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Open Inovation and Crowdsourcing - A presentation for FST Media Banking Technology and Innovation conference, Kuala Lump

Forecasting & developing future innovation with Open Innovation and Crowdsourcing <br><br>A presentation for FST Media Banking Technology and Innovation conference, Kuala Lumpur

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Open Inovation and Crowdsourcing - A presentation for FST Media Banking Technology and Innovation conference, Kuala Lump

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  1. Selena Sol presents….. OPEN INNOVATION & CROWDSOURCING AS MODELS FOR BANKS a thought piece for a banking conference in Malaysia selena@selenasol.com http://www.linkedin.com/pub/eric-tachibana/0/33/b53 http://www.slideshare.net/selenasol

  2. As an industry, we’re reasonably good atTop-Down Innovation

  3. But we generally suck at Bottom’s-Up or Outwards-In Innovation X X

  4. Don’t misinterpret! Stay good at Top-Down Innovation But also develop other forms so that you have flexibility as a leader

  5. Though nowhere near the end of our journey at UBS, we’ve made some solid progress

  6. Open Innovation

  7. Transforming vendors into partners is scary, but has huge ROI potential

  8. Open Innovation means questioning assumptions about your business model

  9. QUESTION What are your core competencies? Anti Money-Laundering Payments Exchange Connectivity Regulatory Reporting Data Centers Core banking Mobility Software Development Loan Origination Market Data Know Your Client

  10. PROPOSAL • A bank: • holds your money safely • helps you grow it • helps you transact

  11. That’s it.

  12. Everything else is a legacy assumption

  13. That can be challenged

  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. Open Innovation also helps us deal with a built-in risk-averse industry personality

  17. Our business model is risk averse

  18. Our people self-selected for risk-averse personality types when they applied

  19. This makes us great at incremental, ‘riskless’ innovation

  20. But makes us crap at disruption

  21. Open Innovation can help with this Achilles heel.

  22. Open Innovation means developing 3 integrated skills Sensing Exploring Absorbing

  23. Quiz • How many of the following companies do you know? • First Meta • Play Moolah • Investo Presto • Bill Pin • Pandai

  24. Don’t fly to Silicon Valley!

  25. Companies disrupting financial industry models are bursting through the pavement of Asia’s cities right now, if you look.

  26. SOUTH KOREA SINGAPORE SEOUL SINGAPORE • WHERE WE CAN FIND INSPIRATION • Look to gaming and gamification for next-generation user experience • WHERE WE CAN FIND INSPIRATION • Digital Payments • Leverage Innovation & New Product Incubation consultancy • Biotechnology and bio-informatics algorithms • 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 • 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 Go out and get involved • Research institutes • Local Start-up scene (setup an internal start-up club) • Existing vendors

  27. Do something weird

  28. Some of the next-generation work in big data visualization comes from bio-informatics and television production, not banking.

  29. Learn by investing in targeted corporate ventures

  30. Crowdsourcing

  31. Crowdsourcing eats waste

  32. 10% of everyone’s time is spent waiting for someone else at work

  33. If you have a regional headcount of 1,000, that is 100 FTE’s worth of effort that is idle.

  34. What could you build with 100 spare people?

  35. Who wouldn’t love to spread their wings and get out of the day-to-day grind from time to time?

  36. Crowdsourcing is a great way to create cross-business and cross-location relationships, naturally

  37. Case Study: UBS Just Do It Program • 3 - 5 day projects that are not urgent • Need “onboarding” support

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