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e-Business Innovation Report Research Conducted by: Brant R. Carson (20), Vincent Nazih(20), Chirag Pathak (18), Eric Quon-Lee (18) Innovation Model:  Tom Vassos [email_address]
Contents ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object]
The Innovation Story
“ We will fight our battles not on the low road to commoditization, but on the high road of innovation.” Howard Stringer, Chairman & CEO,  Sony Corporation Oct. 4, 2005 “ Government support for scientific research is not enough. We also need to make sure that scientific innovation gets translated into applied uses in business.” U.K. Prime Minister Tony Blair "Constant reinvention is the central necessity at GE... We're all just a moment away from commodity hell.“ Jeffrey Immelt Chairman and CEO, GE “ More and more CEOs are adopting an innovation agenda.” Sam Palmisano, IBM CEO “ Electronics Industry Lacks Innovation,  Philips CEO Charges” EE Times , Sept. 27, 2005 “ Continuous innovation and the full, unfettered expression of human capacity are indispensable to Japan's economic rebirth and revitalization.” Japanese Prime Minister Junichiro Koizumi “ Innovation is an essential component of corporate survival.” Anne Golden President and CEO Conference Board of Cda Source:  IBM Innovation has become an important part of the agenda for senior public and private sector leaders
Innovation is important for the success of Canadian companies ,[object Object],[object Object],[object Object]
Innovation need not be a big or a new thought, but it should lead to the creation of social and economic value   ,[object Object],[object Object]
There a number of myths about the nature, origin and need for innovation ,[object Object],[object Object],[object Object],[object Object],[object Object],Source:  Making Innovation Work, Davila, Epstein, Shelton: Wharton School Publishing 2005.
CXOs recognize innovation as the most important capability for competitive differentiation and growth Source: March 2005 McKinsey Quarterly survey of 9,345 global executives Ability to manage increasing Regulation costs Ability to allocate capital Ability to manage a global organization Ability to allocate the best talent Ability to innovate Percentage of executives that consider each capability important for growth
Collaboration is indispensable for driving innovation.  IBM’s CEO study revealed that companies that used external sources for innovation reported higher revenue growth ,[object Object],[object Object],[object Object],[object Object],[object Object],Source:  IBM
Several sources of innovative ideas are actually external to the organization Source:  IBM Employees Business Partners Customers Consultants Competitors Associations/Trade Groups Internet Sales/Service Units Internal R&D Academia * Respondents could select up to three choices External Sources of Innovation Percentage of Respondents Companies that relied more on external sources for innovative ideas outperformed other companies.
The Innovation Roadmap
Technology Enablers Innovation Enablers e-Business Strategy Execution Strategy The Innovation Roadmap is a comprehensive framework for building a strategic innovation plan that will drive value to any organization.  It includes the creation of an innovation strategy, an execution strategy and an e-Business strategy – enabled by innovation enablers and technology enablers. Innovation Roadmap Innovation Strategy
Technology Enablers Innovation Enablers e-Business Strategy Execution Strategy The Innovation Roadmap should be driven jointly by the IT department as well as various “Lines of Business”.  The Lines of Business tend to have more input into the Innovation Strategy and the Execution Strategy, while the IT department tends to have more input into the Innovation and Technology Enablers. Innovation Roadmap Innovation Strategy LOB* IT LOB & IT * LOB = Line of Business
Business Model Innovation Product Innovation Operations Innovation Business Function Innovation Services Innovation Technology Enablers Innovation Enablers e-Business Strategy Execution Strategy Innovation Roadmap – Innovation Strategy Innovation Strategy The Innovation Strategy involves an exploration of various forms of innovation, from Business Model Innovation to Operations Innovation.
Leadership Governance Collaboration Change Management Communications Organization Culture & Rewards Technology Enablers Innovation Enablers e-Business Strategy Execution Strategy Innovation Roadmap – Execution Strategy The Execution Strategy involves a comprehensive approach to executing an innovation plan – from leadership and governance considerations, to change management and communications plans.
Foundation Phase Exploitation Phase Strategic Transformation Phase Innovation Phase Business Extension Phase Technology Enablers Innovation Enablers e-Business Strategy Innovation Roadmap – e-Business Strategy The e-Business Strategy involves an exploration of various forms of innovation that are tied to various e-Business functional areas such as e-Learning, e-Purchasing, e-Mail Marketing, Viral Marketing, e-Marketplaces, Online Communities, One-on-One Personalization Strategies, etc.
Conferences & workshops Flexible IP rights Military commercialization Education gone public The New Value Chain Technology Enablers Partner collaboration Influence 2.0 Innovation Enablers Innovation Roadmap – Innovation Enablers Innovation Enablers are tactics that can be deployed to cultivate the ongoing formation of hundreds of innovative ideas throughout an organization.  Many enablers used in other industries have been applied in the global financial services industry or should be considered in the near future.
Innovation Roadmap – Technology Enablers Technology Enablers are technologies that can be deployed to drive specific innovative applications for competitive advantage and/or generating a Return on Investment.  Many enablers for other industries have been applied, are in the process of being applied or should be applied in the global financial services industry. Social networking Video Net neutrality Blogs 3G & IMS Wikis Technology Enablers
Innovation Strategy
Business Model Innovation Product Innovation Operations Innovation Business Function Innovation Services Innovation Technology Enablers Innovation Enablers e-Business Strategy Execution Strategy Innovation Roadmap – Innovation Strategy Innovation Strategy The Innovation Strategy involves an exploration of various forms of innovation, from Business Model Innovation to Operations Innovation.
Product Innovation Business Model Innovation Services Innovation Operations Innovation In the global Financial Services industry, there are many innovative companies. Business Function Innovation
Business Model Innovation Prosper charges borrowers and lenders a 2% to 3% fee per transaction as well as a 1% fee per annum for connecting them through an online auction. ,[object Object],[object Object],[object Object],Source: http://www.prosper.com
Business Model Innovation Zopa (US) matches lenders with borrowers online. They guarantee lenders a ~3.75% return on their money and charge borrowers ~8.5%. They guarantee the funds  by leveraging 6 US Credit Unions and make the difference. ,[object Object],[object Object],[object Object],[object Object],Source:  http://www.zopa.com
Business Model Innovation Grameen Bank has enabled 4.9 million borrowers to emerge from extreme poverty by offering microcredit loans to poor people. ,[object Object],[object Object],[object Object],[object Object],Source:  http://www.grameen-info.org/
Business Model Innovation ING Direct has attracted 17 million clients and over $330 billion in savings assets by revolutionizing retail banking through internet banking services. ,[object Object],Source:  http://www.ingdirect.ca   ING now offers online mortgages to clients Multiple types of accounts are offered including RSP accounts  ING has never had fees on its accounts. Interest rates always exceed those of typical banks
Product Innovation Manulife enables customers to save up to $30,000 by consolidating their debts and mortgage payments into one account linked to their chequing account. ,[object Object],[object Object],Source:  http://www2.manulifeone.ca/en/aboutmanulifeone/  http://www1.manulife.com/corporate/corporate2.nsf/public/canada101802.html   Manulife One simplifies the administration of payments by having consolidated debts
Product Innovation Capital One UK now offers an Identity Theft Service. If a customer’s identity is stolen, Capital One will assign an employee to recover the customer’s identity. ,[object Object],[object Object],[object Object],Source:  http://www.capitalone.co.uk/creditcards/capital-one-bt-platinum-card.jsf   http://www.privcom.gc.ca/id/primer_e.asp   Identity theft service is being offered for free with all Capital One cards in the UK.
Product Innovation Revolution card reduces credit card fraud potential by requiring a PIN in addition to a swipe of the card. To protect against identity theft, it also doesn’t emboss any personal information on the card. ,[object Object],[object Object],[object Object],[object Object],[object Object],Source:  https://www.revolutionmoney.com/revcard.aspx   Hockey team specific promotion. Online application.
Product Innovation HSBC UK’s Asset Master Plan allows businesses to get up to 90% of the value of equipment that has already been paid for in cash, allowing them to purchase other equipment while providing security for the bank’s loan. ,[object Object],[object Object],[object Object],[object Object],Source:  http://www.hsbc.co.uk/1/2/business/finance-borrowing/asset-finance/asset-loan   Ability to request a quote online. Loan plan is similar to a reverse mortgage being offered by many institutions to retail customers.
Product Innovation US Federal Credit Union offers a no fee account product through the Eastside Financial Center to attract underserved consumers in low income neighbourhoods.  ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Source:  http://www.thrivent.com/aboutus/  http://www.eastsidefinancialcenter.org/ Eastside Financial Center was created by the non-profit financial institution Thrivent Financial for Lutherans The Lutheran Social Service points potential new customers to the Eastside Financial Center for financial assistance. This generates business for the US Federal Credit Union.
Services Innovation Citibank in the Philippines has launched mobile banking which enables users to pay bills, transfer funds and reload their prepaid mobile phone attracting new customers and reducing branch overhead. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Source:  http://www.citibank.com/philippines/gcb/english/citimb/smbmain.htm   Transactions can be completed by text message or through an application downloaded to a customer’s mobile phone.
Services Innovation Citibank and SK Telecom are currently trialing real-time stock quotes and mobile stock trading in Hong Kong.  ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Source:  http://www.sktelecom.com/   http://www.apple.com     http://www.mobilemoneyventures.net/     http://www.americanbanker.com/article.html?id=20080723WEQI5G1D MMV’s platform was designed to be scalable to a wider variety of mobile services.
Services Innovation Banco do Brasil and VISA are enabling customers to pay for goods and services with their mobile devices by initiating and confirming the transaction by text message. ,[object Object],[object Object],Source: Bills, Steve.  Mobile Payments Rollout Begins to Go Commercial . American Banker, 9/4/2008, Vol. 173 Issue 171, p16. *  http://www.reuters.com/article/pressRelease/idUS111424+03-Sep-2008+BW20080903
Services Innovation VISA is enabling automatic mobile top up of Korean public transit smart cards (T-Money).  This saves commuters time as well as the aggravation of waiting in a line to recharge their T-Money card. ,[object Object],[object Object],Source: http://en.wikipedia.org/wiki/T-money   http://www.reuters.com/article/pressRelease/idUS111424+03-Sep-2008+BW20080903
Services Innovation Cidway’s online and ATM banking security solution prevents many types of fraud by sending a one-time password (OTP) to a user’s mobile device before they use online banking or an ATM.  ,[object Object],[object Object],[object Object],Source:  http://cidway.com/default.asp?PageID=217#
Operations Innovation Washington Trust Company reduced their number of tellers by 50% by introducing self-serve kiosks in the waiting area. ,[object Object],[object Object],[object Object],Source: H. Lowe, Frederick.  R.I. Bank's Newest Branch Will Have High-Tech Touch.  American Banker, 7/1/2008, Vol. 173 Issue 126, p7.
Operations Innovation First Command Bank’s (US) remote cheque deposit saves trips to the bank and is significantly more convenient for rural customers. ,[object Object],[object Object],[object Object],[object Object],Source: Maria Bruno-Britz (2008, August).  Home, Sweet Home -- FIS' consumer-based remote deposit capture offering could create a niche for banks . Bank Systems & Technology, 45(8), 14.  Retrieved September 29, 2008, from ABI/INFORM Global database. (Document ID: 1523673321).   http://www.firstcommandbank.com/commercial-banking/first-command-commercial-remote-deposit.htm
GO-Tag allows customers to purchase goods with a RFID card that can take many forms (fob, card, sticker, bracelet). This increases transaction throughput for high volume, low purchase value merchants. ,[object Object],[object Object],[object Object],[object Object],Source: http://www.firstdata.com/product_solutions/mobile_commerce_solutions/pdf/FD_Go_Tag_Prepaid_Solutions.pdf   The GO-Tag technology is already being used in American Express (Express Pay) and Mastercard (Pay Pass) locations. Operations Innovation
Innovation can occur across a broad range of business functional areas ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Business Function Innovation
Marketing Innovation Strategy Innovation Sales Innovation HR Innovation R&D Innovation Purchasing Innovation Finance Innovation Organization Design Innovation There are many innovation pioneers across  many functional areas as evidenced by these examples. Business Function Innovation
Engineering Innovation Logistics  Innovation IT Innovation PR Innovation Investor Relations Innovation There are many innovation pioneers across  many functional areas as evidenced by these examples. Employee Satisfaction Innovation Production Innovation Business Function Innovation
Zecco.com provides 10 free trades per month with a balance of $2,500 or more while charging customers for options trading and showing targeted advertisements. Strategy Innovation ,[object Object],[object Object],[object Object],[object Object],[object Object],Free stock trades are offered with a balance of $2,500 or more each month. Online advertisements are an additional source of revenue for Zecco.com Source:  http://www.zecco.com
Fidelity Investments is offering high-yield checking accounts in an effort to attract deposits from customers and position itself as a full service online financial services provider. Strategy Innovation Source: Competing in the Retirement-Dominated Future: Developing Relationships First, Promoting Products Second. ( http://www.bai.org/ ), Fidelity Investments ( http://www.fidelity.com ) ,[object Object],[object Object],Fidelity is trying to branch from being a financial services provider to receiving deposits from customers.
Washington Mutual (WaMu) enhances brand and improves product sales by introducing a “WaMu Kids” area and giving parents terminals with access to wamu.com. Marketing Innovation Source: Washington Mutual ( http://newsroom.wamu.com/phoenix.zhtml?c=189529&p=irol-newsArticle&ID=695643&highlight =)   http://www.bellflowerchamber.com/bellflower02.htm   ,[object Object],[object Object],[object Object],[object Object],Above is an example of a Washington Mutual open concept branch in Bellflower, California.
Credit Suisse develops a profitable niche segment  in London by targeting gay and lesbians with their private banking arm. Marketing Innovation Source:  http://trendwatching.com/trends/pinkprofits.htm   http://www.springwise.com/financial_services/   ,[object Object],[object Object],[object Object],[object Object],Credit Suisse has a very personalized approach to private banking in the UK.
Wells Fargo adapts traditional cultural values and norms into a new powerful advertising strategy. Marketing Innovation Source: BusinessWeek ( http://www.businessweek.com/magazine/content/04_11/b3874011_mz001.htm ) ,[object Object],[object Object],[object Object],[object Object]
North Carolina’s Branch Banking and Trust (BB&T) distributes a soap opera DVD designed to educate Mexican immigrants about banking products and services to increase their penetration of Hispanics in the US. Marketing Innovation Source: Tescher, Jennifer and Sarah Gordon.  Nonprofits Valuable Allies in Serving Unbanked . American Banker; 8/29/2008, Vol. 173 Issue 168, p11. BB&T (http://www.bbt.com/about/cra/hispanicoutreach.html) ,[object Object],[object Object],[object Object],A segment of BB&T’s website is dedicated to this outreach program.
Virgin One positions itself as a caring employer, offers reliable hours and less stressful work. Employees are typically hired out of university and are molded into top talent.  HR Innovation Source: Competition, Innovation, and Strategy in the Financial Services Industry, December 2001. ( http://www.bai.org/competition ) Virgin One ( http://www.virginone.com ) ,[object Object],[object Object],[object Object],[object Object]
Wells Fargo developed a platform for secure online electronic information storage for its customers. R&D  Innovation Source:  https://www.wellsfargo.com/wfonline/wellsfargovsafe/tour/swf/   ,[object Object],[object Object],[object Object],Each customer is can purchase 1GB for $4.95 per month or 3 GB for $9.95 per month.
SAS Fraud Management saves companies millions of dollars by preventing fraudulent debit and credit card transactions in real time. R&D  Innovation Source: SAS ( http://www.sas.com/industry/fsi/fraud /) ,[object Object],[object Object],[object Object],[object Object]
AIG created a new insurance product that enabled corporations to electronically offload the risk of their investments and provide them additional liquidity. Finance Innovation Source: Wikipedia ( http://en.wikipedia.org/wiki/Collateralized_debt_obligation ),  MarketWatch ( http://www.marketwatch.com/news/story/aig-drops-12-auditor-spat/story.aspx?guid=%7B2E48413F-2819-40D8-BC5D-2009CB7F385A%7D ) ,[object Object],[object Object],[object Object]
Children’s Development Bank (CDB) is managed by street children for street children. It teaches the world’s poorest children financial skills and helps them achieve independence. Organization Design Innovation Source: Children’s Development Bank ( http://www.childrensdevelopmentbank.org /) ,[object Object],[object Object],[object Object],[object Object]
Production Innovation Source:  http://www.aqubanc.com International Journal of Electronic Finance , volume 1, Number 2. Aquabanc provides the new Cheque21 service which allows cheques to be scanned by customers and sent electronically to banks. This saves customers transit time to their branches and saves banks paper storage space.  ,[object Object],[object Object],Cheque21 has been passed into law and allows physical cheques to be scanned and submitted online There is a fraud concern as cheques could be repeated or manufactured. Banks are being cautious as they roll out this service first to corporate clients.
Engineering innovation ANZ Bank Australia, reduces internet banking fraud by 40% after implementing the Fraudlink-billpay system. ANZ was recognized for its implementation at the  2007 Financial Insights Innovation Awards in Singapore . Source:  http://www.carreker.com/main/media/press_releases/releases2007/03-09-07-ANZ-IB-Award.htm   ,[object Object],[object Object],[object Object],[object Object],[object Object]
Engineering innovation France Telecom Mobile has developed a system that turns your mobile phone into a payment machine by allowing you to insert your bank card into your mobile phone and confirming any payment. Source: http://www.smartcardalliance.org/articles/2000/05/17/france-telecom-wins-top-honor-for-mobile-commerce-system ,[object Object],[object Object],[object Object]
Logistics Innovation Presidents Choice (PC) charges no fees to customers. It locates PC branded ATM’s in retail locations but does not have branches, which reduces overhead costs and logistics such as branch staffing. Source: http://www.marketwatch.com/news/story/-egg-offers-internet-only-uk/story.aspx?guid={358BCB69-3EA3-4B5D-A871-F00276A293F0} } ,[object Object],[object Object],[object Object],[object Object]
Logistics Innovation Banco Popular from Brazil uses mobile agents to provide banking services, the agents replace traditional bank branches thus freeing up resources and cutting costs for the bank. Source:  Lyman, T., Pickens, M. and David Porteous.  Regulating Transformational Branchless Banking . CGAP Focus Note No. 43. Washington D.C.: January 2008:  http://www.bancopopulardobrasil.com.br/   ,[object Object],[object Object],[object Object],[object Object]
Logistics Innovation Egg Bank, the UK’s first branchless bank, solves a logistics challenge by eliminating bank branches and providing an internet only account thus reducing operating and coordination costs. Source:  http: // www.egg.com   http://www.marketwatch.com/news/story/-egg-offers-internet-only-uk/story.aspx?guid={358BCB69-3EA3-4B5D-A871-F00276A293F0} }  ,[object Object],[object Object],[object Object],[object Object]
Ferratum offers a seductively simple concept of granting small 15 day loans by sms message, which can be requested by mobile. Ferratum provides the capital and charges a fee of 25% of the loan value for this service. IT Innovation Source:  http://www.psfk.com/2007/08/ferratum-offers-loans-by-sms.html Customer sends a request for money over sms and provides an account number, date of birth and address. Ferratum charges a 25% service fee  for providing the loan which must be returned in 15 days. Customer can collect the money within 10 minutes.
CIBC achieves the most effective back office initiative by undertaking a comprehensive reengineering program which aligned nineteen separate projects to their global operations. IT Innovation Source:  http://www.bobsguide.com/guide/news/2006/Dec/22/CIBC_wins_Financial_Innovation_Award.html http://www.pcubed.com/pdf&doc/Batch%20One%201_2/CIBC.pdf   ,[object Object],[object Object],[object Object]
Kotak Mahindra-Bank, introduces Global CASHplus which provides corporate clients access to advanced cash flow planning and working capital optimization applications. IT Innovation Source:  http://www.cxotoday.com/India/News/Kotak_Mahindra_Centralises_Payment_Process/551-93636-908.html   http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=BW&date=200 80916&id=9147107 http://www.kotak.com/Kotak_GroupSite/   ,[object Object],[object Object]
PR Innovation Credit Suisse adopts the carbon principle to become the first bank to go completely carbon neutral by 2009. ,[object Object],[object Object],Source:  http:// www.credit-suisse.com/news/en/media_release.jsp?ns=40826   Credit Suisse is providing opportunities for its clients to participate in environmental initiatives. Many positive articles were written about Credit Suisse’s decision to ‘go green.’
Investor Relations Innovation Proxydemocracy provides a set of tools to help investors use their voting power to produce positive changes in the companies they own. Source:  http://proxydemocracy.org  ;  http://sec.gov/ ,[object Object],[object Object],[object Object],Reliable and trusted it has been tested in high profile cases,  like the Yahoo-Merger talks 2007. Lists all major criteria important  to investors  relations covered in the statistics. Easy access to detailed statistics on voting.
Employee Satisfaction Innovation Bank of Montreal (BMO) implementing a new way to encourage employees at work by helping them maintain a work-life balance. ,[object Object],[object Object],[object Object],Source:  http:// www.bmo.com
Innovation Execution Strategy
Leadership Governance Collaboration Change Management Communications Organization Culture & Rewards Technology Enablers Innovation Enablers e-Business Strategy Execution Strategy Innovation Roadmap – Execution Strategy The Execution Strategy involves a comprehensive approach to executing an innovation plan – from leadership and governance considerations, to change management and communications plans.
Change Management Culture & Rewards Collaboration Communications Leadership Governance Organization There are many innovation pioneers across  many areas of execution as evidenced by these examples. Execution Strategy Innovation
Collaboration Infoanvit will save loan officers one hour per day after the implementation of a unified communications tool for online communication and collaboration. This time saving will increase the throughput of loans processed per day and also a reduction in loan approval time. Source:  http://www.infonavit.gob.mx/ http://whitepapers.techrepublic.com.com/abstract.aspx?docid=346058   ,[object Object],[object Object],[object Object],[object Object],[object Object]
Collaboration The Australian Government Department of Finance and Deregulation introduced “GovDex,” which is a secure internet space for government agencies to manage stakeholders, projects and store documents.  Source:  www.finance.gov.au https://www.govdex.gov.au/user/index.do   GovDex also encourages interoperability between the different layers of organizations (business, information and technology). ,[object Object],[object Object],[object Object],[object Object]
Change Management The Industrial Credit and Investment Corporation of India (ICICI) implemented “Five S” which is  a change management process. Its implementation resulted in 50% cost savings at one bank branch in Mumbai.   Source:  http:// ebusiness.icicibank.com/imarkets/products/treasury_banking.asp?prod=tsbk ; Case Study 10 Pages, Change Management @ ICICI : case study, Case Code , 2002.Centre for Management research order number :HROB008 "Five S is a workplace transformation exercise. When we implemented it across the organisation, it …[had] many tangible benefits," says Chanda Kochhar, executive director, ICICI Bank.
Culture and Rewards Source:  www.db.com/careers/en/507.html http://www.cambridge-na.com/files/IR_downloads/Information_memorandum.pdf   With the “Total Reward Philosophy” the bank is able to retain highly skilled workers by providing them with excellent benefits and compensation based on teamwork and innovation. Deutsche Bank has a “Total Reward Philosophy,” which is geared toward a culture of performance and innovation. Rewards are aligned with the bank’s core values of teamwork and innovation. Employees are compensated significantly for innovative ideas.
Communications Bank of Panshin (BoP) deploys a complete communications solution, which allows employees to videoconference and use collective whiteboards. The implementation resulted in reduced operational costs and fewer misunderstandings between employees. Source:   www.bop.com.tw  (in Taiwanese)  ,[object Object],[object Object],[object Object],[object Object]
Leadership The implementation of innovation needs a committed senior leadership to guide through resistance to change introduced by innovative ideas. Source: http://www.privatebankinginnovation.com “ We have all sorts of exemptions in order to get things done and communicate our projects to the executives”  Tim Hanlon, RBC Former CEO of HSBC Private Banking (Suisse) SA says maintaining a new product for entrepreneurs was one of the key criteria in his succession selection
Governance Aligning the interests of clients, employees and owners on the long-term are key to govern successful innovation introductions. Source:  http://www.privatebankinginnovation.com   ,[object Object],[object Object],[object Object],“ We care only about the bottom for our clients, employees and for our firms”
Organization Lloyds Bank (UK) implemented a unique model at the bank for distributed innovation where all innovative ideas were encouraged throughout the organization, filtered to a consultant and then implemented.  Source: Bob Garratt,  Organizational change, learning and metrics: hard and soft ways to effective organizational change, Development and Learning in Organizations, Volume 19, pp-4-6, 2005.  There was no division devoted to thinking about or implementing innovation, no R&D department, rather ideas for innovation came in from all departments and filtered through a consultant. Lloyds is an example of a slow organizational change model where the entire organization in involved, it is not possible to develop this culture in a single day or month.
e-Business Strategy
Foundation Phase Exploitation Phase Strategic Transformation Phase Innovation Phase Business Extension Phase Technology Enablers Innovation Enablers e-Business Strategy Innovation Roadmap – e-Business Strategy The e-Business Strategy involves an exploration of various forms of innovation that are tied to various e-Business functional areas such as e-Learning, e-Purchasing, e-Mail Marketing, Viral Marketing, e-Marketplaces, Online Communities, One-on-One Personalization Strategies, etc.
The e-Business Roadmap Exploitation  Phase Innovation  Phase Business  Extension  Phase Strategic Transformation Phase Foundation  Phase The e-Business Roadmap can be used to explore a broad range of potential innovative e-Business ideas Global Niche Marketing e-Channel Strategic Alliance Future Innovation e-Marketplace Mobile Human Interaction Automated  Interaction Database Application E-Business Transaction Workflow Process e-Commerce Community Outbound E-mail Viral Marketing Personalization Customer Relationship Knowledge Management Traffic Generation Communications Infrastructure Collaboration Research Competitive Research Market Research e-Learning Assessment Strategy Organization Infrastructure Reach e-Branding Purchasing Publishing
Innovation Enablers
Conferences & workshops Flexible IP rights Military commercialization Education gone public The New Value Chain Technology Enablers Partner collaboration Influence 2.0 Innovation Enablers Innovation Roadmap – Innovation Enablers Innovation Enablers are tactics that can be deployed to cultivate the ongoing formation of hundreds of innovative ideas throughout an organization.  Many enablers used in other industries have been applied in the global financial services industry or should be considered in the near future.
Influence 2.0 The ability of customers communities to form and create collective bargaining power has lead companies to internalize their demands, often novel to their existing business model. ,[object Object],[object Object],[object Object],Source:  http://www.savetheinternet.com   Taking the fight to Congress.
The New Value Chain Pimp My Ride is an example of the “New Value Chain”, which consists of co-creating products with customers and then pushing them back into the regular development cycle. This increases the number of new products and the speed of their time to market. ,[object Object],[object Object],[object Object],Source: Teller Vision – January 2008
Multi-lateral partnerships Multi-lateral partnerships between the governments, universities and industry are helping companies quickly embrace and marketing innovations. The financial industry is no exception. ,[object Object],[object Object],[object Object],Source:  University incubators as agents for technology transfer and economic growth: case studies in USA,  Ukraine and Finland (Abetti, Rancourt), Market Watch: Financial Services & IBS. Regulation is allowing the introduction of Islamic Banking in the UK. Innovative Business Systems (IBS) is coordinating electronic banking innovation. 1 2
Education made public The public availability of universities’ curricula is providing cutting edge content and knowledge to millions of people worldwide . This will improve the overall quantity and quality of knowledge worldwide. ,[object Object],[object Object],[object Object],[object Object],Source:  http://ocw.mit.edu   View all 1800 courses offered at  http://ocw.mit.edu !
Cooperation with the military The National Defense sectors are increasingly  licensing technologies for commercial use allowing companies to take advantage of state of the art innovations. ,[object Object],[object Object],[object Object],[object Object],[object Object],Source:  http://www.nttc.edu/technologies / Think of the economic impact of “Going to the moon”!
Conferences and workshops Conferences and workshops bring together innovative thought leaders. They help promote innovation cultures within companies across industries, including financial services. ,[object Object],[object Object],Source:  http://www.ted.com North Island CU Implements i3 Process To Drive Creativity Internally,  Credit Union Journal, 2005. San Diego’s North Island Credit Union implemented a set of ongoing workshops focused on innovation, ideas and implementation (i3) in an effort to encourage creativity with a variety of stakeholders.
Implosion of IP rights De facto  leniency with IP and the inevitability of piracy is paving the way for creators to provide “some rights” to users ranging from simple sharing to remixing of original content and pushing innovation further. ,[object Object],[object Object],All rights reserved Some rights reserved No rights reserved Creative Commons Internet Traffic Source:  http://www.creativecommons.org
Multicultural teams The different perspectives provided by members of increasingly multicultural teams are resulting in more creative solutions. ,[object Object],[object Object],[object Object],[object Object],[object Object],Source: *International Extension Curriculum   ** Roll Out The Recognition . Community Banker. Vol. 16 Issue 1, p40-44, Jan 2007.
Children’s creativity The trend towards harnessing the potential creativity of children is adding creative solutions of value ,[object Object],[object Object],Source:  http://llk.media.mit.edu   “ With PicoCrickets, you can create musical scultures, interactive jewelry, dancing creatures, and other playful inventions” Life long kinder Garden-MIT.
Early successes The success of early innovative companies reached critical mass in some industries and is pushing competitors and other industries towards the same path. ,[object Object],[object Object],[object Object],[object Object],Ryan Air’s offer. New Innovators. Source:  http://www.ryanair.com
Decreasing communications costs The increasingly low cost of communications will allow innovators to promote their innovations and collaborate on innovative products around the globe.  Source: Daiwa Institute of Research, VON Europe May 2006. Free broadband in Norway being sold next to frozen peas. ,[object Object]
Necessity! Necessity remains one of the main external drivers of innovation. However, the increasing  recognition  of people with necessity has accelerated innovation. ,[object Object],[object Object],The “Cow Model” of Grameen Phone that empowered the people in need and created economic value. Source:  http://www.grameenfoundation.org
More Many other impactful catalysts of innovation are being leveraged within organizations. ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Forward Looking Statements … Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. The potential risks and uncertainties that could cause actual results to differ from the results predicted include, among others, our ability to compete with new or existing competitors,  risks related to our ability to innovate and grow,  risks related to our international operations, our ability to maintain and enhance our brand, and the fact that we may have exposure to greater than expected tax liabilities… Google Inc. Financial Release’s “Forward Looking Statements”: Ability to innovate is main driver and risk. Source:  http://www.google.com
Innovation Roadmap – Technology Enablers Technology Enablers are technologies that can be deployed to drive specific innovative applications for competitive advantage and/or generating a Return on Investment.  Many enablers for other industries have been applied, are in the process of being applied or should be applied in the global financial services industry. Social networking Video Net neutrality Blogs 3G & IMS Wikis Technology Enablers
Blogs Blogs allow individuals sharing common interests to interact, allowing innovative ideas to rise through a grassroots system as well as forming market segments that companies could not recognize before. ,[object Object],4,252,387 blogs, 157,154 new posts, 37,525,099 words today on Wordpress. That is more than 4 million groups promoting ideas within their interests. That is more than 4 million market segments!! Source:  http://www.wordpress.com
Wikis Credit Unions in the United States are leveraging the power of wikis as online collaborative spaces to innovate their products.  ,[object Object],[object Object],American Credit Unions are being innovative and are embracing both internal and customer-facing wikis to help them design products, prioritize issue resolution and offer constructive suggestions. Anyone can participate in collaborative wiki debates. Source: Jepson, Kevin.  Six Cu’s Use Wiki Platform as Means of Peer Collaboration.  Credit Union Journal, Vol. XI No. 24 June 18, 2007.
Net neutrality Net neutrality will make telecommunications infrastructure available for all network provider, which would boost the number of innovative services that can be offered to end consumers. ,[object Object],[object Object],[object Object],Source: Re: Ex Parte Submission in CS Docket No. 02-52, Letter to Secretary of FCC.
Social networking Social networking is allowing peers to stay in touch interactively and to find other people who share the same interests, boosting the potential to create and collaborate on innovations of value. There is a large opportunity for financial institutions if they can tap into these networks. Source: Wikipedia and CNNIC ,[object Object],[object Object],[object Object]
User videos & mashups User-generated online video and webcasts allow for more sharing of innovations and the promotion of creative ideas. Financial institutions are beginning to leverage video technologies and sharing to promote their own services and products. Source: Wikipedia, Nielsen/NetRatings & Credit Union Journal. ,[object Object],[object Object],[object Object],[object Object],Online financial product and service education is being offered via webcasts.
3G adoption and IMS 3G wireless and IMS are increasing data transmission speeds and the variety of applications that can be supported on mobile phones. This increases the opportunity for more complex mobile banking globally.  Source: Hakan Eriksson, CTO Ericsson, VON Europe May 2006 & GSMA ,[object Object],[object Object],3G and IMS network services enable a wide variety of mobile applications. DSL VDSL GPON WLAN WiMax EDGE HSPA LTE Access -> packet broadband Multi- Vendor Multi- Operator IP VoIP IMS PTT MMTel IPTV IMS
Conclusions / Recommendations
Conclusions ,[object Object],[object Object],[object Object]
Recommendations ,[object Object],[object Object],[object Object]

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Innovation Report World Tour Of The Financial Services Industry Brant R Carson Chirag Pathak Eric Quon Lee Vincent Ghossoub Final

  • 1. e-Business Innovation Report Research Conducted by: Brant R. Carson (20), Vincent Nazih(20), Chirag Pathak (18), Eric Quon-Lee (18) Innovation Model: Tom Vassos [email_address]
  • 2.
  • 4. “ We will fight our battles not on the low road to commoditization, but on the high road of innovation.” Howard Stringer, Chairman & CEO, Sony Corporation Oct. 4, 2005 “ Government support for scientific research is not enough. We also need to make sure that scientific innovation gets translated into applied uses in business.” U.K. Prime Minister Tony Blair "Constant reinvention is the central necessity at GE... We're all just a moment away from commodity hell.“ Jeffrey Immelt Chairman and CEO, GE “ More and more CEOs are adopting an innovation agenda.” Sam Palmisano, IBM CEO “ Electronics Industry Lacks Innovation, Philips CEO Charges” EE Times , Sept. 27, 2005 “ Continuous innovation and the full, unfettered expression of human capacity are indispensable to Japan's economic rebirth and revitalization.” Japanese Prime Minister Junichiro Koizumi “ Innovation is an essential component of corporate survival.” Anne Golden President and CEO Conference Board of Cda Source: IBM Innovation has become an important part of the agenda for senior public and private sector leaders
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  • 8. CXOs recognize innovation as the most important capability for competitive differentiation and growth Source: March 2005 McKinsey Quarterly survey of 9,345 global executives Ability to manage increasing Regulation costs Ability to allocate capital Ability to manage a global organization Ability to allocate the best talent Ability to innovate Percentage of executives that consider each capability important for growth
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  • 10. Several sources of innovative ideas are actually external to the organization Source: IBM Employees Business Partners Customers Consultants Competitors Associations/Trade Groups Internet Sales/Service Units Internal R&D Academia * Respondents could select up to three choices External Sources of Innovation Percentage of Respondents Companies that relied more on external sources for innovative ideas outperformed other companies.
  • 12. Technology Enablers Innovation Enablers e-Business Strategy Execution Strategy The Innovation Roadmap is a comprehensive framework for building a strategic innovation plan that will drive value to any organization. It includes the creation of an innovation strategy, an execution strategy and an e-Business strategy – enabled by innovation enablers and technology enablers. Innovation Roadmap Innovation Strategy
  • 13. Technology Enablers Innovation Enablers e-Business Strategy Execution Strategy The Innovation Roadmap should be driven jointly by the IT department as well as various “Lines of Business”. The Lines of Business tend to have more input into the Innovation Strategy and the Execution Strategy, while the IT department tends to have more input into the Innovation and Technology Enablers. Innovation Roadmap Innovation Strategy LOB* IT LOB & IT * LOB = Line of Business
  • 14. Business Model Innovation Product Innovation Operations Innovation Business Function Innovation Services Innovation Technology Enablers Innovation Enablers e-Business Strategy Execution Strategy Innovation Roadmap – Innovation Strategy Innovation Strategy The Innovation Strategy involves an exploration of various forms of innovation, from Business Model Innovation to Operations Innovation.
  • 15. Leadership Governance Collaboration Change Management Communications Organization Culture & Rewards Technology Enablers Innovation Enablers e-Business Strategy Execution Strategy Innovation Roadmap – Execution Strategy The Execution Strategy involves a comprehensive approach to executing an innovation plan – from leadership and governance considerations, to change management and communications plans.
  • 16. Foundation Phase Exploitation Phase Strategic Transformation Phase Innovation Phase Business Extension Phase Technology Enablers Innovation Enablers e-Business Strategy Innovation Roadmap – e-Business Strategy The e-Business Strategy involves an exploration of various forms of innovation that are tied to various e-Business functional areas such as e-Learning, e-Purchasing, e-Mail Marketing, Viral Marketing, e-Marketplaces, Online Communities, One-on-One Personalization Strategies, etc.
  • 17. Conferences & workshops Flexible IP rights Military commercialization Education gone public The New Value Chain Technology Enablers Partner collaboration Influence 2.0 Innovation Enablers Innovation Roadmap – Innovation Enablers Innovation Enablers are tactics that can be deployed to cultivate the ongoing formation of hundreds of innovative ideas throughout an organization. Many enablers used in other industries have been applied in the global financial services industry or should be considered in the near future.
  • 18. Innovation Roadmap – Technology Enablers Technology Enablers are technologies that can be deployed to drive specific innovative applications for competitive advantage and/or generating a Return on Investment. Many enablers for other industries have been applied, are in the process of being applied or should be applied in the global financial services industry. Social networking Video Net neutrality Blogs 3G & IMS Wikis Technology Enablers
  • 20. Business Model Innovation Product Innovation Operations Innovation Business Function Innovation Services Innovation Technology Enablers Innovation Enablers e-Business Strategy Execution Strategy Innovation Roadmap – Innovation Strategy Innovation Strategy The Innovation Strategy involves an exploration of various forms of innovation, from Business Model Innovation to Operations Innovation.
  • 21. Product Innovation Business Model Innovation Services Innovation Operations Innovation In the global Financial Services industry, there are many innovative companies. Business Function Innovation
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  • 40. Marketing Innovation Strategy Innovation Sales Innovation HR Innovation R&D Innovation Purchasing Innovation Finance Innovation Organization Design Innovation There are many innovation pioneers across many functional areas as evidenced by these examples. Business Function Innovation
  • 41. Engineering Innovation Logistics Innovation IT Innovation PR Innovation Investor Relations Innovation There are many innovation pioneers across many functional areas as evidenced by these examples. Employee Satisfaction Innovation Production Innovation Business Function Innovation
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  • 59. Ferratum offers a seductively simple concept of granting small 15 day loans by sms message, which can be requested by mobile. Ferratum provides the capital and charges a fee of 25% of the loan value for this service. IT Innovation Source: http://www.psfk.com/2007/08/ferratum-offers-loans-by-sms.html Customer sends a request for money over sms and provides an account number, date of birth and address. Ferratum charges a 25% service fee for providing the loan which must be returned in 15 days. Customer can collect the money within 10 minutes.
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  • 66. Leadership Governance Collaboration Change Management Communications Organization Culture & Rewards Technology Enablers Innovation Enablers e-Business Strategy Execution Strategy Innovation Roadmap – Execution Strategy The Execution Strategy involves a comprehensive approach to executing an innovation plan – from leadership and governance considerations, to change management and communications plans.
  • 67. Change Management Culture & Rewards Collaboration Communications Leadership Governance Organization There are many innovation pioneers across many areas of execution as evidenced by these examples. Execution Strategy Innovation
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  • 70. Change Management The Industrial Credit and Investment Corporation of India (ICICI) implemented “Five S” which is a change management process. Its implementation resulted in 50% cost savings at one bank branch in Mumbai. Source: http:// ebusiness.icicibank.com/imarkets/products/treasury_banking.asp?prod=tsbk ; Case Study 10 Pages, Change Management @ ICICI : case study, Case Code , 2002.Centre for Management research order number :HROB008 "Five S is a workplace transformation exercise. When we implemented it across the organisation, it …[had] many tangible benefits," says Chanda Kochhar, executive director, ICICI Bank.
  • 71. Culture and Rewards Source: www.db.com/careers/en/507.html http://www.cambridge-na.com/files/IR_downloads/Information_memorandum.pdf With the “Total Reward Philosophy” the bank is able to retain highly skilled workers by providing them with excellent benefits and compensation based on teamwork and innovation. Deutsche Bank has a “Total Reward Philosophy,” which is geared toward a culture of performance and innovation. Rewards are aligned with the bank’s core values of teamwork and innovation. Employees are compensated significantly for innovative ideas.
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  • 73. Leadership The implementation of innovation needs a committed senior leadership to guide through resistance to change introduced by innovative ideas. Source: http://www.privatebankinginnovation.com “ We have all sorts of exemptions in order to get things done and communicate our projects to the executives” Tim Hanlon, RBC Former CEO of HSBC Private Banking (Suisse) SA says maintaining a new product for entrepreneurs was one of the key criteria in his succession selection
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  • 75. Organization Lloyds Bank (UK) implemented a unique model at the bank for distributed innovation where all innovative ideas were encouraged throughout the organization, filtered to a consultant and then implemented. Source: Bob Garratt, Organizational change, learning and metrics: hard and soft ways to effective organizational change, Development and Learning in Organizations, Volume 19, pp-4-6, 2005. There was no division devoted to thinking about or implementing innovation, no R&D department, rather ideas for innovation came in from all departments and filtered through a consultant. Lloyds is an example of a slow organizational change model where the entire organization in involved, it is not possible to develop this culture in a single day or month.
  • 77. Foundation Phase Exploitation Phase Strategic Transformation Phase Innovation Phase Business Extension Phase Technology Enablers Innovation Enablers e-Business Strategy Innovation Roadmap – e-Business Strategy The e-Business Strategy involves an exploration of various forms of innovation that are tied to various e-Business functional areas such as e-Learning, e-Purchasing, e-Mail Marketing, Viral Marketing, e-Marketplaces, Online Communities, One-on-One Personalization Strategies, etc.
  • 78. The e-Business Roadmap Exploitation Phase Innovation Phase Business Extension Phase Strategic Transformation Phase Foundation Phase The e-Business Roadmap can be used to explore a broad range of potential innovative e-Business ideas Global Niche Marketing e-Channel Strategic Alliance Future Innovation e-Marketplace Mobile Human Interaction Automated Interaction Database Application E-Business Transaction Workflow Process e-Commerce Community Outbound E-mail Viral Marketing Personalization Customer Relationship Knowledge Management Traffic Generation Communications Infrastructure Collaboration Research Competitive Research Market Research e-Learning Assessment Strategy Organization Infrastructure Reach e-Branding Purchasing Publishing
  • 80. Conferences & workshops Flexible IP rights Military commercialization Education gone public The New Value Chain Technology Enablers Partner collaboration Influence 2.0 Innovation Enablers Innovation Roadmap – Innovation Enablers Innovation Enablers are tactics that can be deployed to cultivate the ongoing formation of hundreds of innovative ideas throughout an organization. Many enablers used in other industries have been applied in the global financial services industry or should be considered in the near future.
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  • 94. Innovation Roadmap – Technology Enablers Technology Enablers are technologies that can be deployed to drive specific innovative applications for competitive advantage and/or generating a Return on Investment. Many enablers for other industries have been applied, are in the process of being applied or should be applied in the global financial services industry. Social networking Video Net neutrality Blogs 3G & IMS Wikis Technology Enablers
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