, 2020). From using manual operational work to doing every
transaction digitally banking sector have been changes drastically. Innovation makes the banking
sector more productive and efficient. Innovation helps in changing the expectations of the
customers. Banking sector is upgrading in taking innovations in the process of their work for
becoming customer centric and for understanding the needs of customers. Similarly there are
many innovative steps taken by HSBC Bank. Innovation of ‘calculators and codes’ over pen and
ink is one of most successful innovation done by the banking sector. Earlier everything was done
1