Banking innovation
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Banking innovation

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The path to innovation in banking through crowdsourcing: analysis and models, case studies.

The path to innovation in banking through crowdsourcing: analysis and models, case studies.

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  • 1. BANKING INNOVATION Crowdsourcing
  • 2. CONTENTS Analysis and models - Crowdsourcing and innovation p. 03 Case studies - Examples of initiatives p. 06 Final remarks - The path to innovation p. 16
  • 3. ANALYSIS AND MODELS Crowdsourcing and innovation
  • 4. 4 Analysis and models Crowdsourcing and innovation Crowdsourcing Distributed model for finding and solving problems and for production Examples of initiatives WIKI MORE OPEN ENGAGEMENT for social causes CONTEST SOCIAL FORECASTING online MICRO VOLUNTEERING OPEN INNOVATION MORE STRUCTURED
  • 5. 5 Analysis and models Crowdsourcing and innovation Crowd capability Crowd capability COMPANY AREA DISPERSED KNOWLEDGE + CONTENT + DIFFUSED KNOWLEDGE PROCESS The result is unique for each company
  • 6. 6 Analysis and models Crowdsourcing and innovation Area me B g a Ho Bank ni ca t ion he nc Bra MARKETING Perso na lB s er PROCESS an g kin nk PRODUCT Paymen t ga te w ay s Cro wd fu nd in s Internal u mm co P2P Lending
  • 7. 7 Analysis and models Crowdsourcing and innovation Area 3 possible partners CLIENTS EMPLOYEES BUSINESS PARTNERS
  • 8. 8 Analysis and models Crowdsourcing and innovation Area WIKI ENGAGEMENT for social causes CONTEST Internal knowledge Charity Marketing Organization HR SOCIAL FORECASTING online MICRO VOLUNTEERING OPEN INNOVATION Charity R&D HR Marketing HR Internal knowledge Organization
  • 9. 9 Analysis and models Crowdsourcing and innovation Process Employees Internal ideas Innovative Outcome External ideas Idea Scouts Idea Connector Innovative Outcome
  • 10. 10 Analysis and models Crowdsourcing and innovation Content SCOUTING INNOVATION DEVELOPING INNOVATION SHARING INNOVATION Internal or external idea scouting The idea meets the corporate capabilities Improve the brand perception and connect with the influencers
  • 11. 11 Analysis and models Crowdsourcing and innovation Content PROBLEM SOURCING 2 f diferent p er s pe ctiv es Searching the questions to ask PROBLEM SOLVING Searching the answers
  • 12. 12 Analysis and models Crowdsourcing and innovation Criticalities COMPOSITION OF THE CROWD GOVERNANCE COMPETENCES OF THE CROWD Is it representative of the real target The form shapes the content How they can help
  • 13. CASE STUDIES Examples of initiatives
  • 14. 14 Examples of initiatives Case studies Barclays - Your bank CLIENTS COLLECTION AND VOTE OF IDEAS ON 3 TOPICS 1 2 3 Products Everyday banking experience Role of the bank in the community www.yourbank.barclays.co.uk Distinctive elements • Employee engagement • Three topics to cover a wide area • Promotional backing (web/TV/press) with a clear Call-ToAction SCOUT DEVELOP SHARE
  • 15. 15 Examples of initiatives Case studies Erste Bank - Sparkasse lab CLIENTS COLLECTION AND VOTE OF IDEAS ON 3 TOPICS 1 2 3 Mobile banking Cashless society Improving sparkasse lab s-lab.sparkasse.at Distinctive elements • Separation between topics proposed by the bank and • • topics proposed by the users Gamification: points, badges, awards, user profiles Intense promotion on Facebook and Youtube SCOUT DEVELOP SHARE
  • 16. 16 Case studies Examples of initiatives First Direct - Firstdirectlab CLIENTS Users can exchange their point of view about topics and contents proposed by the bank (e.g.: Product Design, Concept) www.lab.fisrtdirect.com Distinctive elements • Co-creation • Possibility to pre-test services during their development SCOUT DEVELOP SHARE
  • 17. 17 Case studies Examples of initiatives Avanza Bank - Labs GOAL: CLIENTS listen to the customers to improve products and services labs.avanzabank.se SCOUT DEVELOP SHARE
  • 18. 18 Case studies Examples of initiatives RBS - Ideas bank CLIENTI COLLECTION AND VOTE OF IDEAS Initiative aimed at engaging the clients after a troublesome period with the internet banking system www.rbs.co.uk/global/customer-charter/g1/ideas-bank.ashx SCOUT DEVELOP SHARE
  • 19. 19 Case studies Examples of initiatives Webank - Wepad project CLIENTS GOAL: developing a mobile app through the collaboaration of six experts with the community www.wepadproject.it Distinctive elements • Minimum duration (6 weeks) • Meetings of the experts streamed online • The most active user was awarded an iPad SCOUT DEVELOP SHARE
  • 20. 20 Case studies Examples of initiatives Capital One - Developer center BUSINESS PARTNERS They realised and shared some APIs to allow a community of developers to create new services developer.capitalonelabs.com Distinctive elements • They want to create an ecosystem to enable third parties • to release apps and services Also Credit Agricole, Axa Banque, ING and American Express released some APIs and SDKs SCOUT DEVELOP SHARE
  • 21. 21 Case studies Examples of initiatives Accenture - Fintech Innovation Lab BUSINESS PARTNERS An incubation program whose goal is to let the banking and finance leading companies meet the most innovative technology entrepreneurs 12 WEEKS One-to-one meeting Focus group Strategy dev Workshop Networking & PR Workspace www.fintechinnovationlablondon.co.uk Distinctive elements • Cooperative competition • Focused geographical area • Useful for banks to be captive on cutting edge technologies SCOUT DEVELOP SHARE
  • 22. 22 Case studies Examples of initiatives Rabobank - Gamification challenge BUSINESS PARTNERS The goal is to apply gamification to the traditional banking applications in order to produce new concepts 70 university STUDENTS THE BEST CONCEPTS ARE PRESENTED at the User Experience Center of Rabobank Distinctive elements • Engagement of students to scout new talents • The target is aligned with the goal of the challenge SCOUT DEVELOP SHARE
  • 23. 23 Case studies Examples of initiatives Banco Sabadel EMPLOYEES COLLECTION AND SCOUTING OF EMPLOYEES’ IDEAS INTRANET NEWSLETTER NO MORE ONLINE TO SHARE THE BEST IDEAS and those that will be developed The bank divided the ideas into 5 levels and 17 categories according to their importance for the bank SCOUT DEVELOP SHARE
  • 24. 24 Case studies Examples of initiatives IBM - Internal crowdfunding Internal crowdfunding platform for projects proposed and financed by the employees through virtual credits. EMPLOYEES 10 projects FINANCED IMPLEMENTATION 100% DISTRIBUTED AMONG 5.500 EMPLOYEES GOAL: 10.000$ - 50.000$ The first experiment involved 500 employees (100$ each) SCOUT DEVELOP SHARE
  • 25. 25 Case studies Examples of initiatives Deutsche Telekom EMPLOYEES GOAL: leveraging the knowledge of the employees about customer needs, competitors and market trends into useful data for managerial decision making. SOCIAL FORECASTING CROWDSOURCING INCENTIVES Greater engagement for everyone and awards to the top contributors Platform where the top management asks questions to the employees about the business SCOUT DEVELOP SHARE
  • 26. 26 Case studies Examples of initiatives More examples of social forecasting ASSESSMENT OF NEW INNOVATIVE IDEAS SALES FORECASTING FOR SINGLE PRODUCTS MARKET TRENDS AND DEMAND FORECASTING More accurate forecasting (22% better than traditional method) Gives quick warnings in a highly volatile market SALES FORECASTING OF NEW OR EXISTING PRODUCTS
  • 27. 27 Case studies Examples of initiatives eToro - Hackathon EMPLOYEES 48H NO STOP to develop new ideas and share knowledge within the company PRETOTYPING (lean startup model) Distinctive elements • High focus of a large group of people in a short period of • • • time Many easy-to-do ideas emerged Clients were engaged through videos and blog posts during the Hackathon Occasion for training (P2P knowledge among employees) SCOUT DEVELOP SHARE
  • 28. 28 Case studies Examples of initiatives Linkedin - Hackday Linkedinlabs BUSINESS PARTNERS Public hackday 24H NON STOP hacking open to developers food, drink & yoga industry leaders and investors awards hackday.linkedin.com One friday each month the employees are free to work on what they want and share their work on an internal platform EMPLOYEES www.linkedinlabs.com The projects are presented to the community during an event and are evaluated by the top management Examples of projects: Inmaps, Year in review, Mocha
  • 29. 29 Case studies Examples of initiatives Linkedin - [IN] cubator Possibility given to employees to WORK FULL TIME ON THEIR IDEA for 1 - 3 months Types of projects • New products • New revenue streams • Internal tools • Technology improvements • HR processes • Training programs • Philanthropy The best projects are selected during the internal events EMPLOYEES
  • 30. FINAL REMARKS The path to innovation
  • 31. 31 Final remarks Path to innovation The path to innovation 1 Define the innovation area 2 Create and share a strategic 3 Top management on board 4 Stimulate a wide mix of different points 5 Attract and provide intentives to the innovation partners 6 Metrics narrative for the organisation of view CREATE A SPACE TO INNOVATE
  • 32. For more information info@coppalandini.com