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Innovation in Retailbanking
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Innovation in Retailbanking

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Balance in innovation ...

Balance in innovation
Nine thoughts to provoke innovation

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  • 1. Innovation in Retailbanking? The Little Light on the Left Wichert van Engelen European Retail Banking Forum Vienna, march 15th 2008
  • 2. Internal hurdles
    • Not invented here
    • IT-investments are scattered
    • We first need a strategic vision
    • We lack knowledge and experience
    • We first need to re-organize
    • Fatalism (ok, but we are not like Google)
    • Short termism (the shareholder-value!!!)
    • Our bright ideas will be stolen by others
    • It’s not our core-business
    • Too complex data-handling
    • Our services are too complex, they only can be dealt with by personal advisors
    • Our normal IT is not even on track
  • 3. External hurdles
    • No market
    • Not known by clients
    • Cannibalism
    • Use of internet by elderly
    • Regulations, Laws and more regulations
  • 4. Ideeen Genoeg Slagvaardig innoveren in de dienstverlening
  • 5. Nine Thoughts
    • Look for Fresh Money
    • There are more than enough ideas
    • Develop your eighth sense for the future
    • Implementation is far more important than ideas
    • To innovate you have to work structuraly non-structured
    • Use the power of Now
    • The organisations: a hybrid model
    • Be aware of the game, the actors and their roles
    • Just do it!
  • 6. More of the same money Incremental Radical New Business creation Radical innovation in current business Continious improvements Fresh money
  • 7. 1% Innovation 99% Execution Grow by managing mature business efficiently and incremental improvements Invest in creating future growth engines Run and win the game Change the game
  • 8. No company ever grew to greatness by cutting costs. (Jack Welch)
  • 9. Target-setting Regular target-setting Targets to provoke innovation
    • Specific
    • predictable, plannable developments
    • Less specific
    • Flexible, freedom to experiment, incremental insights, search for knowledge
    • Quantitative
    • Measurable sharp focus
    • Qualitative
    • Possibilities
    • Realistic
    • conceivable realizable
    • Provoking
    • Inspiring, madness, over-the-top, discussion
    • Loss & risc averse
    • within frames: time, quality, budget
    • Focus on succes
    • Definition of succes
  • 10. Yet….. Top always wants innovation, but choses: the well-known the short term
  • 11.
    • Ideas are like rabbits.
    • You get a couple and learn how to handle them, and pretty soon you have a dozen.
    • (John Steinbeck, novelist)
  • 12.  
  • 13. It’s not the idea, it’s the implementation
  • 14. Innovate structuraly non-structured
  • 15. Funnel 50 ideas 10 pilots 5 in production
  • 16. Innovation: It’s not a funnel. It’s a dangerous journey, from idea to money along a lot of obstacles (Eddie Obeng)
  • 17.  
  • 18. Businesscase Businessmodel
  • 19. Innovation-dial Radicality Low High Low High Passion Graveyard Line organisation Sandpit Golden mountains
  • 20. 6948
  • 21. Ships in harbour are safe. But that’s not what ships are built for. (Alan Ada)
  • 22. Case-study: Our Virtual Holland
  • 23. No central bank?
  • 24. Monopoly-money?
  • 25. Inflation?
  • 26. 4 levels of participation Collaborative working Imago / brand awareness Lead generation (Virtual) financial services
  • 27. Fundamentals Known and familiar Easy to understand structure Friendly environment Positive alternative to ‘Amsterdam’ With partners: traffic Entrepreneurial / activities International as well as Dutch
  • 28. Targets Get involved / experienced Platform for other ING activities Learn New customers Brand awareness / publicity Cooperation partners Earn money
  • 29. Lessons learned (so far)
    • Traffic by: Events, Continuous activities (educational), Environment
    • Marketing / productmanagement
    • Current residents <-> newbies
    • Partnering
    • Focus
    • Community
    • X-over virtual / internet / real world
    • Internal effects
  • 30. 7
  • 31. www.OurVirtualHolland.com Building the future today
  • 32. Reasons not to (virtual)
    • Lack of regulation
    • (Inter)national
    • Identity
    • Pyramid
  • 33. Yet
    • One day (mobile, internet, chat, e-mail)
    • The new internet
    • New-comers
    • Start experimenting / learning
  • 34. Core-business of a financial institute: Facilitate an economy (Even a virtual economy)
  • 35. Balance
  • 36. Balance
  • 37. Balance
  • 38. Balance
  • 39. Balance
  • 40. Nothing venture Nothing win
  • 41. ING