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Cobis and Oikosofy 5 Innovation shots for the banking industry

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Banking is here to stay, but Banks may not. The incoming wave of technology companies dedicated to banking requires banks to consider what innovation strategy, and execution framework they will implement in the coming 5 years. SAFe - an Agile framework for the Enterprise - provides a proven approach to align teams, management, deploy strategy quickly and help teams and organizations focus on the high impact opportunities. This one-hour workshop will introduce the SAFe framework and explain how it can be used as a blueprint for building a culture of innovation that provides a proven method to implement strategies in an agile manner, and develop competitive businesses. From strategy definition to day-to-day execution.

What am I going to get from this course?
• What does a “Culture of Innovation” mean?
The Basics of what it is & how it works

• What are the Key Ingredients for building a culture of innovation?
Building teams, and teams of teams to scale adaptability and agility
Structured and proven approach, based on learnings in the banking industry all over the world
Understanding your customers wants, needs and aspirations
Measuring success and learning quickly with the right framework to speed up learning

• Creating an Innovation Strategy
From an idea to a real-life product in mere weeks. With a method that helps execute, and adapt
Innovation accounting, a radical approach to testing new products, services in a cost-effective and high impact mannero
Motivating innovation contributions at all levels of the organization with a method that empowers all employees to make a difference
Fast time-to-market with the framework to help measure the results and adapt based on near real-time market feedback

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Cobis and Oikosofy 5 Innovation shots for the banking industry

  1. 1. Agile Innovation – SAFe: A scaled Agile approach for innovation and transformation
  2. 2. #FinntechAmericas
  3. 3. A little insight that will save your life: A bank is a software company
  4. 4. The average lifespan of a company listed in the S&P 500 index of leading US companies has decreased by more than 50 years in the last century (…) to just 15 years today.
  5. 5. Next?is What
  6. 6. Don’t forget to take your shots, mister! Or you’ll have to visit the Innovation Doctor!
  7. 7. She’s right! You know?
  8. 8. Common causes of lack of Innovation. The gap we have to cross: • Lacking processes that make innovation possible and or a reliable outcome of our work. • Lacking a reliable and repeatable method evaluate the business value and impact on business of all the ideas generated. • Lacking a method to manage all the ideas and still deliver concrete, short- term valuable incremental changes that helps us understand what works in practice
  9. 9. How do we go about treating the patient? 5 Actionable changes you can start with tomorrow that will enable innovation in your organization
  10. 10. Debrief • What were the key questions he asked? • What did he consider as “competition”? • What were they key words he used? • How did Christensen find the need?
  11. 11. Innovation starts with a deep understanding of the Customer 1. Do research on your customers and product/service situations (what job is your product/service hired to do?) 2. Create hypothesis, test them! 3. Create interviews to explore the jobs your customers needs solved 4. “Get out of the building” – prepare and execute interviews 5. Pitch ideas to each other and collect feedback 6. Use the free email support that comes with this workshop and ask questions about what bothers you. Vasco.Duarte@oikosofy.com
  12. 12. Actionable Change # 1: Involve your customers in product and service design by learning about their “Jobs-to-be- done”
  13. 13. In real life:
  14. 14. The process to support the change:
  15. 15. Actionable Change # 2: Projects kill innovation. Change to a continuous flow of innovation.
  16. 16. In real life:
  17. 17. The process to support the change:
  18. 18. 1. Create groups of five, with ten coins per group. One person is the timekeeper. The remaining four people process the coins. 2. Person by person, flip all coins one at a time, recording your own results (heads or tails). 3. Pass all coins at the same time to the next person. 4. Time keeper records time from the start of the first flip to the completion of the last flip for the group. Large Batch Push Exercise – Large Batch Push
  19. 19. Small Batch Pull 1. Similar five person process (4+1 time keeper) 2. Each person flips each coin one at a time and records the result 3. But, pass each coin as flipped 4. The time keeper records the time from the start of the first flip to the completion of the last flip Exercise – Small Batch Pull
  20. 20. „Working at full capacity is an economic disaster“ - Donald Reinertsen, Principles of Flow In Progress: 5 Quarters worth of work In the backlog: ~4 years worth of work
  21. 21. Actionable Change # 3: Small is the new Big. Deliver constantly small increments of value. Reducing risk and accelerating learning.
  22. 22. In real life:
  23. 23. The process to support the change: The Scrum Process Framework DevOps approach with Continuous Delivery
  24. 24. NumberofBugs Timeline Bug evolution in a non-agile project Open Closed Submit Development phase Desperately testing and fixing phase Waterfall
  25. 25. The 10 types of Innovation (A possible model)
  26. 26. Actionable Change # 4: Break all the silos. All must work together to make innovation possible
  27. 27. In real life:
  28. 28. The process to support the change:
  29. 29. Can we succeed without execution?
  30. 30. Slow Processes: a (BAD) example Time AddedValue 6 months trying to get the project approved One day Brainstorming new product idea 6 months product development
  31. 31. Consequences of slow processes: •Higher costs -> due to the amount of work that is pending while the costs are accruing •Lower quality -> slow processes allow for “dirty” workarounds and hide quality problems (which in turn increase costs due to rework)
  32. 32. Corollary of fast processes For any given process, if you can reduce the Time it takes to execute it, you will consequently reduce Costs and increase Quality
  33. 33. CASE: Flexible Requirements Management
  34. 34. Different content abstractions for different stakeholders User Stories Features Epics Portfolio Items – Customer marketable Longer term planning (more than 1 iteration) Where the rubber meets the road – what we do in one iteration Product Marketing and Portfolio Product Owner + Architect + UX Team + Product Owner
  35. 35. Different ways to manage a portfolio of Epics/Features Epic Feature Feature Feature Feature Feature Feature Feature Feature Feature Epic Epic Feature Feature Feature Epic Feature Feature Feature Epic Option 1: • Many epics • Shallow implementation • New market / new business innovation • Typical goal: catch up (me too or tick- in-box products for reviews) Epic Feature Feature Feature Feature Feature Feature Epic Feature Feature Feature Feature Feature Feature Feature Feature Feature Option 2: • Few epics • Deep implementation • Technological innovation • Typical goal: Hero products, unique experiences, Niche-focused products
  36. 36. Epics in progress Epic work broken down into features Features in Progress Work completed Visualize all work ongoing From Strategy to execution
  37. 37. Prioritize everything according to your strategy and biggest impactTimetomarket Impact on strategic goal Best choices
  38. 38. Actionable Change # 5: Create transparency all the way from Strategy to execution, and manage for value delivery, not for maximization of work
  39. 39. In real life: Covered by NDA Big Bank in the Nordic countries
  40. 40. The process to support the change: If you want to know more: Contact us at the COBISCorp STAND Email me at: Vasco.Duarte@Oikosofy.com