Exploring the elements of strategic innovation drivers in South African banks

Abstract

Understanding the key elements of the drivers of strategic innovation remains elusive. Limited research has been conducted on the drivers, namely strategy processes, people, culture, and resources, in a South African context. In this study, semi-structured interviews were conducted with innovation specialists of five participating banks to explore the key elements that constitute the drivers of strategic innovation in South African banks. The findings indicate that the elements of the drivers of strategic innovation, as outlined in the literature, were evident in the participating banks and that the exploration of these elements provides a good starting point for South African financial service companies to build innovation capacity.