Open Inovation and Crowdsourcing - A presentation for FST Media Banking Technology and Innovation conference, Kuala Lumpur
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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.
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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
- 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
- 17. Open Innovation also helps us deal with a built-in risk-averse industry personality
- 18. Our business model is risk averse
- 19. Our people self-selected for risk- averse personality types when they applied
- 20. This makes us great at incremental, ‘riskless’ innovation
- 21. But makes us crap at disruption
- 22. Open Innovation can help with this Achilles heel.
- 23. Open Innovation means developing 3 integrated skills Sensing Exploring Absorbing
- 24. Quiz How many of the following companies do you know? • First Meta • Play Moolah • Investo Presto • Bill Pin • Pandai
- 25. Don’t fly to Silicon Valley!
- 26. Companies disrupting financial industry models are bursting through the pavement of Asia’s cities right now, if you look.
- 27. 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
- 29. Some of the next-generation work in big data visualization comes from bio-informatics and television production, not banking.
- 30. Learn by investing in targeted corporate ventures
- 31. Crowdsourcing
- 33. 10% of everyone’s time is spent waiting for someone else at work
- 34. If you have a regional headcount of 1,000, that is 100 FTE’s worth of effort that is idle.
- 35. What could you build with 100 spare people?
- 36. Who wouldn’t love to spread their wings and get out of the day-to-day grind from time to time?
- 37. Crowdsourcing is a great way to create cross-business and cross- location relationships, naturally
- 38. Case Study: UBS Just Do It Program • 3 - 5 day projects that are not urgent • Need “onboarding” support