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Addendum 2 – Case study on driving innovation in banking

FNB is hosting an awards evening. The silhouettes of a few hundred individuals play out across a 50-foot screen. As the lights dim, the smartly dressed woman, necks clad in feather boas and sparkling jewels begin taking their seats as their male counter-parts draw their chairs. The attire of all matching the theme of the evening, “A Night of the Stars” – the event is the annual FNB Innovators Awards.

The room, filled with round tables each accommodating a handful of smiling employees, bursts into applause as Michael Jordaan, CEO of FNB, steps up onto the podium to open the prestigious event. Save a few special guests, the majority of individuals clinking glasses and sharing jokes, are the lucky few picked as finalists for the bank’s annual recognition of innovative contributions to the organization. After a short presentation, the prize giving begins. The bands who had been occupying center stage a few minutes prior have set the scene, and all eyes are fixated on the stage as Jordaan presents the second runners up prize. Amid a round of applause the team awarded the first runners up prize exchanges proud glances and toasts to their achievement. Next was the first place prize.

The final award for the evening is the “radical innovation” award, and with bated breath the audience awaits Jordaan’s announcement. A table erupts as their names are announced, with members of the winning team whooping in delight. The award evening is geared towards acknowledging the contributions FNB’s innovation champions make towards the company, and what better way to reward your innovators, but give them a neat R3 million ($430 000)?

“Innovation can either be a new approach to an old process or a totally novel idea. Innovation and customer service are at the core of our business. We continually encourage and reward innovation, as we believe this helps to entrench our philosophy of entrepreneurship. Every day we strive to develop more helpful

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client innovations. Innovations like these make a difference to how we efficiently service our customers”

(Michael Jordaan, FNB CEO).

Introduction

First National Bank (FNB) stands as the oldest bank in South Africa, and in 1838 it opened its doors for the first time in Grahamstown, Eastern Cape. A merger of Rand Merchant Bank Holdings and Anglo American to subsequently form FirstRand Limited in 1998 saw FNB become relisted on the Johannesburg Stock Exchange (JSE) as a division of FirstRand Bank.

Faced with a tough playing field in the banking industry, FNB has been forced to rethink their approach in order to ensure their position as a primary competitor. Key aspects of their strategy needed to be reworked in order to create a much more integrated approach to innovation. Their development of a business philosophy and reframed view of the landscape around them and their place in the future, saw the banking firm embark on a journey to utilize their available resources and formulate dominant ideas and designs in the attempt to revolutionize their innovative strategies and drive new growth. They began to challenge the status quo and started motivating their own employees to care about what they do.

FNB has been the focus of multiple case studies, including a Harvard Business School report, and their prevalence in the South African community stands testament to their achievement as one of the country’s largest and leading banks.

Bank 2.0: towards a new world of banking

Innovation is under scrutiny in the financial services world as global competitive pressures force organizations to rethink their business models and operating environments. A changing

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landscape sees the profiles of clientele changing too and banks need to ask themselves what kind of people their up and coming clients are. The intense focus on meaning-making in society, coupled with the exponentially evolutionary nature of social systems and networking capabilities means the new generation has different needs to their predecessors. Money systems of the past are no longer adequate to deal with the requirements of current users, they demand individual attention, packages that suit their lifestyles, banks that provide an identity rather than a deposit box, and above all this new and connected generation wants a reason to use the services provided by a single out of many.

Banking and money lending may seem a straightforward affair, and indeed the concept behind money keeping, borrowing and lending is undemanding, so how does a financial services institution innovate radically with the goal to grow and keep with the fast paced nature of the landscape around it? Ecosystem and ecogenetic thinking suggest that everything is linked, and what we have begun to see is a rise in banking activities correlated to other societal shifts. Zopa, operating out of the UK, was one of the first peer-to-peer online money lending platforms, born out of the socially networked behavior of people; this type of lending negates more traditional modes of lending through a financial institution such as a bank. In Bangladesh, Muhammad Yunus founded the Grameen Bank and in 2006 was awarded the Nobel Prize for Peace. The bank, in an attempt to provide a community service, allows its clients to take out small loans called microcredit which require no collateral, enabling the poor members of the Bangladeshi society to develop financially. The social behavior of society and the nature of systems of peer-pressure effectively allow this bank to exist by only lending to the poor. Systems of monetary exchange are shifting, and it is obvious that insightful innovation implemented in the correct way may see a bank truly thrive, but how is this innovation achieved?

The banking industry is moving from an era we may coin “Bank 1.0” into a contemporary sphere inhabited by the concept of “Bank 2.0”. The former has existed in a paradigm where

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dependency on technology plays an overarching role, but channels have slowly evolved and knowledge pertaining to existing business models became less and less of a commodity. As we move into the third megawave, our community-based consciousness will see a changing role of banks, and Bank 2.0 is the entry point into this new conception of money. With so high a concentration of educated and meaning-seeking individuals, the need to co-produce comes to the foreground highlighting the potential value in social networks. This upgrade in banking business models sees the rise of two correlating states of being, excitement and uneasiness. With money presenting a commodity that is traditionally seen as the overarching power in society, shifting the ways in which we deal with systems of money, especially in light of customer involvement, reliance on socially networked behavior and transparency, the latter state of being is unsurprisingly contagious in the banking world. A loosening of central control, and the unfamiliarity of new territories of banking, creates an atmosphere premised of fear that threatens true innovation in the financial services industry. In order to innovate and grow, banks need to motivate excitement rather than fear.

By reconsidering the design and process of using innovation web products (including new projects to facilitate learning about innovations in FNB such as Wikis), FNB has actively begun moving into a sphere of innovative forward momentum in the world of Bank 2.0.

The innovation dilemma

A major aspect of the innovation dilemma in the financial services industry is a simple one, how do you innovate? In our changing landscape, at the cusp of the third mega-wave of change, radical innovation is set to overtake incremental innovation as the prerequisite for driving new and sustainable growth. Yet the financial services industry is riddled with legislative framework that compounds and becomes more complex as we develop. How can innovation be implemented

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into the conservative world of financial complexity and assumed stability?

The distinction between product and service has become blurred as our needs have changed. Just as products have become offerings and processes have become capabilities, so too has the concept of services been subject to change. In the product industry, the major dilemma has been the shift from product to service or offering, but in the banking industry, with services already providing the dominant commodity, the dilemma is just as difficult. To transform a pre-existing service into an offering compatible with societal and individual needs is not merely a change of vocabulary. To accommodate a client base of individuals, influenced by their social tendencies and in constant search of meaning by which to validate their own existence in an increasingly interconnected world, banks have to re-envision their relationship with these individuals. In an age of transparency, traditional modes of operation can no longer exist. How will an entity innovate and cause a disruption in an industry driven towards consolidation, globalization, local relevance, and strong global legislator business models?

Furthermore banks cannot be reliant on other institutions outside of their own geography to help solve their dilemmas, for several reasons. To innovate through a process of reframed thinking, is to look at your surroundings and the landscape around you, then envision what your place in the future may consist of with a direct correlation to the landscape in which you position yourself. As the populations of Europe and the US change, and the generational gap shifts, distribution of wealth and growth is fundamentally different to other parts of the world such as sub-Saharan Africa, or South America. Looking over the past 1000 years, the use of money has shifted and acts of value sharing in Europe for example have changed aggressively from the 1500’s onwards. The Black Death saw the population decrease by between 30% and 60%in the 1400’s and a subsequent raise in wages arose due to short supply of skilled labor. The global prominence of industry in the highly developed world, and the average income of the middle class, also contributes to money systems that are geographically specific and suited to the needs

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of the local clientele. In South Africa, banks have to take into account inequality levels that place the country dangerously near the top of the Gini coefficient list. Yet often they rely on pre-existing methods governing the financial services world developed by foreign banks. A sound business philosophy, providing the driving force behind the emergence of a dominant idea and subsequent implementation of a dominant design, is also specific to the entity that creates it. Innovation becomes more difficult since it cannot rely on frozen knowledge or foreign strategies. The landscape must be viewed holistically, yet innovative implementation is entity specific.

The level of skill within a services based industry is necessarily different from that found in the production line. The development of product relies on a different set of skills and abilities than what is found within an industry geared towards customer services, intellectual participation is different. Traditionally, the focus of manufacturing has been on repetitively producing a set of outcomes based on a set of inventions. In the services driven organization the focus is on delivering the most appropriate service based on the individual situations that are created over time between the provider of the service and the consumer of the service. So how does a bank mobilize a large number of employees whose intellectual expectation is based on flexible understandings of situations, yet still confined to the overarching rules imposed by the institutional framework of the financial services industry?

A further predicament is that a large chunk of what is processed within banking organizations is automated. This high degree of automation results in people rarely knowing what is actually transpiring. Problems arise out of the complexity of hundreds of minor processes that come together to form the operations within banking. There has been a shift from paperwork and hands on banking, to digital banking. The mild state of paranoia experienced by people who can no longer “see” their money has contributed to an atmosphere that is constantly focusing on risk control. Following on from this, and due to the complex matrix of processes within banking operations, other industries are heavily relied upon for effective operation; IT companies,

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technology manufacturers, internet service providers, security companies, even different credit loaning organizations that are not conventionally placed in the banking sector have an effect on the industry if their own industries experience change.

Banking organizations are conservative in nature, and as a result, concentrating on innovative practices enters a high-risk realm of operation. Since the risk factor plays a major role in innovation within the financial services sector, is it not easier to copy strategy and minimize risks? This has created a dominant mental block in the banking industry in terms of innovation, creating a situation trap within the industry itself. If it works, why change it? Put simply this mindset is premised on fear. Human nature is inherently positioned in opposition to change but innovation cannot exist without change. Change and therefore innovation needs to be large enough and fast enough to have an effective impact, and it needs to be radical. It is much easier to take small level innovation and rework it to fit in with existing practices while labeling it “an innovative shift in operations”. Is this real innovation? Or merely a toe in the pool of innovation which has yet to see someone jump straight into the deep end?

So if banks rely on frozen knowledge, and modes of operation that have proved risk adverse in the past, who do they copy? Other organizations in the banking industry provide the logical pool from which to extract strategies and existing practices, rather than the risk of stepping out of the comfort zone afforded by the financial services sector. Airline companies or government institutions deal with business on a highly varied level of interaction, transaction and mediation, so surely within their structures of operation there can be found something of innovative value? But the fine line between breaking the mould and rising up, and falling flat on their faces has seemed too narrow in the past for banks to attempt to risk. If many competitors use one dominant model of operation, should a bank not follow suite and fall into this best practice?

So while issues arise from every corner of operation in the industry, banks have had to question their motives and means for innovation, some of the most pertinent of which being.

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Centrally controlled innovation process

Banks have approached innovation with caution, but many have implemented the traditional stage-gate based process of innovation. This process consists of a series of actions, designed to harvest new ideas while simultaneously reducing the perceived risk of failure. This formal structure which can be likened to a funnel, it operates in the following manner:

Idea creation is encouraged and platforms and systems are set up whereby ideas may be submitted and collected. Committees are appointed to sift through the incoming stream of ideas, discarding what they deem as implausible, impractical or just generally not good enough, and allowing the better ideas to continue up the hierarchical ladder. Divided into stages, the process is driven by various gates at different levels of seniority in the organization. The initial stage gate would only briefly look at suggested ideas, discarded those which they deemed as a waste of time. The next stage would process the ideas more thoroughly and so it continues until only a few select ideas remain. These would most likely be evaluated by high-level directors, board members or CEO’s of the company, whose decision would be responsible for the implementation of a chosen idea.

These strategies adopted by various banks provided platforms to drive innovation, but which still existed in a highly regulated atmosphere, since innovation was left in the hands of specific teams and departments rather than incorporating the business as a whole.

Implementation and efficiency

While other banks in the industry, primary competitors to FNB, embarked on mostly stage-gate and centrally managed styles of innovative operations, FNB did not to follow the same path. Instead, a more integrative and holistic model of innovation was developed that only used certain elements of more traditional approaches. Looking back at Michael Jordaan’s statement:

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“Innovation can either be a new approach to an old process or a totally novel idea. Innovation and customer service are at the core of our business. We continually encourage and reward innovation, as we believe this helps to entrench our philosophy of entrepreneurship. Every day we strive to develop more helpful client innovations. Innovations like these make a difference to how we efficiently service our customers.”

FNB is in a constant journey to maintain an understanding of the changing landscape around them and their philosophy purports to use not only internally generated innovative solutions, but those brought forth by clients too. In accordance with FNB’s innovative culture, innovation and entrepreneurship have been central to their philosophy. Through innovation driven challenges and initiatives, FNB has begun the journey into successful and effectively driven innovation. While their strategies to harness and make use of innovative ideas will be dealt with further on, a noteworthy point is relationship that exists between players within the organization as well as outside of it. The prominent owner-manager relationship culture within the company creates a atmosphere of conversation between high level executives and departmental managers, within the context of innovative operations, the innovation champions that exist throughout the company sit just below their seniors, and external contributors including the existence of competitive players, exists below the champions, often creating a dialogue of its own. So even though a hierarchical structure exists within the organization, there is a high level of interaction present as well, allowing all players the opportunity to co-exist in an atmosphere of shared idea creation, collaboration and co-production.

With strict focus on innovation and implementation, other problems arise. Do they incentivize people for ideas, or for the implementation of ideas? Within the realm of innovation, an idea is only as good as its subsequent implementation. Incentive also creates a situation where peer-to-peer competition may see reluctance in collaborative efforts between high numbers of individuals, which may prove counter-productive. The emergence of innovative ideas (with possible implementation) falls within different realms in terms of impact and effect as

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well. On a fairly basic scale we can say that there exist four levels of innovative impact: incremental, disruptive, radical and none, with each type resulting in a different level of impact on the organization.

Radical innovation presents the most desired level of impact, so the logical question is how do we radically innovate? But herein lays the problem of effectively defining radical innovation. Specifically in the context of the financial services sector, what is radical innovation?

After the few hundred years, the concept of banking has not changed. As a result of new technology and convergence of technologies in our contemporary highly mediated world, methods of banking have certainly undergone change. Mobile phone banking and online banking are but two examples of how banking has been transformed, but at its core the fundamentals of banking have remained unchanged. The bank takes, loans, and safeguards money for its customers who in turn trust the bank to do its job efficiently. It is at this junction where banking organizations face a major dilemma, what should they invent, reinvent or implement? It is a conundrum that exists at the intersection of efficiency versus effectiveness, which becomes a scale versus scope predicament, where innovation should be striving towards dealing with scope instead of purely concentrating on being efficient on a large scale and not diversifying. Essentially, we innovate with two distinct goals in mind, amongst other business drivers: to save money and to make more money. With banking systems in place (our competitors are doing it, so therefore it has to work best), is it worth the risk to implement innovative changes in the hope of improving effectiveness and jeopardizing efficiency? Sitting in this position, how is it that FNB hopes to innovate while maintaining efficiency?

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Leaders in the field

Through cycles of research and in-depth analyses focusing on banking innovation, FNB emerged as the most innovative bank in the eyes of the South African public.

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Figure: Most innovative bank

The definition of innovation was not specifically defined and left open to the interpretation of the respondents. While FNB did not have the highest concentration of clients, 43% of respondents to the survey chose FNB as the most innovative of banks both private and non-private in the country. Post interview discussions revealed that the majority of respondents had a view that innovation meant “to do something new, interesting or exciting”. FNB’s product/s, branding and types of service were among the top three responses that customers saw as elevating the organization in terms of innovation practices.

Based on the respondents, if customers banked with the bank they chose as most innovative, FNB will undoubtedly experience

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serious market shifts in a positive direction. So the image of innovation is not enough to drive true growth.

What is innovation?

Following a series of detailed interviews by various prominent employees within FNB, defining innovation within the organization was problematic. There was little consistency or agreement as to what innovation within FNB entailed, and results yielded a range of outlooks from highly disparate views to closely linked opinions.

Moving towards a definition of innovation based on the survey, innovation may be defined in the following ways:

• An implementation of newness that moves an

organization to another level

• Small ideas that are new and radical

• Finding a new and exciting ways of doing things

• New ideas and concepts discovered externally that

contribute to simplify bottom line processes internally

• Implementing radical ideas and finding models to

support them

• Pushing boundaries over and above the usual new ideas

• Breaking out of the mould

• Having the ability to make a difference

• Anything that gives a competitive advantage and

differentiates one from the pack

• Refusal towards being average

• New ideas that contribute to sale, science and people

efficiencies

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• To make big improvements

• Anything new in our world is innovation

• The need to lift the bar and change things, it’s not just

about process efficiency

• Innovation can be seen as anything that changes

• Innovation is the development of an entrepreneurial

spirit

• Innovation is not about a "eureka" idea, it is about

people finding new ways of solving problems

So what exactly have the key players within FNB narrowed innovation down to? All these ideas are acceptable and fit well within the framework of what innovation should strive to achieve, but they do not necessarily define innovation. This leads on to the question: Should organizations have an agreed upon definition of innovation? Is innovation a common universal process? Should there be a team within an organization whose task is to innovate?

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Figure: Reasons why banks are found to be innovative

FNB has been singled out as the most innovative bank, yet there seems to be variation in the definition of innovation. So maybe a common definition of innovation is not what is needed but rather a common concept and philosophy. It is fair to say that innovation, whatever it may entail in any particular context, needs to yield results. So, in light of this concept of innovation, it would seem that ideas are worthless until implemented and implementation sits at the heart of the concept of innovation.

Innovation in FNB

FNB has maintained that innovation (in various forms) will emerge if customer participation is nurtured. Systems of value-creation based on co-production with both employees and clients alike, will drive growth and build on the value generated from systems of customer participation and collaborative effort. In an industry such as the services industry, the more people participating in the innovation process, the more involved they will feel and therefore innovation becomes a by-product of customer involvement. FNB highlights three distinct aspects to customer participation:

Emotional, I feel I can contribute, create value. Intellectual, I can tell others my idea and therefore stimulate my intellect and share it. Physical, I am given leeway to participate, which may result in possible implementation of my ideas.

The aforementioned points present the entry point into social based innovation. The right of an individual to an idea, and opinion and the opportunity to share both that idea and opinion, sees the traditional formal structures of stage-gate style funnel systems collapse. The rise of a more socially interactive landscape supplements a rise in an environment of free-flowing innovative ideas and strategies. Social networking capabilities can be technologically enabled through social platforms.

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The introduction of a social platform within the organization allowed all employees to register and become part of a highly interconnected web of collaborative activity where ideas could be submitted, viewed, rated and collaborated upon by any individuals. Without creating posts separate from specified job positions within the company, every employee of FNB may register and become a potential innovative champion. Areas of operation, whose innovative development was previously seen as less important, were unlocked through the informal process of social collaboration, and the shadow network became an integral part of value-creation. The shadow network, consisting of actors within the organization who were not directly involved in processes of innovative idea creation, providing insight into the needs of the organization, or more specifically their clients, that would otherwise be lost in the hierarchical funnel processes. An idea was no longer deemed important by a select group of actors or committees, but rather by any participating member of the social platform who felt they had a say. So FNB replaced the old stage-gate process of filtering through innovative ideas with a social platform.

1. A social platform enables all levels within the formal structure to capture and review ideas and implemented innovations. The social network enables FNB to both filter and rank ideas without the use of a committee or dedicated team.

2. The platform allowed FNB to move away from a formal structure to a more informal style of interaction and value-creation.

3. More emphasis was placed on areas of operation with value that needed to be unlocked through the role of the innovation champions and the shadow social network.

Some numbers

To put the strategies implemented by FNB into perspective, here are some numbers taken from their internal innovators platform. The platform is accessible all the staff of FNB, and when ideas are logged they are categorized under to department from which

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they originated. These are the kinds of figures during 2010 that FNB saw contributing towards their innovative outcomes:

Registered Staff

New Ideas

Logged

Ideas Implemented

Total Ideas in the innovators competition

30772 8528 779 15465

The total ideas in the innovators competition include ideas that have been logged from previous years that have not been implemented or discarded and roll over.

Taking innovation into the future

In moving innovation forward, FNB has begun using their social platform to drive specific outcomes that will compliment an effective innovative culture. Key areas which required special attention included:

• Idea generation, management and systems of ranting and ranking. Concentrating on idea generation would assist in bringing to the foreground new value and opportunities for change. Looking at management meant that within an innovation context, key players within the organization such as mangers and other leaders would need to be utilized to spur on innovative campaigns, and allowing space for ranking and rating would elevate participants to a greater level of group involvement and subsequent increased value-creation.

• Concentration on pertinent areas of innovation. With special attention paid to areas that would most benefit from innovation, strategies could be more effectively implemented and encouraged.

• Perceptions of innovation and its relationship to performance. An important factor in driving innovation was to place emphasis on understanding the relationship and impact that innovation would have with actual performance.

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• Capacity to execute. Realizing their capacity to actually implement and execute innovative ideas and strategies would lead to a more viable approach to innovation since ideas would not necessarily be overlooked if systems of execution were in place.

In the context of these key areas, the organization also needed to narrow their focus, honing in on four imperative regions: Demanding Markets, Future Focus, New Knowledge and Execution Excellence. Demanding Markets meant listening to customers demands, using innovation to be more competitive and surprising their customers.This included the ability to increase their capabiliies and enhance their client offerings. In the context of Future Focus, the organization needed to challenge the status quo, understand the outcomes of their actions and spend time thinking about their future. A reframed view of the landscape, feeding into their emergent business philosophy would provide the ability to innovate successfully within their field. New Knowledge relate to experimentation, using knowledge to increase performance and raising new opinions. Leveraging existing knowledge had to be juxtaposed by the utilization and exploration of new knowledge in order to drive growth. Finally, Execution Excellence centers on improving day to day actions, interacting with others to discuss challenges and recognizing that contribution has an impact. The annual awards are an incentive-based means of ensuring that contributors realize that participation has an impact.

While some of the unintended consequences of the previous innovation challenges left losers feeling left out, encouraged certain individuals to participate for monetary gains only, and did not allow for widespread sharing of learning, the new innovation platform was aimed at disrupting these potentially negative outcomes. Being able to innovate on the go was crucial, since within the banking industry activities cannot simply be put on hold while new systems of operation are put in place. For business to carry on as usual, while innovation becomes culturally embedded within the organization, FNB began to think about utilizing a platform that encourages the use of social networks, collaborative ideation ecologies and customer

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participation. It would provide a personal innovation assessment instrument to provide FNB employees with the ability to assess their own innovation capabilities and simultaneously recommend improvements in innovation productivity based on assessment results.

The implementation of a new idea capturing platform allowed FNB to rise up above their innovation dilemma and helped them move away from their previous innovative paradox being that, certain people were paid to innovate as part of their jobs, where others innovated in spite of their jobs. Although the existence of a formal structure presents certain restrictions on idea creation and implementation, FNB needed to set focus from a top-down perspective and provide space for directed innovation. CEOs and champions formed part of a network that could help develop directed innovation. FNB needed to ensure that sufficient input was obtained from a wider audience to diversify its options for innovation, and then focus on the key platforms that needed to carry the business into the future.

The new online platform was designed specifically to present a more attractive forum in which anyone can view, create, collaborate, and rate and rank different ideas and suggestions. By registering as part of the online community, users gain access to all these functions in a social networking orientated atmosphere. Peers and colleagues can be added as “friends” and together individuals can tem up and collaborate on new ideas. With different forums containing various suggestions, problems and ideas, users are free to participate in whatever areas they feel have significance to their own lives within the organization, or areas in which they have an interest. Once a campaign has been established, through comments and rating, ideas are built upon increasing the interest of participants and possibly luring new parties to the playing field. This type of interactive co-production of ideas means that interest is maintained since submitted ideas do not disappear into a suggestion box never to be seen again.

At a more senior level, the company can view how ideas are being developed and the amount of attention they receive. This allows employees at a management level the opportunity to step

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back and view ideas from a perspective of reframed thinking. Since they are no longer in control of filtering ideas (at a preliminary level at least) they can take a new critical approach to ideas while viewing them from a more objective outside perspective. Participants of the ideation process give indication as to how implementation of certain ideas will either create space for positive innovation or have a negative effect on the organization.

Using this platform as a new means of driving innovation, FNB hopes to see improved development in their innovation strategies and increased participation of employees and clients in the company’s growth.