Tag: Innovation

Business Model, Ideas, Innovation

First Step in the Journey Towards Becoming a Real-time Business

There is a lot of talk about Real-time data and how real-time data can provide organizations to be able to respond in near real-time to business events. However, to realize such a vision, there is a lot that needs to change in the way we do business. One of the most basic thing that needs to change is how we run our business itself. Most organizations currently operate in the mode where the decision making sits at the top of the hierarchy. We have a C-Suite where we have the Chief Executives, who decide the strategy and roll-it out for […]

Customer Engagement

An Example of True Customer Centricity – When Banking is No Longer Just About Banking

Fifth Third Bank and NextJob came together to address a challenge faced by most retail banks – Mortgage defaults. According to the press release from the company, Steven Alonso, executive vice president and head of Fifth Third Bancorp says – “Up to half of mortgage delinquencies are due to job loss. With NextJob, we immediately recognized an opportunity to go the extra mile to assist our customers. This is specific, one-on-one training that helps people identify their transferable skills and re-gain the financial stability of a new job.” Mortgage defaults can eat up a banks profits very quickly, hence most banks look inwards […]

Ideas, Innovation

Everyone wants to innovate but no one wants to fail

Every organization, small or large is talking about innovation to be developed as a key strength within their organization. Every organization has an innovation program running at some maturity, but nothing really breakthrough comes out of these innovation programs. So, what’s wrong? Every organization wants to innovate, but no organization wants to fail People do not remember (everyone knows but conveniently forgets) that not all innovation projects will succeed and there is very little that you can do to forecast which one’s will in fact succeed. In that sense, i think innovation projects are like the Movie business and there is a […]

Business Model, Ideas, Innovation

Idea for a disruptive biz-model innovation for banks

There is a lot of discussions and activities around the revival of the good old ATM. Some are trying to make these machines more Customer-centric like Wells Fargo. Some are trying to improve the overall user experience of the ATM like Diebold. However, the true question should be the following: “Do we even need an ATM? Is there a better, easier, faster way to manage cash than via an ATM?” The first bank to figure out the answer to this question has the potential to truly disrupt the banking industry from a cash management perspective. One way that I think could be […]

Business Model, Innovation

Lessons in innovation from a retailer

Now let me ask you a very important question. Please think well and through before you answer this: What happens if you are forced to put an expiry date on every product or service that you create? What if you have to take the product or service off your price list at the end of the expiry date, irrespective of how well the product or service did business for you.. Now, if your business is like any other business that I know of, this is a scary thought.. Scary enough to start thinking about bankruptcy.. However, this is exactly what […]