The document discusses co-creation, which involves engaging customers to jointly create value through collaboration. It provides definitions of co-creation, examples from companies that practice co-creation, and approaches to co-creating with both internal and external stakeholders. The document also examines co-creation at BNP Paribas specifically, identifying opportunities to expand their co-creation efforts through different engagement modes, segmentation of stakeholders, and scaling successful initiatives.

1. CHAIR ON DIGITAL INNOVATION & TECHNOLOGY
FOR ENTERPRISES
CO-CREATION IN AN EXCONOMY WORLD

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CO-CREATION: WHY ?

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CO-CREATION: WHY ?

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CO-CREATION: WHY
99,9% of the
world’s smartest
people do not work
for BNP Paribas

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We are blind to the things that
do not matter to us or that we
do not understand.

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THIS IS EXPENSIVE
“A mismatch of 9 to 1 between what innovators think consumers
want and what consumers actually want.” (Gourville, 2006)

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STUDY SETUP
Literature
study
Selection of
employee
interviews
In-depth
project with
clients

9. CO-CREATION

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OUTSIDE-IN
INSIDE-OUT

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CO-CREATION

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IT CAN GET MESSY !

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CO-CREATION DEFINITION
Engaging customers on their terms.
Creating value jointly through collaboration between the company
and the customer.
Allowing the customer to co-construct the experience to suit their
context.
Joint problem definition and joint problem solving.
Customer having a say in defining their relationship.
Continuous dialogue.
Creating an experience environment in which consumers can have
active dialogue and a co-construct a personalised experience.
Experiencing the business in the manner customers do in real time.
Co-creation is an active, creative and social process, based on
collaboration between producers and users, that is initiated by
the company to generate value for customers.
(Based on Ramaswamy, V.)

14. WHO IS CO-CREATING ?
EXAMPLES, CASE-STUDIES, STORIES

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SOME WELL-KNOWN CASES

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CRÉDIT AGRICOLE - ALPHA
In-branch co-creation
At least 15-20 workshops /year
> 100 participants yearly
Embedded in the project management structure

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CRÉDIT AGRICOLE
Focused on both
developers and
customers
Customers propose
and select ideas
Developers use
APIs to develop app

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BBVA (CO-CREATION WITH
DEVELOPERS)

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ERSTE – S-LAB

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CBA – INNOVATION LAB
IdeaBank no
longer exists.
Co-creation
absorbed in
new innovation
lab

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FIRST DIRECT (HSBC)
Asking for input
and ideas ≠ Co-
creation,
If you do it wrong
it will turn against
you.

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BARCLAYS - YOURBANK
Ideation platform
Still active but low activity
Takes long for feedback

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ABN AMRO – CORPORATE
PROSPECTS
Internal co-
creation
1-day workshop
to create new
campaign
Centered
around RMs
Personalized
video

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NEW TYPES OF
STAKEHOLDERS EMERGE
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Digital Giants
Fintech
Startups
Traditional
Banks
Google & Lending Club
Alibaba & Lending ClubApple & Banks (Apple Pay)
BNPP & Google, Facebook,
LinkedIn, Twitter
Santander & Funding Circle
BNPPF & MyMicroinvest
ING & Kabbage
ING & Zervant

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STAKEHOLDER CO-CREATION

28. HOW TO CO-CREATE ?
APPROACHES, BEST-PRACTICES, PROCESS

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MAIN BUILDING BLOCKS
Co-
Creation
Which
problem can
we better
solve
together?
Which
stakeholders
to connect?
Which
platform is
needed?
What new
interactions
will members
engage in?
Which
valuable new
experiences
will member
get?
What value
will your
organisation
get?
clients, non-clients,
accountants, mid & back-office,
relationship managers, IT, …
IT platform, F2F-workshops, on-
site visits, panels, interview, …
“You cannot map out the full structure of a co-creation system at the start. You must piece it together
gradually, like a jigsaw puzzle.”
Gouillart & Douglas, HBR – 04/2013
1-on-1, 1-to-many, which
stakeholders should interact, …
Measure outcome and results:
content measures, engagement
measures, …

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CHOICES TO MAKE
Internal External
Online Offline
Fixed topic
Free-flowing
topic
Temporary Continuous
Support
innovation
Facilitate
innovation
Open Closed
(Debruyne, 2010)

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DIFFERENT APPROACHES ARE
POSSIBLE
Continuous, open
platform
1-time collect
platform
Day-to-day RM-
central co-
creation
Delivery focussed
co-creation
process
Continuous
Small-scale
Project
Large-scale
Digital platform
driven
No
Yes Collecting
(Community)
Connecting
(1-on-1)

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WHEN TO INVOLVE YOUR
PARTNER(S)?
Idea
Generation
Product
Concept
Development
Project
Definition
Engineering
Prototype
Testing
Market
Launch
Co-creation effectiveness varies by process stage
Gruner & Homburg (Journal of Business Research)
If you have to choose:
 Steps with highest impact: product concept development &
prototype testing
 Effectiveness drops when not involving partner(s) early on

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BUILDING CO-CREATION
PORTFOLIO
Different types of co-creation
projects exist: the ones that
take away dissatisfiers in
existing services and the ones
create new “delighter”
services. Both are important.

34. ZOOM ON BNP PARIBAS

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NEW MINDSET
“It is not your company.
It is our company.“

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LIMITED FOCUS

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WHERE IS BNPP SITUATED ?
Market
Research
Co-creation

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3 BASIC STEPS
Preparation Client engagement After-care
• Clear, linked objectives
• Make sure you can
follow-through afterwards
• Manage expectations
• Secure budget
• Select meticulously for purpose
• Prepare thoroughly
• ACT on feedback
• Follow-up with client
• The more intense the
engagement, the
more important the
after-care

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The Marriage
CLIENT ENGAGEMENT
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The Steamy Affair
The Quicky LAT
Short Long
Time of Engagement
HighLow
IntensityofEngagement

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CO-CREATION MODES@BNP PARIBAS
HQ
RM
Front
Clients
1
2
3

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Give and Take
FINDING THE BALANCE
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The Butler’s Trap
(Watch out !)
NO GO Hit and Run
(Watch out !)
Low High
Value for the Bank
HighLow
ValuefortheClient

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REUSE AND SCALE

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SEGMENTATION

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3 MAIN TYPES OF INTERACTION
Lead UsersClients
Employees
Co-creationUser engagement
Co-creation

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ATTRIBUTES
Clients Lead Users Employees
Indicate pain points Generate ideas Generate ideas
Focussed on problems Focussed on solutions Focussed on solutions
Behind the curve Ahead of the curve On the curve
User Expert User Expert
Incremental Leap Incremental
Large groups Limited group Leverage effect
Go broad Go deep Go deep
Citizens Ambassadors Ambassadors
Scalable Not scalable Less scalable

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YOU COULD EVEN GO FURTHER

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WHAT WORKS BEST ?
Engagement
intensity
Group size
Type of platform
Continous interaction
whith large group
on digital platform
Interactive workshop
Face-to-face discussion
Digital collaboration tool
One process step
Several process steps
All process steps
1 Fixed panel Large group
Broad group of stakeholders

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PICK YOUR TOOL

49. CONCLUSIONS

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STUDY SETUP
Literature
study
Selection of
employee
interviews
In-depth
project with
clients

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BENEFITS FROM LITERATURE
Access to new experiences/brainpower/creativity
Products & services closer to reality
Higher client adoption rates (commercial potential)
Better implementation quality
Higher commitment and involvement from clients
Relationship building
Better customer retention
Positive attitude towards product
Better fit to needs
Better differentiation
Reduced risk and building cost
Higher internal commitment/intrinsic motivation

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BENEFITS FROM INTERVIEWS
All clients were positive about the co-creation initiative
Clients have a more positive image of BNPPF after the co-creation
session.
They listen to us
They work more professional than I thought
They are serious about client centricity
They do more than the competition
Main perceived client benefits (ranked):
1. Client gets a better product/service
2. Client gets a product more tailored to his specific needs
3. Client learns from this process and can even apply it to their own clients

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LEARNINGS FROM INTERVIEWS
Expectation management for both clients and employees involved
First focus on straight funnel or short cycle projects to ensure buy-in and
avoid demotivation.
Go in very focussed. Know what you want to get out of it. Not an open chat.
Co-creation does not work as an add-on. Needs to be integrated (time,
budget, …) from the start of the project.
Employees are not clients
Clients know your products best
Big difference between what people say and how they act. Focus on action.
Do not overpromise/underdeliver

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REMEMBER
BUILD IT WITH THEM
AND THE ARE ALREADY THERE
BUILD IT AND THEY WILL COME …

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CONCLUSIONS

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GET TO WORK ! (20 MIN)
Discuss with your neighbour:
How do you currently
connect with customers and
external stakeholders?
How can these interactions
be made more co-creative?
When and how can
employees in the
organisation be engaged
more co-creatively?
Ideation/crowdsourcing assignment:
How can you involve clients/stakeholders more closely in your
work? How do you think it would make a difference?

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THANK YOU !
E-Mail:
Bjorn.Cumps@vlerick.com
LinkedIn:
www.linkedin.com/pub/bjorn-cumps
Twitter:
@bjorncumps
Bjorn Cumps, PhD
Professor of Digital Banking