Royal Bank Of Canada


Published on

Published in: Economy & Finance
  • Be the first to comment

  • Be the first to like this

Royal Bank Of Canada

  1. 1. Idea generation and trials; low risk innovation to test breakthrough ideas b kth h id Avi Pollock Head, Applied Innovation Finnovation November 21, 2008
  2. 2. Today’s Agenda Defining Innovation @RBC RBC Innovation Infrastructure Case Study: Next Great Innovator Challenge: A Sandbox for Innovation Questions? 2
  3. 3. RBC & Innovation Innovation connects what is possible to what is valuable to our clients and/or shareholders • Innovation can be broadly Client interpreted as “something new” – Needs new to the world, new to a particular market, new to the i l k h company or new within the company •I Innovation i more th ideation – ti is than id ti Innovation it is a full range of activities from insight and idea generation, through testing and development, development to launch and evaluation 3
  4. 4. Benefits of Innovation Client Value • Clients recognize RBC as a g progressive institution • Increases client advocacy and likelihood to recommend Business Growth Attracts/Develops Talent • Contributes to earnings growth • Engages employees who view that is required to maintain top the organization as innovative quartile performance til f and competitive d titi • Promotes new earning streams Innovation • Attracts and retains innovative and maximizes opportunities and progressive leaders who in existing businesses win and ‘shape the future’ • More responsive to evolving clients and markets • Better able to absorb ‘shocks’ from industry transformation, competitors or new entrants Strategic Agility 4
  5. 5. The Innovation Pyramid “Change the Game ” T Transformational f ti l “Up the Ante” “U th A t ” Evolutionary Efficiency “Tablestakes” A portfolio approach is necessary to have a successful innovation agenda. 5
  6. 6. Defining Innovation @RBC RBC Innovation Infrastructure Case Study: Next Great Innovator Challenge: A Sandbox for Innovation Questions? 6
  7. 7. The Applied Innovation Team Mandate Identify emerging technologies and new business and process opportunities that have the potential to drive growth Support, facilitate and stimulate idea creation and innovation with access to internal and external thought leadership, tools and methodologies Evaluate and test next generation technologies Always looking to “what’s next”, “what’s new,” “what’s different” and its application to RBC pp 7
  8. 8. The RBC Innovation Council Identify exploratory concepts on a longer-term time horizon – concepts that are likely not yet on the radar of the day-to-day business leaders “Incubate” concepts to a point where a business case has been developed and/or a proof of concept has been completed and Help drive an innovative culture through the organization by acting as spokespeople on innovation, clearing roadblocks, supporting IC projects, etc. j 8
  9. 9. Ideation: Building a Pipeline Ideation Programs 50 25 15 10 5 Deployment p y 9
  10. 10. Looking for that Next Idea Scanning Activities Top Enterprise Challenges • Continuously scanning unstructured information about the external environment External Business B i • Providing early warning about Trends Drivers topics not yet identified as strategic Scan • Collecting and organizing data Try points into topic areas of possible strategic importance Synthesize • Identif ing ne topics of Identifying new strategic importance (through sorting and ranking) that may require monitoring in the targeted process • Engaging in user experience tests on emerging trends 10
  11. 11. Ideation: Driving New Ideas From Within Idea Portal Pipeline Metrics Profiles 11
  12. 12. Ideation: Looking Outside- Next Great Innovator 12
  13. 13. Learning by Doing: Applied Innovation Labs 13
  14. 14. RBC Beta 14
  15. 15. Communicating Knowledge 15
  16. 16. Defining Innovation @RBC RBC Innovation Infrastructure Case Study: Next Great Innovator Challenge: A Sandbox for Innovation Questions? 16
  17. 17. RBC’s Next Great Innovator Challenge What it is: National competition targeted at college and university students with a focus on business programs RBC asks for innovative ideas and solutions to a meaningful business challenge Over $45,000 in prizes and many ancillary benefits for the students Third year of the Challenge launched in September Sponsored by RBC’s enterprise Innovation Council and managed by the Applied Innovation team I i 17
  18. 18. Competition Objectives Generate ideas that are relevant and actionable Gain better insight into NGen demographic Identify candidates for recruitment Test effectiveness of innovative website design and new web t h l i d b technologies Promote the perception of RBC as a progressive and innovative financial institution among an important consumer segment Generate positive press for RBC 18
  19. 19. The Challenges 2009 Suggest an Innovative concept, product or process from another region or different industry that Canadian Financial Services providers should adopt. 2008 Describe an i D ib innovation, idea or ti id concept that Canadian FI’s should consider to make it easier for clients to do business with us 2007 How will today’s teens influence the financial services industry in Canada? 19
  20. 20. Marketing NGI m Grassroots with professors, clubs, faculties clubs faculties, programs Grassroots online Coordination with RBC s Fall RBC’s Campus Promotion activities Facebook On-campus promotion 20
  21. 21. Sandbox for Innovation – Social Media 21
  22. 22. Sandbox for Innovation - Mobile 22
  23. 23. Sandbox for Innovation - Multimedia 23
  24. 24. Sandbox for Innovation – Interactivity 24
  25. 25. Sandbox for Innovation – Interactivity 25
  26. 26. Ideas into Action 107 S I C V D S I 10 C I 7S T O 40 U C O 20 U V D 26
  27. 27. Ideas into Action 27
  28. 28. Final Thoughts on Innovation Do-learn-do is the optimal approach Innovation i about change I i is b h Innovation doesn’t just happen Don’t starve tomorrow to feed today or let the urgent crowd out the important. Develop a common l D l language Innovation is a team sport Small things matter Organizational Culture: Collaboration is king, aim for diversity of thought. th ht 28
  29. 29. Final, Final Thought on Innovation Some people make things happen. Some watch while things happen. And some wonder quot;Wh h A d d quot;What Happened? Happened?quot; 29
  30. 30. pp ed o at o A Case study in Applied Innovation Avi Pollock Head, Applied Innovation Email: Phone: (416) 348 4871 Ph 348-4871 30