BUILDING A FOUNDATION For Michael Nevski, innovation is becoming a cornerstone of overall strategy, where it ideates and initiates the projects and initiatives, collaborates and partners with the business across multiple functions.
Michael Nevski, Director, Global Insights, Visa
Innovation is becoming a cornerstone of overall strategy, where it ideates and initiates the projects and initiatives, collaborates and partners with the business across multiple functions. That’s the direction many Fortune 500 companies are going to take in the next year or two. 2024 is probably going to be a year where we see more innovation departments taking on a leadership role—in a sense for those companies to lead and really change the mentality. There’s a big stride to invest in innovation. We have a new division which has recently been created at Visa to really focus on innovation—product innovation, client experience innovation, and technological innovation.
It also touches on AI, but my company has been using AI for a long time if we’re talking about generative AI for payment processing and fraud prevention. But now, I see that there is also a big
opportunity to utilize GenAI internally for innovation, efficiency, and productivity. That is separated from a more official innovation division. It’s more on the technology and product sides where they invest in innovation. Many companies are establishing new positions like Chief Innovation Officer. In a sense, this person and department are solely responsible for innovation and artificial intelligence. Some companies may still have that “silo style” mentality, but I think it’s changing. What I see internally is that there is much more cooperation with different departments, from economics to product to client experience to technology. SYNERGIES BETWEEN INSIGHTS & INNOVATION I’m focusing on both insights and innovations. For insights, I’m responsible for two roadshows pulling together consumer insights twice a year, which I do in Canada and the U.S. If we focus on innovation, I just published a generative AI by demographic article where I talk about different demographic segments or age cohort segments adapting to generative AI and talk about not just age but social characteristics of
FEI 2024 & Key Innovation Perspectives
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