Integration of IT Innovation Laboratory Projects in a Large Commercial Bank

Rapidly changing business environment determine companies’ drive for innovation developments. Nowadays innovations are becoming an important part of every company strategic transformation. The age of digitalization concerns financial industry especially as there is an evolving number of innovation startups and technology companies that have capabilities to disruptive innovations that change existing models and eager to capture a bigger market share. And therefore, as there is a need for such innovations, different approaches to its realization should be regarded. Banks aim to adapt to changing conditions and transform from banking services into financial technology (FinTech) industry, they attempt to focus on technology developments to be implemented in various spheres. To approach the strategic goal companies have increasingly launched innovation laboratories in recent years. Distinctive organizational purposes and conditions determine peculiarities of laboratory arrangement that affects its overall performance and effectiveness therefore the integration of this unit deserves closer examination. The research is intended to cover the laboratory projects integration processes focusing on the particular company. Observation data analysis and survey were used to reveal the practical aspect of integration issue and offer recommendations for potential improvement to be adapted in real company conditions.