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Question: Discuss how Innovation is required for Banking sector to Compete with the other Rising Banks. Answer: Introduction Innovation is the key to success for any business in this competitive market. The business can explore new effective process, products and ideas that is new in the market. It will facilitate the business to attract customers and also propose value to its major stakeholders. Innovation does not always mean complete innovation of new plans or products. It can also refer to the modified form of existing model to provide the stakeholders better products. BNZ or Bank of New Zealand can utilize some innovative change for gaining stakeholders cooperation ad support. Requirement of Innovation Bank of New Zealand is one of the largest banks currently operating within the boundaries of New Zealand. They have successfully gained customer loyalty in the market with their existing stakeholder relationship management strategy. However, they have some issues related to the internal stakeholders, which they need to resolve (Francis et al., 2012). Moreover, the innovation can help the business compete in the constantly changing world. There are some of the key reasons for constantly innovating the business models and strategies for gaining or holding the stakeholder cooperation and support. They can be as follows. Globalization Globalization is the major issue that businesses in any industry are facing. It has brought any business to the door steps of the customers. Hence, regardless of domestic or international, the businesses needs to consider it for holding their position. Technology Technological innovation on the other hand is the primary requirement of any business in this modern world. The company has to keep up with the technologically changing world to satisfy their customers need. Stakeholders expectation Different stakeholders of BNZ have different needs that the company needs to satisfy. Moreover, these needs are constantly changing. The company has to meet these increasing expectations of the customers to keep performing in the market. Early bird gets the Pray The innovation of a business is measured in accordance with the innovation of their competitors. The first one to innovate something useful and can better satisfy the stakeholders need gets to receive stakeholders loyalty. Hence, it becomes need for innovation becomes obvious to for BNZ. Short Term Innovation Technological innovation Voice payment One of the short term innovations BNZ can utilize is the voice payment in technological part. It will enable the customer to easily pay their bills through voice recognition. The customers will have to set a particular voice password that will complete the transaction. This is a short term trend as it is about to change due to the invention of more advanced technology (Gazdzinski, 2013). VR in Training The bank can utilize the virtual reality for training their employees. The employees has to undergo a test of virtual reality test, which will be based on a real life streaming of critical situation. It will help the organization to eliminate the incompetent employees directly in their training period and avoid unpleasant situation in the work (Vince, 2012). Long term Innovation Artificial Intelligence Bank of New Zealand can implement the artificial intelligence in their customer service. It will reduce the work pressure of their employees. The customers will get to resolve their quarries just by asking the AIs. This can be considered as a long term innovation as it is likely to benefit the bank for a longer period of time. This will permanently reduce the employee involvement in quarry solving that is a hectic job for them. On the banks point of view, this will considerably reduce the expenses spent over the customer handling section (Erdal Ekinci, 2013). Door Step Banking Door step banking can bring potential benefit in the ban king sector. Like any other retail sector will deliver the banking service at the door steps of the customers. The customers can order for any banking service at their home. The customer executives will be delivering the services ranging from cash delivery to account opening will be provided tio the customers anywhere in New Zealand (Lizie Dhas, 2015). Conclusion It can be concluded form the above discussion that innovation is required for banking sector to compete with the other rising banks. Some of the necessities for innovation are mentioned in the report to support the view. Moreover, the report proposes two short term and two long term innovation for the company that will place them in an advantageous position the market of New Zealand if applied References Erdal, H. I., Ekinci, A. (2013). A comparison of various artificial intelligence methods in the prediction of bank failures.Computational Economics,42(2), 199-215. Francis, B., Hasan, I., Huang, Y., Sharma, Z. (2012). Do banks value innovation? Evidence from US firms.Financial Management,41(1), 159-185. Gazdzinski, R. F. (2013).U.S. Patent No. 8,371,503. Washington, DC: U.S. Patent and Trademark Office. Lizie, R. A., Dhas, Y. S. A. (2015, March). Handheld secured electronic doorstep banking system. InCircuit, Power and Computing Technologies (ICCPCT), 2015 International Conference on(pp. 1-5). IEEE. Vince, J. (2012).Essential virtual reality fast: how to understand the techniques and potential of