Aspects of Innovation in a Turbulent Market Environment: Empirical Evidence from UK Building Societies

Abstract

The personal financial services market is currently experiencing a period of turbulence as the industry adapts to changes in the environment. This in turn has forced many of these institutions to consider a more innovative approach in their operations. A survey was conducted to investigate how one subset of this industry, building societies, are meeting this need for change. The results suggest that societies have begun to foster a more innovative organisation but that the level of innovation has not yet reached a satisfactory level.