Encouraging Innovation in Organizations - Lessons from First National Bank Group

Abstract

This study investigates innovation in organizations with special reference to First National Bank Group. Innovation includes ideas, investment, development and implementation with the view to realize benefits for an organization. The literature predicts that innovation leads to an improvement in economic performance of organizations. It also assumes that persistent innovators are mainly organizations of foreign origin with headquarters in other countries. First National Bank of Namibia performed well since 2006 from a financial perspective partly because of innovation efforts that were rolled-out. Incorporating innovation within the performance management system also contributed positively in the process. Keywords: Innovation, First National Bank, Banking, Economic Performance, Organization