Innovation and the Future Proof Bank: A Practical Guide to Doing Different Business-as-Usual
Innovation, the conversion of the new to business as usual, is a very special business process. It is the business process able to reprogram all others. Creating the practices that make this process work is a key challenge for all in financial services that are worried about responding to the future. When an institution can identify things that are outside its present practices and convert them, production line style, into products, processes, cultural changes, or new markets, it will never be outpaced by internal or external change again. The institution becomes "FutureProof".
This is a book about those practices in banks. It explains, using examples from institutions around the world, what it takes to create an innovation culture that consistently introduces new things into undifferentiated markets and internal cultures. It shows how banks can leverage the power of the new to establish unexpected revenue lines, or make old ones grow. And it provides advice on the social and political factors that either help or hinder the germination of the new in banks. Moreover, though, this is a book about the science of innovation in a banking context. Drawing from practices already highly developed in financial services—managing portfolios of assets to mitigate risk—it explains how practitioners can run their innovations groups like any other business line in the bank one that delivers a return on investment predictably and at high multiples of internal cost of capital.
For leaders, Innovation and the Future Proof Bank provides the diagnostic tools to guide benchmarking and investment decisions for the innovation function. And for innovation practitioners, the book lays out everything needed to make sure that converting the new to business as usual is predictable, measurable, and profitable.
61 SHOULD WE? CAN WE? WHEN?
62 THE INNOVATION PORTFOLIO
63 WHAT HAPPENS NEXT?
64 TOOLS FOR SHOULD WE?
65 TOOLS FOR CAN WE?
66 TOOLS FOR WHEN?
67 SELLING INNOVATIONS
BANK OF AMERICA AND THE CENTRE FOR FUTURE BANKING
22 PERSONAL INNOVATIVENESS
23 INNOVATION FROM THE PERSPECTIVE OF THE MARKET
24 CHARACTERISTICS OF INNOVATIONS
25 INNOVATION FROM THE PERSPECTIVE OF THE FIRM
THE INTERNAL ADOPTION OF SOCIAL MEDIA
27 THEORY OF DISRUPTION
PAYPALS CONTINUING DISRUPTION OF THE PAYMENTS MARKET
29 THOUGHTS BEFORE GOING FURTHER
31 THE INNOVATION PENTAGRAM IN BANKS
32 THE FIVE CAPABILITY MODEL OF A SUCCESSFUL INNOVATION FUNCTION
INNOVATION AT BANK OF AMERICA
34 BUILDING OUT THE FUTUREPROOFING PROCESS
35 TECHNOLOGY BUSINESS AND INNOVATION
36 AUTONOMIC INNOVATION
CHANGEEVERYTHING A PROJECT BY VANCITY IN CANADA
38 THE BANKING INNOVATION CHALLENGE
41 THE PURPOSE OF FUTURECASTING
42 AN OVERVIEW OF FUTURECASTING
43 WHAT FUTURECASTS SHOULD INNOVATORS BE DOING?
44 AN EXAMPLE
45 CONSTRUCTING THE FUTURECAST WITH SCENARIO PLANNING METHODS
46 PREDICTION METHODS
AMP INNOVATION FESTIVAL
48 SOME FINAL WORDS ABOUT FUTURECASTING
51 AN OVERVIEW OF THE IDEATION PHASE
52 CAMPAIGN AND CREATE
53 COLLECT CATALOGUE AND COMPARE
55 CUSTOMER INSIGHT
56 CUSTOMER COCREATION
ROYAL BANK OF CANADAS NEXT GREAT INNOVATOR CHALLENGE
58 CONCLUDING REMARKS
69 WRAPPING UP THE INNOVATION PHASE
71 WAYS TO MANAGE EXECUTION
72 BUILDING THE NEW THING
73 THE LAUNCH
74 OPERATIONS POSTLAUNCH
75 SIGNALS FOR FUTURECASTING
77 THE END OF FUTUREPROOFING
81 LEADERSHIP STYLES
82 THINGS THE LEADERS SHOULD DO
83 SIGNS OF A BAD INNOVATION LEADER
84 WHAT NEXT?
91 THE CHANGING SHAPE OF THE INNOVATION WORKFORCE
92 CREATORS EMBELLISHERS PERFECTORS AND IMPLEMENTERS
93 TEAM WORKING
94 WHEN INNOVATORS GO BAD
95 A LAST WORD ABOUT INNOVATION TEAMS
103 REWARDS AND RECOGNITION
104 INNOVATION AND THE ORGANISATION
105 FUNDING INNOVATION
106 THE VISIBLE FACE OF INNOVATION
107 AND FINALLY
CIVIC BANKING AT CAJA NAVARRA
112 STARTING YOUR INNOVATION PROGRAMME
113 MAKING IDEATION WORK
114 THE INNOVATION STAGE
116 DOING FUTURECASTING
117 INNOVATION LEADERS AND TEAMS