Gastbeitrag O

Wind Of Change

Deutsche Bank uses open innovation to develop future scenarios for premium customer Services


This a guest post. Written by Olof Ekman – Head of community management at jovoto.com


2015 was the year the finance landscape saw a drastic increase in new players entering the market and offered a wide range of great services that none of the more established banks yet have been able to offer. New solutions and companies popped up up almost every week and this has put banks in a squeeze: they need to find new ways to innovate ASAP in order to stay relevant in a highly competitive market.


In this challenging environment, Deutsche Bank has decided to go new ways and to use the innovative methodology of crowdstorming and get different perspectives from all over the world. Deutsche Banks has teamed up with the creative problem-solving platform jovoto.com to run an ambitious 8 week crowdsourcing project. From fintech experts to service design specialists, creatives and entrepreneurs from around the world are being asked to develop the ultimate premium customer service experience for Deutsche Bank’s customers.


The project kicked off on the 17th of January and is open for submissions until the 11th of February. Up for grabs is a total prize pool of €25 000 including a grand jury prize of €7 500. There’s also a “Best Feedback Award” of €500 to be won by the person who contributes with great and valuable feedback to other ideas. Creatives are invited to submit everything from quick scribbles to fully-developed services. Participating on jovoto.com is easy and you keep the rights to your ideas until they have been licensed (the licensing fee is payed out extra in addition to the total prize money).


Develop the ultimate customer experience for Deutsche Bank from jovoto on Vimeo.



BUnterberg_lowres2We had a quick chat with Bastian Unterberg co funder of jovoto to hear his expectations of the project and why a crowdstorm makes a lot of sense for large organisations like Deutsche Bank, which are facing tremendous change.


Why do large organizations like Deutsche Bank decide to run a Crowdstorm on jovoto now you think?


As a large organization like Deutsche Bank, opening up the ideation process to those outside the organization delivers a much wider perspective on the possible approaches to fundamental change. Not only does the crowdstorm help a large organization gain an overview of potential options, but at the same time, the organization will experience this “art of the possible”, by gathering a range of unexpected ideas from completely new perspectives.  Additionally, by screening the art of the possible in the very front end of the ideation process with the input from creative minds from around the world  can be achieved in a fraction of the time otherwise needed.


What are the biggest challenges facing the future of premium banking?


The cultural and organizational change that needs to happen inside banks is likely the hardest part to get right on time. It is without a doubt, that cultural change is imperative to larger organizations’ success in navigating change and so it cannot be ignored.


Beyond culture and structure, it is key to understand the most effective way to cooperate with fintech companies to be able to enable new services and evolve customer experiences– whether as a client, partner, accelerator or acquirer. Building this understanding also needs a cultural shift to get it right. Fintech startups lack what established banks have, such as experience, a large customer base, and many assets to leverage, whereas most banks lack the agility, understanding of technology, and free mindset of a fintech startup. Bridging this cultural gap needs smart interfaces capable of translating and moderating between those two cultures.

If you turn your focus away from fintechs than the real challengers are probably the tech giants, like Apple, Google Facebook or Amazon who all have mass-scale customer access and who are looking at financial services to add to their tables.


What methods are needed to face these challenges?


In taking into account the cultural and organizational challenges faced by large organizations,  innovating openly with the crowd in a crowdstorm often helps to open new lines of conversation and rally the internal troops to create a tangible vision of what the future might look like. Often this process helps to identify the organization’s often-underrecognized intrapreneurs – the key individuals that can help lead change itself.  Enabling these intrapreneurs can help to create a working interface between external drivers of change and the organization itself, helping to kickstart innovation.


What role do you think tech-driven service design will play in the future?


Currently banks rely on their large and rather loyal customer base, but as society continues to evolve, banks have no choice but to adopt new products and services that can compete with the new services provided by fintechs. Banking services, especially in the premium segment, will play a crucial role in maintaining and growing a loyal customer base. By bridging traditional premium banking services with the technology and innovation of fintechs, Deutsche Bank can guarantee continued top-tier customer experience and expect loyalty in return.


jovoto invites the Financezweinull readers to participate and to do so head over to www.progressive-premium.com and click “Get Access” to sign up and share your portfolio or website under “Portfolio Link” and we will do their best to respond to your request within 24 hours. Once accepted, you will be able to see all submitted ideas, submit your own and give/receive feedback.


Hope to see some of you in the project!


Author: Olof Ekman – Head of community management at jovoto.com


Boris Janek

AUTHOR - Boris Janek

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