This document discusses open innovation and crowdsourcing models for banks. It proposes that banks challenge assumptions about their core competencies and consider opening up non-core functions to innovation. Specific strategies proposed include transforming vendors into partners, questioning business model assumptions, and developing skills in sensing new opportunities, exploring innovations, and absorbing useful ideas. Case studies from Singapore, South Korea, and a crowdsourcing program at UBS are presented as examples of how open innovation can provide benefits.