Welcome to Innovation strategy: Developing your Fintech Strategy! As you probably know, this is the third course in a three-part specialization focused on the digital transformation of finance. In this course, we'll aim to bring you insights about how business strategy intersects with innovation in finance. I'm excited to have you in the class and look forward to helping you learn more about this important topic. To begin, I recommend taking a few minutes to explore the course site. A good place to start is the navigation bar on the left. Click Course Content to see what material we’ll cover each week, as well preview the assignments you’ll need to complete to pass the course. Click Discussions to see forums where you can discuss the course material with fellow students taking the class. Be sure to introduce yourself to everyone in the Meet and Greet forum! This course should take about four weeks to complete. You can check out the recommended course schedule below to see a quick overview of the lessons and assignments you’ll complete each week. By the time you finish this course, you’ll have understood the job your Fintech innovation strategy should solve and mastered both internal and external innovation tools to solve the problem. You will also have been exposed to how some of the world’s leading financial companies work with innovation and seen inspirational examples from the digital masters, such as Google, Apple and Amazon. You'll be introduced to the Capstone Project for the specialization and have a chance to form some preliminary solutions for a financial company that needs to re-think its Fintech innovation strategy. The course has a primary focus on the banking sector, with insurance as a secondary area of concern. Most examples are rooted in the North American and European financial markets. Good luck as you get started. I look forward to seeing you in class!
Danske Bank: Bold innovation
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來自 Copenhagen Business School 的課程
Innovation Strategy: Developing Your Fintech strategy
68 個評分
Copenhagen Business School
68 個評分
課程 3（共 4 門，Specialization Digital Transformation in Financial Services）
從本節課中
Organizing for digital innovation
In this module, we are opening the strategic toolbox for FinTech innovation. We specifically address approaches to internal innovation, which includes focusing on both the organisational structures and more particularly on the setup of the IT department - the engine in our digital innovation process.
與講師見面
Jonas HedmanAssociate Professor
Department of Digitalization
Stefan HenningssonAssociate Professor
Department of Digitalization
Regarding making decisions that are challenging,
and being disruptive, it is something the banks have to embark on.
It's not something that's nice to do.
We really have to do those things to be
ready and in the forefront of where the landscape or shifting,
not from just a banking standpoint,
but like I said the ancillary industries also.
So what Danske Bank has done over
the last few years is embarked on what we call moonshots.
So we try different things out,
that is specific investment and sponsorship from the board.
A team is specifically set for that moonshot.
So it's not typically the same guys who work in the legacy teams.
We pick and choose people who are on those moonshots,
we give them an environment where they can try things differently,
and like I said failure is okay.
So it is not that we will say: Oh my God.
We use failure to learn from it,
build on it, and then move forward.
So we have done different moonshots,
have all panned out, no.
But we are seeing a lot of value coming out of it.
MobilePay is a great example.
We just launched Sunday Fundamentals in Denmark.
I think May 29th we rolled out 13 branches.
It is going really well.
So that is with the consumer loans.
The ability to apply for home through the mobile.
That's going really well.
There is also the investment app that was done as a moonshot.
There's a financial dashboard.
So we have different kinds of things we're trying.
The other thing were doing interesting from a cultural standpoint
is every moonshot is not being run the same way.
So some of them are like simple core development.
Some of them are co-creation.
Some of them are where we actually use agile methodologies.
So we use different methodologies,
different way of setting people up,
and then we learn from each of those.
So even if it doesn't succeed fully,
there is a great learning opportunity for us.
So do moonshots have immunity.
Yes. So we actually set aside funding.
It is part of an Executive Board decision
where we set aside funding to actually try things out.
So just as an example, for 2018,
we have already started conversation for candidates for what should be moonshots.
And then what we do is I can come up with
some ideas or any of the colleagues can come up with ideas.
We put them all together,
we present that to the Executive Board,
we talk about why the moonshot is important,
what are we trying to prove from there?
What are the risks?
And what is the level of funding?
Then there is a commitment made by the Board.
Then we set aside that money for those specific moonshots. We track it though.
Its not that its free money.
We track the money, we track this progress,
we understand the risks,
we understand the issues,
we also understand where we think we are not
going where we need to be so we can stop it and try something else.
So it is a discipline.
It's not just a free thing just to try it out.
It's actually a discipline,
sponsored by the Executive Board.
And given that it is sponsored by the Executive Board,
we get protection in terms of the Big Brother or
the large infrastructure or the large team
not kind of pounding on it and saying you are dead.
So that doesn't happen.
The moonshots survive fully,
because they are fully supported.
Within personal banking what we are doing is very interesting.
It's a concept that my peer from the business and I thought through.
I don't know if you are familiar of the Shark Tank concept in the U.S.
So we're doing something very similar here.
So we introduce a theme,
we invite ideas and the ideas can be provided by
not just personal banking employees but we have
also added other locations outside of Denmark,
across the other business units to it.
So we come up with a whole snoof ideas.
They are screened, and then
the top three ideas are presented to the shark tank. We call it Dragon Den.
Just to change it.
We call it Dragon's Den here.
So they're presented to us and then we choose that winning idea.
Then what we do is,
we purposefully run that in a different way.
So that is to show that outside of moonshots,
we can create innovation with how the team is set up as is today.
So not changing everything around.
And then the way we get team members is also very interesting.
We solicit team members.
So we'll say this is the chosen idea.
Who wants to work on it?
And it could be business guys,
it could be tech guys.
We bring them together and then we run them as prints.
There is no layers in the organization.
The team does whatever they need to do.
If they have any questions,
they go to my business peer directly.
So I am not in their way.
None of the leadership is in the way.
So we have actually done two of them very well and the third one is underway.
The way we choose these themes is interesting too.
To your earlier question about ecosystem partnerships.
We choose this theme as an integration capability.
So we have an ongoing road map,
and the output of this theme would be part of the backlog in that road map.
So then it gets added on as a capability when it's released.
So that's what we have done.
We've got very good feedback and we want to continue doing something similar.
So that's in the business sphere.
In the technology sphere,
we are doing something similar too.
So testing out new concepts,
we throw out a theme and it could be Blockchain,
it could be something with AI, whatever that is.
And the team then tries out concepts,
they bring it to us and we say,
okay, this we're going to progress with.
This is thank you, you've done a great job.
So we go through the same thing.
Many times when you try something new,
the question really is how do we
realize value for innovations that we try that is not the ordinary?
So many times when we try to create value through these disruptive means if I call it,
digital innovation, moonshots, whatever we do,
we don't know how the reaction is going to be.
So many times it is really creating that stickiness with the customers,
seeing what they like and what patterns they follow using analytics for that.
And once we know behaviors,
patterns for how stickiness is created,
then we put together a value proposition saying,
hey this is how we're going to generate value for it.
MobilePay as an example is still free.
But behind the scenes now as we're getting partner banks to work with us,
we need to come up with some kind of
a revenue generation model and that's really what we're working on.
So we're looking at what kind of transactions they use?
What is done with those transactions?
What kind of people use those transactions?
What other types of transactions?
And then we build the model.
