Creativity is innovation’s response to limitations.

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The design industry is surrounded by creativity. Sometimes people think of creativity as to how fast you can come up with a good design, big brands you have worked with/for, but rather creativity should be looked at on all levels and positions throughout an organization. Creativity stems from all industries, services, and people within companies. 

Think about your latest purchase, tech, or product for a moment. Was there something “different” about the product that made you want to purchase it? Was it a dress that can convert to other outfits? A sweater that doesn’t get wet? A shirt that doesn’t smell? Or even a service that helps you do your job? In all of these cases, it was someone’s creativity that sparked the solution and the aim was to solve a problem. 

Today, there has been a shift in terms of which products and services are being adopted by consumers. As more and more products are brought to market, this shift has created room for both innovators and creativity to shine. Below is an example of how creativity can be implemented through innovation, in order to overcome traditional limitations.  

A Case for Creativity: How Creativity and the FinTech Ecosystem Can Innovate the small business account

For small business owners or entrepreneurs looking to start a company, the Big five (5); TD, RBC, CIBC, Scotiabank, and BMO, have traditionally been seen as the first stepping stone in starting your business. However, the small business bank account offered by financial institutions (FIs), fails to empower small business owners. Instead, the service does not set small businesses up for success: rather, small businesses are charged with fees for transactions, monthly usage, and are still left with the task of researching solutions for payroll, benefits, invoicing, expensing, and bookkeeping for instance. Small business owners are then forced to hire an accountant, or even contact a lawyer. Ultimately, there is a huge need for an entity that can provide all of the solutions that address the issues that are specific to small businesses. 

The Canadian FinTech Ecosystem, can be seen as a solution to this problem. Offering disruptive solutions, agile technologies, and unique business models, FIs have begun to look to Canadian FinTechs for creative ways to service small businesses. With a deep understanding of the customer and customer behaviour, partnerships between FIs and the Canadian FinTech ecosystem have resulted in new services that focus on the needs of small business owners.  By bringing FIs and the Canadian FinTech ecosystem together, these partnerships can help to create one platform to host all the tools that a small business owner would need to be successful. For instance, a large Canadian bank such as TD can partner with FinTechs to offer their small business clients more than just a savings account. Small business owners can then benefit from one convenient platform that understands their financial needs; a platform that offers financial products and services that grow with the small business. Through these strategic partnerships, everyone wins. FIs will benefit from FinTech’s creative consumer solutions, FinTechs can benefit from FIs large existing user base, and small business owners can benefit from a comprehensive platform offered by a bank that they can trust. The bank can also partner with Expensify to provide small businesses with automated expense reporting, Plooto for payroll, Wave for invoicing, Humi for benefits, and Bench for bookkeeping. Together, FIs and FinTechs can create and offer more small business-centric solutions.

Creativity is an important ingredient to successful innovation; the ability to think outside of the box can help to deliver products and services that enhance customer’s experiences, overcome limitations, and even transform industries. Moving forward, an emphasis on creativity as a part of the innovation process will be critical to solving some of the consumer’s biggest pain points. Sometimes the only way out of the box is to innovate your way out.