In addition to these organisational best practices, there are also three important technology aspects that really help to drive innovation, explains Thunaiselvam Ramasamy of Juniper Networks:
1. "When driving digital innovation, certain technologies and the underlying protocols will change quite rapidly as you move forward. As a result it's really important to invest in an infrastructure in a way that's open that gives you the ability to integrate with any open source tools, any open platform that you have."
2. "Secondly, you should look at having programmability built into your platform, so that gives you the ability to integrate with multiple applications. This will put you in a better position to automate some of your more manual functions, which is important because that's the only way you'll be able to reduce your operation cost and increase your time to market."
3. "The third area is security, given that data and security vulnerabilities are now extending onto end user devices and partner domains thanks to federated applications. As a result, you need to look at investing in a technology solution that can offer security end-to-end."
Combining Best Practices to Drive Innovation
Thanks to our experts, we have heard that the best practices to implement cutting edge technologies in FSI involves a combination of strategic initiatives, a culture that supports innovation and complementary technology.
Whilst every organisations innovation journey will be different, whatever the nature of the product or service being developed, Juniper Networks has set out to support FSI organisations with a unique range of facilities called Juniper OpenLab.
OpenLab provides a platform that allows FSI organisations to rapidly test their new products and services, allowing them to speed up the development process, which helps reduce the number of iterations required, as well reducing time to market, risk and costs - all crucial factors identified by our experts when racing to implement the latest cutting edge technologies.
You can learn more about how OpenLab can help you here.
If you have not read it already, don't miss our earlier article about Asia's Most Innovative FSI Services, which covers the latest developments in blockchain, AI, branchless banking and more. You can also read the third article in this series here: Driving Innovation with Legacy Systems in FSI
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