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How disruptive Innovation can be realized in Banking & Insurance

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How disruptive Innovation can be realized in Banking & Insurance

Why is this successful?
- results are almost guaranteed due to the funnel
- winning ideas are likely to be AWESOME, because they have seen many iterations
- bad ideas drop out immediately high cost savings
- highly motivated employees

We create new products/services, entire startups or a digital unit for you
With our approach, team, technology and entrepreneurial attitude we identify, validate and evolve business opportunities and quickly turn them into highly profitable businesses – potentially even realizing a disruptive product. We have a proven track record with top market players across a wide range of industries. Talk to us to see how we can develop awesome ideas for your digital future.
We love to design the future – together with you.

1 | Robust Framework
A blend of the best Silicon Valley-proven methodologies forms our comprehensive framework:

Design Thinking
Business Model Generation,
Lean Startup, Lean Marketing, Lean Analytics,
Customer Development,
Agile, Scrum, Kanban …
We guide the project team throughout the process using our framework.

1 | New products, services and disruptive business ideas
We build digital products and services for B2C and B2B that we validate in multiple iterations with your potential customers. In the next stage, we launch the product/service as a Minimum Viable Product (MVP) to validate it by a larger target group and that’s when we start pivoting and tweaking. If customers love the product/service and are willing to pay for it, we consider the product investment ready and that’s when we start growth-hacking the new business. Naturally, all decisions are data-driven.
THIS IS AWESOME - Company Builder
2 | From new departments to entire startups
New products and services lead to:

a new venture as an autonomous business that may later be reintegrated back into your existing organization
a new department within your exiting organization
adoption by an existing department within your organization
You can count on our experience, knowhow and resources every step of the way.
3 | Innovation unit / Digital unit
Talk to us if you want to set up your own innovation or digital unit within your organization. We can get you standing on your own two feet by training you to use our framework and handing over everything you need to run the CATAPULT™ software stack on your own. Technology

With our HR, training and mentoring programs, we’re with you every step of the way until you’re ready to run independently. Talents

Published in: Leadership & Management
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How disruptive Innovation can be realized in Banking & Insurance

  1. 1. THIS IS AWESOME ©2016 1 Presented by Stefan F. Dieffenbacher München, 28.09.2016 How disruptive Innovation can be realized in Banking & Insurance Achieve digital transformation. Create profit. Become independent. Shape the future.
  2. 2. THIS IS AWESOME ©2016 2 Company builder helping corporates to build up new digital business. Focus: revolutionary, new offerings. About me: Stefan Dieffenbacher Currently running two companies: Strategy / Exeuction Advisory focused on digital helping corporates to take their next step with their existing digital channels. Focus: evolution of existing. Active investor through THIS IS AWESOME / private – currently active shareholder in four additional companies & startups. Heavy background in FS:
  3. 3. THIS IS AWESOME ©2016 3 Everything changes depending on whether you are working on a castle or a speedboat type of challenge, including: § Org structure § People & their capabilities § Approach § Technology setup § Customer approach § Etc. This presentation focuses on how to work as a speedboat. Define your starting position: are you solving a castle or a speedboat type of challenge? Your existing digital channels / banking platform / products / services. Any future innovative or disruptive products or services. Most castle’s (aka. large organisations) are trying to solve speedboat issues with their castle operating procedures. That is their prime point of failure.
  4. 4. THIS IS AWESOME ©2016 4 What have corporates done to realize their own disruptive ideas?
  5. 5. THIS IS AWESOME ©2016 5 Incubation vs. Acceleration
  6. 6. THIS IS AWESOME ©2016 6 25% of European corporates have setup an internal incubator. 92% of investments fail within 12 months* >€4.5m lost Idea … long process … 4. 5. 3. 2. 1. 6. 7. 8. 9. 10. Business > €500k > €500k > €500k > €500k > €500k > €500k > €500k > €500k > €500k > €500k only 1 successful business 9 businesses failed/closed * Study of large companies in EU – source: Gartner 2015
  7. 7. THIS IS AWESOME ©2016 7 >€4.5m lost Idea … long process … 4. 5. 3. 2. 1. 6. 7. 8. 9. 10. Business > €500k > €500k > €500k > €500k > €500k > €500k > €500k > €500k > €500k > €500k only 1 successful business 9 businesses failed/closed 25% of European corporates have setup an internal incubator. 92% of investments fail within 12 months* * Study of large companies in EU – source: Gartner 2015 Issue 1: ideas appear out of the blue typically supported by an organisational leader (because he can organise funding) Issue 2: it takes the average organisation two years and millions of invest years to bring something alive. Issue 3: Customer Validation is at best an afterthought. Ideas are untested till go-live.
  8. 8. An alternative (and much better!) approach
  9. 9. THIS IS AWESOME ©2016 9 Start with 100 ideas (not with one) Test ideas with customers and let the best one’s survive Number of Ideas Outstanding quality of idea as a result of pivoting and selection. Further, the idea is customer proofed and the business model is validated in practice. 100 10 1 to 3 min. 1 data driven decision data driven decision data driven decision Time + money spent
  10. 10. THIS IS AWESOME ©2016 10 And be damn fast! Experiments cannot take 2 years to go live! $ saved $ saved data driven decision data driven decision data driven decision $ saved ~ 4 months ~ 6 months Number of weeks 4 6 12 launch Time + money spent
  11. 11. THIS IS AWESOME ©2016 11 An overview of the proposed approach
  12. 12. THIS IS AWESOME ©2016 12 The approach we are using is based on best & proven Silicon Valley methods Based on your customer’s needs we identify typically over 100 new business ideas. The 10 best ideas are selected data driven. The Minimum Viable Product (MVP) allows a validation at a larger scale and pivoting. Once customers have proven to love the product/service and are willing to pay for it, we consider the product/service investment ready. Ideas are validated with real customers and in real life. In parallel we develop a business model. 1 to 3 best ideas are selected data driven. We help you to scale the business with our execution know-how, our HR knowledge and the unique technology setup. Idea Generation Problem / Solution fit Solution / Market fit (MVP) Build & Scale Business1| 2| 3| 4| 100 ideas 10 ideas 1-3 ideas 4 weeks 6 weeks 12 weeks Steve Blank „Customer Development“ KANBAN MVP launch MANAGEMENT Y
  13. 13. THIS IS AWESOME ©2016 13 Let’s examine the key stages
  14. 14. THIS IS AWESOME ©2016 14 Build & Scale Business The proposed approach for New Product / Service development Based on your customer’s needs we identify typically over 100 new business ideas. The 10 best ideas are selected data driven. The Minimum Viable Product (MVP) allows a validation at a larger scale and pivoting. Once customers have proven to love the product/service and are willing to pay for it, we consider the product/service investment ready. Ideas are validated with real customers and in real life. In parallel we develop a business model. 1 to 3 best ideas are selected data driven. We help you to scale the business with our execution know-how, our HR knowledge and the unique technology setup. Idea Generation Problem / Solution fit Solution / Market fit (MVP)1| 2| 3| 4| 100 ideas 10 ideas 1-3 ideas 4 weeks 6 weeks 12 weeks Steve Blank „Customer Development“ KANBAN MVP launch MANAGEMENT Y
  15. 15. THIS IS AWESOME ©2016 15 Innovation space Define an “opportunity space” & create 100+ ideas (as opposed to simply starting with one idea) Totally new business models Major new product or service innovations Minor product or service innovations Temporary micro-insurance Micro-insurance Property-insurance Feeling & being safe Insurance in general Ways to being safe in retirement Business view Customer view (examples from insurance industry)
  16. 16. THIS IS AWESOME ©2016 16 Build & Scale Business A blend of best & proven Silicon Valley methods, used by companies like Google, Uber, Airbnb – adopted to large companies The proposed approach for New Product / Service development Based on your customer’s needs we identify typically over 100 new business ideas. The 10 best ideas are selected data driven. The Minimum Viable Product (MVP) allows a validation at a larger scale and pivoting. Once customers have proven to love the product/service and are willing to pay for it, we consider the product/service investment ready. Ideas are validated with real customers and in real life. In parallel we develop a business model. 1 to 3 best ideas are selected data driven. We help you to scale the business with our execution know-how, our HR knowledge and the unique technology setup. Idea Generation Problem / Solution fit Solution / Market fit (MVP)1| 2| 3| 4| 100 ideas 10 ideas 1-3 ideas 4 weeks 6 weeks 12 weeks Steve Blank „Customer Development“ KANBAN MVP launch MANAGEMENT Y
  17. 17. THIS IS AWESOME ©2016 17 Validate everything in practice with real customers. Go out on the street! Users are co- producers/co-designers of the new products and services. The alternative is desk- research (this is what Consultancies do). This however is typically very limited when it comes to innovative / disruptive ideas. Partner Awesome Awesome Consumer Awesome Customer Awesome Awesome Partner Partner Customer
  18. 18. THIS IS AWESOME ©2016 18 Build & Scale Business A blend of best & proven Silicon Valley methods, used by companies like Google, Uber, Airbnb – adopted to large companies The proposed approach for New Product / Service development Based on your customer’s needs we identify typically over 100 new business ideas. The 10 best ideas are selected data driven. The Minimum Viable Product (MVP) allows a validation at a larger scale and pivoting. Once customers have proven to love the product/service and are willing to pay for it, we consider the product/service investment ready. Ideas are validated with real customers and in real life. In parallel we develop a business model. 1 to 3 best ideas are selected data driven. We help you to scale the business with our execution know-how, our HR knowledge and the unique technology setup. Idea Generation Problem / Solution fit Solution / Market fit (MVP)1| 2| 3| 4| 100 ideas 10 ideas 1-3 ideas 4 weeks 6 weeks 12 weeks Steve Blank „Customer Development“ KANBAN MVP launch MANAGEMENT Y
  19. 19. THIS IS AWESOME ©2016 19 MVP - Minimum Viable Product Building a “Potemkin village” – the customer facing part of the business model Key takeaways § No integration with existing IT § Potentially use an invented brand for testing (as to avoid brand damange) § Get out as quickly as possible. Failing = learning
  20. 20. THIS IS AWESOME ©2016 20 Build a Minimum Viable Product instead of a Maximum Possible Product – and then start pivoting to customer’s taste Minimum Viable Product (MVP) Maximum Possible Product FAKE IT UNTIL YOU MAKE IT Source: Left: http://www.dailymail.co.uk/news/article-1328863/Heart-Attack-Grill-Free-food-customers-weigh-25st.html, Right: http://www.heartattackgrill.com/images/6.jpg?crc=294938557 - Heart Attack Burger Grill Las Vegas
  21. 21. THIS IS AWESOME ©2016 21 “Silicon Valley isn’t a place, it’s a state of mind that we bring to you.”
  22. 22. THIS IS AWESOME ©2016 22 Outcomes
  23. 23. THIS IS AWESOME ©2016 23 new company internal department Potential outcomes / results feedback product ideas feedback business ideas line organization And a lot of failures: fail fast! J reintegration after growth stay autonomous new department adaption by existing department
  24. 24. Why is this successful? results are almost guaranteed due to the funnel winning ideas are likely to be AWESOME, because they have seen many iterations bad ideas drop out immediately high cost savings highly motivated employees
  25. 25. THIS IS AWESOME We are no consultancy - nor an agency. We are entrepreneurs - with a holistic approach. We prefer to execute, together with your team – rather then bullshit bingo and endless PowerPoint slides. We do customer centric validation and pivoting, rather then academic market research. We want you to succeed.
  26. 26. THIS IS AWESOME ©2016 26 Let’s create winning digital businesses – together Achieve digital transformation. Develop independence. Create profit. And design the future.
  27. 27. THIS IS AWESOME ©2016 27 Get in touch with us:

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