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Bringing Innovation Hubs to Banking and Finance
Mention the words “banks” or “financial institutions,” and what might come to mind are huge buildings, marble floors and a lot of wood paneling. What also might come to mind is “traditional.”
A recent JLL report noted that financial organizations are moving away from that model and focusing more on “innovation hubs” to remain competitive. What, exactly, are innovation hubs? “A centralization of talent and resources that features top-tier physical design and cutting-edge technology,” JLL said.
The report indicated that the impetus behind this move to innovation hubs includes the following:
- Generative artificial intelligence and digitalization
- Labor market “churn,” as populations and workers relocate
- The need to both attract new talent and upskill the current workforce
With the above in mind, the report offered the following suggestions for creating and sustaining innovation hubs:
#1 – Focus on Portfolio and Location
The report suggested that financial firms and banks “conduct a comprehensive review of the portfolio to identify opportunities for establishing or investing in existing innovation hubs in strategic locations . . .” These locations should involve access to talent and collaboration opportunities. JLL also pointed out that optimizing existing locations, maximizing office utilization and cultivating innovation-centric spaces could “position the company at the forefront of the financial services sector.”
#2 – Focus on Design and Employee Experience
The report stressed the importance of a “holistic strategy that leverages technology and data analysis to gain insights into different employee personas and workstyles.” This information helps support occupancy planning and design elements geared to boost employee experiences. Such a human-centered approach “will help create a workplace that enhances collaboration, productivity and employee satisfaction,” the report said.
#3 – Focus on a Sustainable Future
Portfolio strategies should also encompass sustainability. The report pointed out that this move means “integrating sustainable technologies, addressing supply imbalances, partnering with landlords and fulfilling regulatory obligations.” The result is both ongoing resiliency and a better environmental impact.
#4 – Focus on the Right Technology and AI Solutions
The report noted that financial institutions and banks shouldn’t fight technology. Instead, these firms should leverage it to help drive success, especially with real estate programs. “Prioritize the shift to ‘intuitive’ buildings, shaping a clear technology strategy to address business objectives,” the report added.
- ◦People
- ◦Recruitment
