Open Inovation and Crowdsourcing - A presentation for FST Media Banking Technology and Innovation conference, Kuala Lumpur

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Forecasting & developing future innovation with Open Innovation and Crowdsourcing

A presentation for FST Media Banking Technology and Innovation conference, Kuala Lumpur

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Open Inovation and Crowdsourcing - A presentation for FST Media Banking Technology and Innovation conference, Kuala Lumpur

  1. OPEN INNOVATION & CROWDSOURCING AS MODELS FOR BANKS Selena Sol presents….. selena@selenasol.com http://www.linkedin.com/pub/eric-tachibana/0/33/b53 http://www.slideshare.net/selenasol a thought piece for a banking conference in Malaysia
  2. As an industry, we’re reasonably good at Top-Down Innovation
  3. But we generally suck at Bottom’s-Up or Outwards-In Innovation X X
  4. Don’t misinterpret! Stay good at Top-Down Innovation But also develop other forms so that you have flexibility as a leader
  5. Though nowhere near the end of our journey at UBS, we’ve made some solid progress
  6. Open Innovation
  7. Transforming vendors into partners is scary, but has huge ROI potential
  8. Open Innovation means questioning assumptions about your business model
  9. Anti Money-Laundering KnowYourClientRegulatory Reporting Payments Exchange Connectivity SoftwareDevelopment Loan Origination Core bankingMobility QUESTION What are your core competencies? Market Data Data Centers
  10. PROPOSAL A bank: • holds your money safely • helps you grow it • helps you transact
  11. That’s it.
  12. Everything else is a legacy assumption
  13. That can be challenged
  14. Challenge your core competency assumptions Then open innovate non-core functions transform your business
  15. Homework for Banking CIOs • Toyota doesn’t build cars Lean Production Value Chains • Amazon is not a bookstore Long-Tail Fulfillment • Cisco doesn’t create new products the very un-tech tech company
  16. Open Innovation also helps us deal with a built-in risk-averse industry personality
  17. Our business model is risk averse
  18. Our people self-selected for risk- averse personality types when they applied
  19. This makes us great at incremental, ‘riskless’ innovation
  20. But makes us crap at disruption
  21. Open Innovation can help with this Achilles heel.
  22. Open Innovation means developing 3 integrated skills Sensing Exploring Absorbing
  23. Quiz How many of the following companies do you know? • First Meta • Play Moolah • Investo Presto • Bill Pin • Pandai
  24. Don’t fly to Silicon Valley!
  25. Companies disrupting financial industry models are bursting through the pavement of Asia’s cities right now, if you look.
  26. SINGAPORE SINGAPORE WHERE WE CAN FIND INSPIRATION • Digital Payments • Leverage Innovation & New Product Incubation consultancy • Biotechnology and bio-informatics algorithms INNOVATION CLUSTERS • Interactive Digital Media (Social Media) • Biotechnology • Mobile payment • Cloud (AWS hub) • Water tech / clean energy TRENDING MACROECONOMIC DRIVERS • Small size, business-friendly, managed economy • Financial industry domain & IT skills abundant • Regionally-strong entrepreneurship infrastructure • Device savvy population – multiple devices per person INCUBATOR, VENTURE, GOV’T COMMUNITY • SGEntrepreneurs • Founders Institute • Singapore Venture Capitalist Association • Information Development Authority Singapore • BANSEA UBS INNOVATION POTENTIAL 9/10 Relevance to UBS biz High Mobile penetration High Internet penetration High University Base High R&D Infrastructure Mature WHERE WE CAN FIND INSPIRATION • Look to gaming and gamification for next-generation user experience INNOVATION CLUSTERS • Massively Multiplayer Online Role Playing Games (MMORPGs) • Fashion and entertainment TRENDING MACROECONOMIC DRIVERS • Korea Chic • Language barriers INCUBATOR, VENTURE, GOV’T COMMUNITY • Korea Venture Capitalist Association • Private Equity Korea UBS INNOVATION POTENTIAL 9/10 Relevance to UBS biz Med Mobile penetration High Internet penetration High University Base High R&D Infrastructure Med SOUTH KOREA SEOUL Go out and get involved • Research institutes • Local Start-up scene (setup an internal start-up club) • Existing vendors
  27. Do something weird
  28. Some of the next-generation work in big data visualization comes from bio-informatics and television production, not banking.
  29. Learn by investing in targeted corporate ventures
  30. Crowdsourcing
  31. Crowdsourcing eats waste
  32. 10% of everyone’s time is spent waiting for someone else at work
  33. If you have a regional headcount of 1,000, that is 100 FTE’s worth of effort that is idle.
  34. What could you build with 100 spare people?
  35. Who wouldn’t love to spread their wings and get out of the day-to-day grind from time to time?
  36. Crowdsourcing is a great way to create cross-business and cross- location relationships, naturally
  37. Case Study: UBS Just Do It Program • 3 - 5 day projects that are not urgent • Need “onboarding” support

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