innovation embracing, nurturing, delivering · nothing beats a great team! introduction dbs chief...
TRANSCRIPT
Success Factors
Customer
Simplicity
Teamwork
Retail Bank Re-start
3 Months Planning, 6 Months Execution
Profit: from ¥6.3B loss to ¥2.2B profit
Deposits ¥1.0 Trillion (25% YoY)
Revenue: ¥47.6B (16.3% YoY)
Profitable customer acquisition: from 8% to 54%
Share of Wallet: Upgraded 7% of customer base
⬇ Product rationalization: Goal 50%
ABC Bank Creating impact at
2009 and 2010 named by Asian Banker as the ‘No. 1. Retail Bank in Japan’
Nothing beats a great team!
Create the future
don’t patch the past
Digital Darwinism In the age of
Some banks won’t survive
Johanna Pung
Average life expectancy 1920
People S&P500 Companies
S&P Companies lived longer than people Professor Richard Foster from Yale University
Average life expectancy 2010
People S&P500 Companies
People live 5x longer than S&P500 companies Professor Richard Foster from Yale University
The average across all companies If you felt safe, I was exaggerating …
Companies are dying as kids McKinsey
In summary
0
10
20
30
40
50
60
70
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1920 2010
Years
Life Expectancy
People S&P 500 Companies All Companies
Impact
Short lifecycles
Vertical adoption rates
Consumers
Driving
Change is accelerating
It’s a Pandemic Why is innovation accelerating?
http://www.flickr.com/photos/mendhak/6919674132/
Acquired Innovation Deficiency Syndrome
John Reed CEO Citibank
“I never heard the word shareholder
value till the 90’s. It was customers,
customers, customers”
Steve Jobs CEO Apple
“You’ve got to start with the customer
experience and work backwards to the
technology”
Great CEO’s
But an apple a day …
Understand human nature Where to start?
What will customers buy? Why will they buy from you
Customer start here
What happens when you create …
Impact
Faster – Easier - Better
Irresistible relevance and ease of use
Sam Howzit
How are customer habits changed? Bringing innovation inside
Recognizing habits Targeting change Effecting change
The Power of Habit by Charles Duhigg
Data Intelligence Social / Connectivity
A fine line between influential and invasive
Takeaway
People embrace familiar change
A fine line between influential and invasive
© 2009 Stephen Monaghan
8C’s of Innovation Driving Innovation Inside
Innovation success probability equals?
Probability
of
Success
= Customer x Clarity x Creativity
Simple
8C’s of Innovation The basics
Innovation success probability equals?
or
Common Sense
Probability
of
Success
= Customer x Clarity x Creativity x Courage x Cohesion
Keep it simple
TED talks Leadership
is a piece of the puzzle http://www.ted.com/talks/derek_sivers_how_to_start_a_movement.html
8C’s of Innovation The basics
Innovation success probability equals?
Complexity
or
Common Sense
Probability
of
Success
=
“Complexity is at war with simplicity” – Ken Segall, Insanely Simple, The Obsession that Drives Apples Success
Customer x Clarity x Creativity x Courage x Cohesion x Commitment
Keep it simple
Contextual insight The challenge
Insight causing action
Information a commodity, insight remains invaluable
Information commoditization
http://farm1.staticflickr.com/4/7393410_1b9e9633fa_z.jpg?zz=1
Transparency creates trust
Money no longer made in the dark
Exceptional
customer experiences
So make it real and create
And really JFDI
Only Sequel http://www.flickr.com/photos/antara365/2849958585/