Browsing by Author "Denn, Nils"
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- Organizational culture at Banco MontepioPublication . Denn, Nils; Xavier, RuteThe pressure on traditional financial institutions has grown a lot over the past years with fintechs and technology companies entering the industry. Traditional banks have to be conscious and become more innovative oriented, such as joining partnerships with fintechs. Banco Montepio is one of those conventional banks and has recognized the future threats that are occurring in the industry. To become more innovative, this thesis should evaluate the internal innovation capabilities, such as a fixed innovation process, and external innovation, such as partnerships with fintechs. At first, an overview of companies that are perceived as the most innovative ones globally was expounded. Further, the organizational culture was evaluated as well as the status quo of innovation at the bank. Results showed that especially a customer-centric approach is crucial for the success of a company nowadays. It can be achieved not just by offering a great product. Companies are also innovating in their serviceability and the business model they are operating. For the organizational culture, it was evident that a hierarchy culture is present, which was a successful strategy in stable environments. Nowadays, more dynamic cultures, such as the adhocracy culture, are more successful. The status quo of innovation at Banco Montepio further proved that innovation is not a topic of great importance in the bank; neither are employees equipped with the right tools and knowledge to be innovative. The bank, therefore, should improve its innovation capabilities and develop a clear strategy for its future operations.