Dear readers, this time I would like to tap to your collective and swarm intelligence. It’s a bit like open innovation but in a quick and dirty version.
The challenge: boring and uninspiring banking
The challenge is simple. Retail and e-Banking in the current form is quite 1.0. Most eBanking or payment systems use the traditional business model and transferred the traditional model online. So we have a banking 1.0 online. Boring, dull, uninspiring.
Now, the challenge is: What will be banking 2.0 look like?
What would make you say: “Wow, they really got it. You have to try it. It’s cool and just helped me to make my life easier and better.”
Your unsolved or badly solved jobs in personal finance
But before we look at the solutions I would like to raise the questions what are unsolved jobs in your personal finances. What annoys you? What is great and more people should know about? What are needs you think are so obvious, that there should be solutions to it?
Personal finance can anything from cash management, expense management, payments, saving and investing, financing your house or your car, saving for the silver age (pensions) etc… If you have a family, think about your family financial affairs. If you are a patchwork family, what are special jobs there?
Your solutions, please!
The second question is about solutions. What solutions do we need in banking 2.0? What products or services you would love to see?
Please use the comment function for your unsolved-jobs or ideas or the open innovation platform atizo, where I have set up a project “banking 2.0” for us. Please feel free to use both or just the one that suits you most.
Open innovation is a big trend today in innovation management. Where are its strengths and limitations? A discussion with Atizo.
Today, I had a long chat with Isabel Steiner and Sabine Hofer from Atizo, an entrepreneurial platform for open innovation. Atizo is a platform where companies can post a question to a crowd to get more and better solutions. This is called open innovation since you are not looking inside your own firm for ideas but to a broader spectrum of people. Some call it crowd sourcing for ideas.
The idea behind open innovation is fascinating. With Atizo, you can address more than 8.000 people with ¾ with academic background to look for fresh ideas. The biggest advantage besides the size of crowd of the “innovators” is the fresh viewpoint on the problem. You take advantage that the innovators do not know the way you always have solved the problem in the past; they are not stuck with your dominant logic.
Atizo’s platform allows companies to generate ideas, evaluate ideas and develop the ideas into marketable concepts.
Depending from your scope you want to use, you can use either the whole crowd, a subsection of your customer and clients if you are a business or you can just invite your closest community for the innovation project.
Due to these strengths, open innovation became a huge success in the last years. Well-regarded firms like Swisscom, Mammut, Google or BMW have used Atizo’s platform for open innovation to find new solutions.
So, is Atizo a success?
Success Story Atizo
Yes, since most customers were positively surprised about the quality of the solution. The open innovation idea works. The open innovation platform is fast and cheap to generate idea.
However, as every innovator knows, having even great ideas is not enough.Ideas have to be implemented in the firm AND adopted by the customers. First, implementation in the firm is already difficult since so many impediments like lacking resources; different priorities of top management, wrong corporate culture, Not-invented-here syndrome etc. can and will mostly likely kill the idea.
Secondly, an innovation is not what you think it is, but what the customer adopts. Therefore, from the many great ideas only few have seen the market. The classic dilemma of all innovators.
It is the question, stupid!
Moreover, what Atizo also figures out is how important it is which question you ask. Quite often, the question is very closed and so narrowly defined that the ideas are typical MOTS ideas (more-of-the-same). Nevertheless, do not criticize the ideas and solutions. The problem is with the questions. These questions are so framed by the dominant logic of the current business that really break-through ideas cannot be found. This is the same criticism I have already raised in the case of “Design Thinking”. If you ask the wrong questions, you get irrelevant answers.
So we discussed how better questions can be asked. One option is to amend the open innovation process with a phase where the crowd can deliver insights into unsolved problems they see with a current solution. They could deliver insights in the jobs that are still unsolved. Moreover, with these fresh insights even better solutions and ideas could be found. Any other idea?