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The Club Innovation Banque Finance Assurance and the FiDJI Project

The Club Innovation Banque Finance Assurance and the FiDJI Project. 2 nd Innovation For Financial Services Summit Jean-Luc STRAUSS Financial Services Innovation Practice Manager/ Secretary of the Club. http://innovation-finance.altran.fr.

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The Club Innovation Banque Finance Assurance and the FiDJI Project

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  1. The Club Innovation Banque Finance Assurance and the FiDJI Project

    2nd Innovation For Financial Services Summit Jean-Luc STRAUSS Financial Services Innovation Practice Manager/Secretaryof the Club http://innovation-finance.altran.fr
  2. Banks & Insurancecompanies are ripe for a new era of innovations towards large public customers, are they ? No patent -> no ROI Intangible products-> easy to copy Compliance to regulationseats all money BUT new territoriesfor innovations No academic support -> no process Wall Streetbank attitude vs Main street Marketerstoocomfortablewith clients Push productsvs satisfyneeds STRENGTHS Social rolestillpro-eminenteventhoughhidden to majority of people Extensive coverage of population Width of the products & services catalog Permanent technological adaptation to distributethroughany new channels WEAKNESSES Customerswant a better life: Y/Millenium Generations, longer life, protection against new risks (diseases, environment, nano-tech, biotech…) under-banked or under-insuredpopulation Advanced technology -> new customizableoffers Strongdemand for CSR OPPORTUNITIES THREATS Customers’ lowlevel of trust since the crisis Banks & Insurancecompanies reluctance or presentability to engage in innovation New generations have differentbehaviors and expectations Burden of sustained pace of new regulations Thanks to new regulations, new entrants are increasing the level of competition
  3. What to do ? INNOVATE FOR THE REAL BENEFIT OF CUSTOMERS… Since ATM & Credit card, any genuine innovations? Web banking? … Finally yes Mobile payment? … When ?? Reconnect with the people WHERE TO ? Limitationsof marketing tools -> Deeper into customers’ behaviors Be at Customers’ service HOW ? Human centered methodologies -> Design Thinking Advanced analytical technologies -> Predictnew demands Etc…
  4. Altran & the Club Mid-2008, Altran = global leader in Innovation mainly in Industry>> Innovation Practice in Financial Services: France + Spain. March 2009: Club Innovation Banque Finance Assurance Directors of Innovation of BNP Paribas Retail World, Groupe Société Générale, Crédit Agricole SA, BPCE, La Banque Postale, GE Capital, Groupe Axa, CNP Insurance, Generali France, Groupe Groupama, Humanis, Macsf AcademicsfromEssec-Isis, Un. Paris-Ouest, IDRAC Group Paris-basedInnovation Cluster « Finance-Innovation » Membershipis free though the projectsneedfundings A reference center in France? In Europe…? Ambitions…!!
  5. What is special about the Club which makes it successful? Samevision : Innovation isnecessary To raiseagain the trust By focusing on deepcustomersrelationships & insights Competitorswork in co-opetition on innovativeideas 2010: FiDJIproject = usefulness of Design Thinkingfor Marketing BNNP, SocGen, CASA, Generali, Groupama, Altran, BETC Design, Un. Paris-Ouest, Parsons school 2012: Fidji >> FAIR = FiDJI + criteria for generatingresponsible innovations Otherworking groups: OpenBank, Managingthe longer life White paper : innovation in French banks & insurancecompanies
  6. Usually, Design isapprehendedas … Style Design But, in Finance, wedesign immaterialproducts & services… for sometimescomplex concepts: credit, payment, CDO, CDS, LoC,… whichneed to be attractive, somehowstylish…
  7. Herecomes Design Thinking Coined by Tim Brown from IDEA Major innovation method in Industry Not yet in Finance the design ladder THE INDUCTIVE WAY multi-displinary team: customers, salespeople, marketers, anthropologists, designers, specialists… Observe & collect the experiences: humanside of the customer(true-life, experience, behavior, sociology, feelings…) Shake-up via co-creativity & co-design Materialisethe innovativeidea >>>>> HumanCentered Design >>>>>
  8. TOMORROW….. Designers & Anthropologists in the Marketing & Design teams An integrated co-creation & open innovation daily praxis
  9. Fidji’sDevelopment
  10. Fidji : the videopresentations The making-off The Proof-of-Concept KEEP UPDATED (IN FRENCH) http://www.altran.fr/innovation http://innovation-finance.altran.fr
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