Innovative thinking can be a challenge and, generally, innovation is too often quickly dismissed in our industry. It's commonly misunderstood, with critics suggesting it requires an investment akin to gambling. Or, they say it's impossible to be truly innovative in the highly regulated financial services industry. I disagree.

First, let's distinguish innovation from invention, because people often confuse them. Invention is about the creation of new things, which manifest primarily as products. Innovation is about the introduction of new concepts designed to improve something that already exists. Both can differentiate, but innovation offers a wider range of possibilities.

As I visit with other leaders in the industry, too much of the dialogue about product innovation fizzles into a discussion about commoditized products and stifling regulation. But there are lots of different types of innovation. They can be about how products are distributed, how customers are serviced or how capabilities enhance the experience. They can be ground-breaking advancements or creative tweaks. Let's look at a few examples that have emerged over the past few years.