Managing Innovation & Technology Transfer

Managing Innovation &
Technology Transfer

Executive summary
This report will describe how innovation is implemented by business in order to produce
different products and services. Also, it will describe about various services methods through
which innovation in services are maintained. Along with this, how banking sector can interact
with customers at a point and fulfil their expectations. It also shows the problems that are being
faced by banks in Malaysia. This report will describe about research methods that will be used
by bank to innovate service. Moreover, how quality of services can be maintained in order to
sustain in the market for long term is determined in this project. Also, various methods such as
4P's, six dimensional models, Six sigma, etc. of maintaining service quality is also described in
the report.

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
LITERATURE REVIEW ...............................................................................................................4
Research methodology.....................................................................................................................8
CONCLUSION .............................................................................................................................12
RECOMMENDATIONS..............................................................................................................13
REFERENCES..............................................................................................................................14
List of figures.................................................................................................................................16
List of table....................................................................................................................................17

INTRODUCTION
In present era, it is very important for companies to grow and sustain in the competitive
business environment. For this they have to make changes in process and methods by
implementing technology. But it is necessary for them to maintain innovation in organization so
that quality of services as well as products is not affected. Malaysia is a country where
innovation is leading to development of nation and companies as well. In this financial sector is
playing a vital role. It is a fast moving sector due to frequent changes in rules and regulations. It
is now regarded essentially as a strategy to assist the financial institution. The ever evolving
innovation trend in technology have contributed to most of the success achieved by financial
industry. It has allowed customers to interact with banks in real time and get solutions of their
problems.
It is very important for banking sector to analyse the changes in technology so that those
be implemented to provide better services to people. Innovation helps a business to grow and
develop. It provides a platform to develop products and improve quality of services so that it can
gain more competitive advantage in the market. Innovation leads to success. This brings in
creativity in process and methods and enhances efficiency of overall organisation. This is
because banks are finding it difficult in maintaining innovation. It has led to ineffective
communication and improper performing of operations. In recent times Malaysia is facing
advancement in technology. One of the advancement is innovation. It has allowed business to
expand in different markets. Also, organisation has able to develop products to increase sales
and gain more customer base. It has benefited business in enhancing product quality and helped
in providing high level of satisfaction to customers but on the other hand it has created a negative
impact on banking sector. Moreover, business as well as nation is also facing several issues
regarding innovation. The major effect of innovation is on banking sector (Soltis and Soltis,
2016). Therefore, in order to develop and sustain Maybank has to implement innovation. This
can be done in order to focus on sustaining in the market and providing a user friendly process.
The banking sector plays a vital role as it provides funds to business in innovating process. They
are major source of finance in Malaysia. But in recent times, innovation in technology has been a
major issue. It has impacted reputation of banking sector. One of Malaysia’s largest bank that is