VIDEO | Fidelity Investments Innovation Leader: Collaboration Drives Innovation Success

Author:

(US and Canada) Brian Coogan, Innovation Leader at Fidelity Investments, speaks with Savio Rodrigues, VP Client Partnership at Trianz – USA and CDO Magazine Editorial Board Member, in a video interview about leading innovation teams, creating an innovation culture, the need for cultural change, and the roadmap to success.

At the onset, Coogan states that humility, collaboration, and solving problem statements with use cases are fundamental skills to lead innovation teams and foster innovation. He adds that organizations cannot be successful in the innovation space without collaboration.

Additionally, Coogan maintains that he is open to trying anything as long as it adds value and reveals that Fidelity Investments considers failure to be a lesson learned. He acknowledges that the company celebrates the diversity of thought, the ability to fail, and the support of peers to pull one back up to move forward.

When asked about creating an innovation culture, Coogan states that he feels blessed to work in a company that consistently stays at the forefront of innovation. He reckons that a privately owned company like Fidelity can afford the opportunity to invest more time and resources into the realm of innovation.

Coogan mentions that during the pandemic, the company grew significantly from 32,000 employees to around 80,000 today. This growth is the result of the company's initiatives to create and offer new products to a broader range of customers, diversifying the type of services available to them. He appreciates that the company is willing to consider new possibilities in light of the future, recognizing that investing in the same established strategies may not be enough.

Highlighting the need for cultural change, Coogan asserts that change makes most people uncomfortable and can cause fear. He affirms that companies need to establish a culture where it is okay to feel uncomfortable. To facilitate this kind of cultural change, organizations should encourage their employees to move around frequently and take on roles outside of their usual realm of expertise, he says. Additionally, creating an inclusive environment and valuing differences can help propel the business forward.

Regarding roadmaps, Coogan emphasizes that the structure of Fidelity’s roadmaps is constantly evolving due to the introduction of new technologies, changes in regulations, and budget fluctuations. Therefore, the organization uses a linear approach to document what they want to achieve in the long term and slowly bridge the gap by creating short-term objectives.

Furthermore, he focuses on the three key performance indicators: