the club innovation banque finance assurance and the fidji project 2 nd innovation for financial...

The Club Innovation Banque Finance Assurance and the FiDJI

Project2nd Innovation For Financial Services SummitJean-Luc STRAUSS

Financial Services Innovation Practice Manager/Secretary of the Club

http://innovation-finance.altran.fr

Club Innovation Banque Finance Assurance2nd Innovation for Financial Services Summit

21st of septembre 2012

Banks & Insurance companies are ripe for a new era of innovations towards large public customers, are they ?

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No patent -> no ROI Intangible products -> easy to copy Compliance to regulations eats all money

BUT new territories for innovations No academic support -> no process Wall Street bank attitude vs Main street Marketers too comfortable with clients Push products vs satisfy needs

Customers’ low level of trust since the crisis

Banks & Insurance companies reluctance or present ability to engage in innovation

New generations have different behaviors and expectations

Burden of sustained pace of new regulations

Thanks to new regulations, new entrants are increasing the level of competition

Social role still pro-eminent even though hidden to majority of people

Extensive coverage of population

Width of the products & services catalog

Permanent technological adaptation to distribute through any new channels

Customers want a better life: Y/Millenium Generations, longer life, protection against new risks (diseases, environment, nano-tech, biotech…)

under-banked or under-insured population

Advanced technology -> new customizable offers

Strong demand for CSR

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What to do ?

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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 ?

Limitations of marketing tools -> Deeper into customers’ behaviors

Be at Customers’ service

HOW ?

Human centered methodologies -> Design Thinking Advanced analytical technologies -> Predict new demands Etc…

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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

› Academics from Essec-Isis, Un. Paris-Ouest, IDRAC Group› Paris-based Innovation Cluster « Finance-Innovation »› Membership is free though the projects need fundings

A reference center in France? In Europe…? Ambitions…!!

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What is special about the Club which makes it successful?

Same vision : Innovation is necessary › To raise again the trust› By focusing on deep customers relationships & insights

Competitors work in co-opetition on innovative ideas

2010: FiDJI project = usefulness of Design Thinking for Marketing

BNNP, SocGen, CASA, Generali, Groupama, Altran, BETC Design, Un. Paris-Ouest, Parsons school

2012: Fidji >> FAIR = FiDJI + criteria for generating responsible innovations

Other working groups: › OpenBank, › Managing the longer life› White paper : innovation in French banks & insurance companies



Usually, Design is apprehended as … Style Design

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But, in Finance, we design immaterial products & services… for sometimes complex concepts: credit, payment, CDO, CDS, LoC,…

which need to be attractive, somehow stylish…



Here comes Design Thinking

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multi-displinary team: customers, salespeople, marketers, anthropologists, designers, specialists…

Observe & collect the experiences: human side of the customer (true-life, experience, behavior, sociology, feelings…)

Shake-up via co-creativity & co-design

Materialise the innovative idea

Coined by Tim Brown from IDEA

Major innovation method in Industry

Not yet in Finance

the design ladder

>>>>> Human Centered Design >>>>>

THE INDUCTIVE WAY



TOMORROW…..

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Designers & Anthropologists in the Marketing & Design teams

An integrated co-creation & open innovation daily praxis



Fidji’s Development



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Fidji : the video presentations

The making-off

The Proof-of-Concept

KEEP UPDATED (IN FRENCH)

http://www.altran.fr/innovationhttp://innovation-finance.altran.fr

the club innovation banque finance assurance and the fidji project 2 nd innovation for financial...

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innovation new generations

industry innovation

idea major innovation

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banque postale

immaterial products

new channels customers

betc design