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Strategic innovation
For Financial Services
Situation
In response to new challenges made by traditional competitors
and new entrants from overseas banks and online financial
services businesses, our client, a leading UK retail bank
had identified the need to focus resource on innovative opportunities
whilst continuing to address efficiencies and not distracting
from the core business activities. The innovative change needed
to be strategically aligned to the banks objectives, the ideas
new for the bank and industry and they importantly needed
to be profitable and achievable.
Objectives
The senior executive responsible for delivering the bank's
innovation programme approached H-I Network to work alongside
his team and network across the organisation to identify key
issues and develop a process for new business propositions.
An external perspective backed with solid business validation
and planning skills was also required in order to stimulate
new ideas and transfer capability.
Approach
H-I addressed the task following a proven H-I Network methodology
which was tailored to meet the sector and organisation:
- Strategic Innovation Analysis (STRAIN)
was provided over a four week period with the core innovation
team at the bank. The process enhanced the banks thinking
on the key issues of Purpose, Process, People and Performance
issues of Strategic Innovation. H-I also managed a development
and leadership programme for the company Corporate
Renewal Board (CRB) which embraced managing directors from
across the business.
- Next Generation
Ideas (NGI) programme was delivered over a six
week period alongside a number of three day workshops. The
programme included scenario planning using content on consumer
trends from the Henley Centre to stimulate workshops for
idea generation. H-I provided external contributors from
other leading organisations that are innovating to face
similar consumer, technology or regulation issues. One example
of the many valuable insights was provided by a contributor
from the electricity sector which addressed the issue of
how to face the challenges of customers being able to switch
their accounts with increasing ease. The workshops provided
hundreds of ideas in the form of sketches which were then
grouped and sorted. The deliverable was 12 solid ideas which
had undergone an initial plan build and validation process
using the H-I 'Business Cube' methodology.
- Planning, Delivery
and Performance (PDP) was the next phase. Over
an eight week period four teams developed the ideas to business
proposition phase. These teams were coached and supported
with sector expertise by H-I. Six of the strongest propositions
were then presented to the senior executives and board members
of the Corporate Renewal Board.
Results
The bank has developed an approach to ideas management, which
has been incorporated into all of the bank's significant change
programmes. A valuable by-product of the process was also
enhanced skills and motivation of the teams involved in the
process.
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H-I
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