BANKING INNOVATION

Crowdsourcing
CONTENTS
Analysis and models - Crowdsourcing and innovation p. 03
Case studies - Examples of initiatives p. 06
Final remarks - The path to innovation p. 16
ANALYSIS AND MODELS
Crowdsourcing and innovation
4 Analysis and models Crowdsourcing and innovation

Crowdsourcing
Distributed model for finding and solving
problems and for production

Examples of initiatives

WIKI ENGAGEMENT CONTEST SOCIAL online OPEN

for social FORECASTING MICRO INNOVATION
causes VOLUNTEERING

MORE MORE
OPEN STRUCTURED
5 Analysis and models Crowdsourcing and innovation

Crowd capability

Crowd
COMPANY
capability

AREA
DISPERSED + DIFFUSED
CONTENT
KNOWLEDGE + KNOWLEDGE
PROCESS

The result is unique for each company

6 Analysis and models Crowdsourcing and innovation

Area
Cro
wd
fu
nd
in

g
Perso

s
g na

ay
kin lB

te w
an a

nk
t ga

B
PRODUCT

me

er
s
Paymen

Ho
PROCESS Bank

Bra

ion
MARKETING

t
nc

ca
s

he

ni
u
m m
Internal co

P2P Lending
7 Analysis and models Crowdsourcing and innovation

Area

3 possible partners

BUSINESS
CLIENTS EMPLOYEES
PARTNERS
8 Analysis and models Crowdsourcing and innovation

Area
ENGAGEMENT online
SOCIAL OPEN
WIKI for social CONTEST MICRO
FORECASTING INNOVATION
causes VOLUNTEERING

Internal Charity Marketing Charity R&D

knowledge

HR Marketing
Organization

HR
HR

Internal
knowledge

Organization
9 Analysis and models Crowdsourcing and innovation

Process
Employees

Internal
ideas

Innovative
External Outcome
ideas

Idea Idea
Innovative
Scouts Connector
Outcome
10
Analysis and models Crowdsourcing and innovation

Content

SCOUTING DEVELOPING SHARING

INNOVATION INNOVATION INNOVATION

Internal or external The idea meets Improve the brand perception

idea scouting the corporate capabilities and connect with the influencers
11 Analysis and models Crowdsourcing and innovation

Content

PROBLEM
SOURCING
2 diff erent p
er
s

pe
ctiv
es
Searching
the questions
to ask PROBLEM
SOLVING

Searching
the answers
12Analysis and models Crowdsourcing and innovation

Criticalities

COMPOSITION GOVERNANCE COMPETENCES

OF THE CROWD OF THE CROWD

Is it representative The form shapes How they

of the real target the content can help
CASE STUDIES
Examples of initiatives
14 Case studies Examples of initiatives

Barclays - Your bank CLIENTS

COLLECTION AND VOTE OF IDEAS ON 3 TOPICS

1 Products

2 Everyday banking experience

3 Role of the bank in the community

www.yourbank.barclays.co.uk

Distinctive elements

• Employee engagement
• Three topics to cover a wide area SCOUT DEVELOP SHARE

• Promotional backing (web/TV/press) with a clear Call-To-

Action
15 Case studies Examples of initiatives

Erste Bank - Sparkasse lab CLIENTS

COLLECTION AND VOTE OF IDEAS ON 3 TOPICS

1 Mobile banking

2 Cashless society

3 Improving sparkasse lab

s-lab.sparkasse.at

Distinctive elements

• Separation between topics proposed by the bank and

topics proposed by the users SCOUT DEVELOP SHARE
• Gamification: points, badges, awards, user profiles
• Intense promotion on Facebook and Youtube
16 Case studies Examples of initiatives

First Direct - Firstdirectlab CLIENTS

Users can
exchange their
point of view
about topics and contents
proposed by the bank
(e.g.: Product Design,
Concept)
www.lab.fisrtdirect.com

Distinctive elements

• Co-creation SCOUT DEVELOP SHARE

• Possibility to pre-test services during their development
17 Case studies Examples of initiatives

Avanza Bank - Labs CLIENTS

GOAL: listen to the customers to improve

products and services

labs.avanzabank.se

SCOUT DEVELOP SHARE

18 Case studies Examples of initiatives

RBS - Ideas bank CLIENTI

COLLECTION AND VOTE OF IDEAS

Initiative aimed at
engaging the clients
after a troublesome www.rbs.co.uk/global/customer-charter/g1/ideas-bank.ashx

period with the internet

banking system

SCOUT DEVELOP SHARE

19 Case studies Examples of initiatives

Webank - Wepad project CLIENTS

GOAL: developing a mobile app through the collaboaration

of six experts with the community

www.wepadproject.it

Distinctive elements

• Minimum duration (6 weeks)

• Meetings of the experts streamed online SCOUT DEVELOP SHARE
• The most active user was awarded an iPad
20 Case studies Examples of initiatives

Capital One - Developer center BUSINESS

PARTNERS

They realised and shared some APIs to allow a community

of developers to create new services

developer.capitalonelabs.com

Distinctive elements

• They want to create an ecosystem to enable third parties

to release apps and services
• Also Credit Agricole, Axa Banque, ING and American SCOUT DEVELOP SHARE
Express released some APIs and SDKs
21 Case studies Examples of initiatives

Accenture - Fintech Innovation Lab BUSINESS

PARTNERS

An incubation program whose goal is to let the banking and finance leading
companies meet the most innovative
technology entrepreneurs

One-to-one meeting

12
Focus group
Strategy dev
Workshop
WEEKS Networking & PR
Workspace www.fintechinnovationlablondon.co.uk

Distinctive elements

• Cooperative competition
• Focused geographical area SCOUT DEVELOP SHARE
• Useful for banks to be captive on cutting edge
technologies
22 Case studies Examples of initiatives

Rabobank - Gamification challenge BUSINESS

PARTNERS

The goal is to apply gamification to

the traditional banking applications in order to produce new concepts

70
THE BEST CONCEPTS
ARE PRESENTED
university at the User Experience Center
STUDENTS of Rabobank

Distinctive elements

• Engagement of students to scout new talents

• The target is aligned with the goal of the challenge
SCOUT DEVELOP SHARE
23 Case studies Examples of initiatives

Banco Sabadel EMPLOYEES

COLLECTION AND SCOUTING OF EMPLOYEES’ IDEAS

INTRANET NEWSLETTER

NO MORE ONLINE
TO SHARE
THE BEST IDEAS
and those that will
be developed

The bank divided the ideas

SCOUT DEVELOP SHARE
into 5 levels
and 17 categories
according to their importance
for the bank
24 Case studies Examples of initiatives

IBM - Internal crowdfunding

Internal crowdfunding platform for projects proposed
and financed by the employees through virtual credits.

EMPLOYEES

10 projects
FINANCED IMPLEMENTATION
100%

DISTRIBUTED AMONG
5.500 EMPLOYEES
GOAL: 10.000$ - 50.000$

The first experiment

SCOUT DEVELOP SHARE
involved
500 employees
(100$ each)
25 Case studies Examples of initiatives

Deutsche Telekom EMPLOYEES

GOAL: leveraging the knowledge of the employees about customer needs, competitors
and market trends into useful data for managerial decision making.

SOCIAL
CROWDSOURCING INCENTIVES
FORECASTING

Platform where the top management Greater engagement for everyone and
asks questions to the employees awards to the top contributors
about the business

SCOUT DEVELOP SHARE

26 Case studies Examples of initiatives

More examples of social forecasting

ASSESSMENT SALES FORECASTING MARKET TRENDS SALES FORECASTING

OF NEW INNOVATIVE FOR AND DEMAND OF NEW OR EXISTING
IDEAS SINGLE PRODUCTS FORECASTING PRODUCTS

More accurate Gives quick warnings in a

forecasting (22% better highly volatile market
than traditional
method)
27 Case studies Examples of initiatives

eToro - Hackathon EMPLOYEES

48H NO STOP to develop new ideas and share knowledge

within the company

PRETOTYPING (lean startup model)

Distinctive elements

• High focus of a large group of people in a short period of

time
• Many easy-to-do ideas emerged
• Clients were engaged through videos and blog posts during SCOUT DEVELOP SHARE
the Hackathon
• Occasion for training (P2P knowledge among employees)
28 Case studies Examples of initiatives

Linkedin - Hackday Linkedinlabs

BUSINESS
PARTNERS
Public hackday
24H NON STOP hacking open to developers

food, drink industry leaders hackday.linkedin.com

awards
& yoga and investors

One friday each month the employees are free to work on what they want and
share their work on an internal platform
EMPLOYEES

The projects are presented to the community during an event and are
evaluated by the top management
www.linkedinlabs.com Examples of projects: Inmaps, Year in review, Mocha
29 Case studies Examples of initiatives

Linkedin - [IN] cubator

Possibility given to employees to WORK FULL TIME ON The best projects are selected during
THEIR IDEA for 1 - 3 months the internal events

Types of projects
EMPLOYEES

• New products
• New revenue streams
• Internal tools
• Technology improvements
• HR processes
• Training programs
• Philanthropy
FINAL REMARKS
The path to innovation
31 Final remarks Path to innovation

The path to innovation

1 Define the innovation area

2 Create and share a strategic narrative for the organisation

3 Top management on board

4 Stimulate a wide mix of different points of view

5 Attract and provide intentives to the innovation partners

6 Metrics

CREATE A SPACE TO
INNOVATE
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