FURTHER RESEARCH DIRECTIONS

As highlighted in the study, corporations that do not have an effective strategy for the management of innovation will not able to take the necessary steps to adopt rapid technological changes and promote sustainability. Innovation capability may have a different potential for providing a significant contribution in the management of innovation strategies. Further research should be directed at identifying and refining measures for different forms or degrees of innovation capability in the financial services. Therefore, a comprehensive study will provide a much clear picture of inno­vation perspective within the banking sector and insurance sector.