This document discusses open innovation and crowdsourcing models for banks. It proposes that banks challenge assumptions about their core competencies and consider opening up non-core functions to innovation. Specific strategies proposed include transforming vendors into partners, questioning business model assumptions, and developing skills in sensing new opportunities, exploring innovations, and absorbing useful ideas. Case studies from Singapore, South Korea, and a crowdsourcing program at UBS are presented as examples of how open innovation can provide benefits.
Regression analysis: Simple Linear Regression Multiple Linear Regression
Open Inovation and Crowdsourcing - A presentation for FST Media Banking Technology and Innovation conference, Kuala Lumpur
1. OPEN INNOVATION &
CROWDSOURCING AS
MODELS FOR BANKS
Selena Sol presents…..
selena@selenasol.com
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a thought piece for a banking
conference in Malaysia
14. Challenge your core competency
assumptions
Then open innovate non-core
functions
transform your business
15. Homework for Banking CIOs
• Toyota doesn’t build cars
Lean Production Value Chains
• Amazon is not a bookstore
Long-Tail Fulfillment
• Cisco doesn’t create new products
the very un-tech tech company
16.
17. Open Innovation also helps us
deal with a built-in risk-averse
industry personality
27. SINGAPORE SINGAPORE
WHERE WE CAN FIND
INSPIRATION
• Digital Payments
• Leverage
Innovation & New
Product Incubation
consultancy
• Biotechnology and
bio-informatics
algorithms
INNOVATION CLUSTERS
• Interactive Digital Media (Social Media)
• Biotechnology
• Mobile payment
• Cloud (AWS hub)
• Water tech / clean energy
TRENDING MACROECONOMIC DRIVERS
• Small size, business-friendly, managed
economy
• Financial industry domain & IT skills abundant
• Regionally-strong entrepreneurship
infrastructure
• Device savvy population – multiple devices
per person
INCUBATOR, VENTURE, GOV’T COMMUNITY
• SGEntrepreneurs
• Founders Institute
• Singapore Venture Capitalist Association
• Information Development Authority Singapore
• BANSEA
UBS INNOVATION POTENTIAL 9/10
Relevance to UBS biz High
Mobile penetration High
Internet penetration High
University Base High
R&D Infrastructure Mature
WHERE WE CAN FIND
INSPIRATION
• Look to gaming
and gamification
for next-generation
user experience
INNOVATION CLUSTERS
• Massively Multiplayer Online Role Playing
Games (MMORPGs)
• Fashion and entertainment
TRENDING MACROECONOMIC DRIVERS
• Korea Chic
• Language barriers
INCUBATOR, VENTURE, GOV’T COMMUNITY
• Korea Venture Capitalist Association
• Private Equity Korea
UBS INNOVATION POTENTIAL 9/10
Relevance to UBS biz Med
Mobile penetration High
Internet penetration High
University Base High
R&D Infrastructure Med
SOUTH KOREA SEOUL
Go out and get involved
• Research institutes
• Local Start-up scene (setup an internal start-up club)
• Existing vendors