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. Agile Innovation – SAFe: A scaled Agile approach for innovation and transformation
- 3. A little insight that will save your life: A bank is a software company
- 6. 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.
- 8. Next?is What
- 11. Don’t forget to take your shots, mister! Or you’ll have to visit the Innovation Doctor!
- 12. She’s right! You know?
- 13. 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
- 14. How do we go about treating the patient? 5 Actionable changes you can start with tomorrow that will enable innovation in your organization
- 16. 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?
- 17. 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
- 18. Actionable Change # 1: Involve your customers in product and service design by learning about their “Jobs-to-be- done”
- 19. In real life:
- 20. The process to support the change:
- 22. Actionable Change # 2: Projects kill innovation. Change to a continuous flow of innovation.
- 23. In real life:
- 24. The process to support the change:
- 25. 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
- 26. 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
- 27. „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
- 28. Actionable Change # 3: Small is the new Big. Deliver constantly small increments of value. Reducing risk and accelerating learning.
- 29. In real life:
- 30. The process to support the change: The Scrum Process Framework DevOps approach with Continuous Delivery
- 32. NumberofBugs Timeline Bug evolution in a non-agile project Open Closed Submit Development phase Desperately testing and fixing phase Waterfall
- 33. The 10 types of Innovation (A possible model)
- 34. Actionable Change # 4: Break all the silos. All must work together to make innovation possible
- 35. In real life:
- 36. The process to support the change:
- 37. Can we succeed without execution?
- 39. 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
- 40. 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)
- 41. 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
- 43. 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
- 44. 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
- 45. Epics in progress Epic work broken down into features Features in Progress Work completed Visualize all work ongoing From Strategy to execution
- 46. Prioritize everything according to your strategy and biggest impactTimetomarket Impact on strategic goal Best choices
- 47. Actionable Change # 5: Create transparency all the way from Strategy to execution, and manage for value delivery, not for maximization of work
- 48. In real life: Covered by NDA Big Bank in the Nordic countries
- 50. 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
Notas del editor
- Briefly about me. I’m probably the only real FINNTECH in the room, since I come from Finland and I’m a technology guy I was born long ago that for me the point of view on technology is that of a creator, not that of a user. In other words, I guess you could say that I am the millenials older cousin. Old enough to have been introduced to computers through programming and not Pokemon GO Which gives me a completely different view on technology compared to a millenial, but also allows me to understand the use of technology just like they do,
- Before we start. A word of warning. Many of you may not agree with me right now. But hopefully you will by the end of this talk. Your bank is now a software company. Banking is your industry. But it is software that amplifies your business model!
- In innovation, business and other aspects of life: the future is already here. Just not evenly distributed. Innovation is about learning to see the future and preparing to execute on it.
- This is a clip from a BBC article. The picture is the first share ever granted in a company. In 1288, Stora Enso issued a share giving a bishop an eighth of a copper mountain. Imagine what that would be worth today. Accruing value since 1288! For 728 YEARS! The article quotes a study by Professor Richard Foster…
- Professor Richard Foster looked at the average lifespan of the companies listed in the S&P 500 in 2012. He concluded that the average lifespan of a company in the S&P500 is 15 years today. That means that if we start a company and have a baby at the same time, the child will not have time to reach college before that company is dead.
- Oh, and if you think that having a long story is security against obsolesce, think again.
- Innovation can be used as a catalyst for adaptation and survival. To change our business in a way that helps us adapt to the innovation that the market is already pushing. And this is key: the market is already pushing (remember, …
- In innovation, business and other aspects of life: the future is already here. Just not evenly distributed. Innovation is about learning to see the future and preparing to execute on it.
- Innovation can happen at any level in the organization. A successful approach to innovation will help us harness the creative power of everyone in the organization from the clerk at a branch to the Branch manager to the leadership team!
- Innovation is one of the key forces that jumpstarts the immune system of your organization. Like Antibiotics or Vaccines. “Innovation shots” help us shore up our immune system and be ready to react when that inevitably happens.
- Oh and just in case, here’s what the doctor says about that.
- Here’s what the doctor says: After having diagnosed many sick patients (the curse of being a consultant! ) We can safely say that the biggest gaps in companies that lack an innovation culture are:
- ABOUT 10 MIN IN!
- ABOUT 16 MIN IN
- ABOUT 17 MIN IN
- ABOUT 25 MIN IN
- We hear about Silos being bad. But what do they feel like in reality? Let’s look at an example…
- ABOUT 29 MIN IN In a waterfall project no one is in control at the end (show bug curve at the end). Much overtime will be needed to get this product out, and that will be on your backs and on the backs of the product development group (be it software or other complex product). This typically leads to a pattern that some have called “Death March” (concentration camp picture), and that’s how it feels. It feels like we are marching to a concentration camp (rant about lives destroyed by this approach). You have a responsibility to avoid this pattern in your place of work, and you can do it. Here’s how.
- There are many kinds of innovation. Without collaboration we are not considering all the possible types of innovation. In fact, Silos kill many ideas regarding innovation.
- At Pixar they focus on getting teams of cross-functional creatives together to build a story together. They have show and tell sessions where they share their ideas for the story, etc. and they work together on the film. From start to end
- Lean change Management: a method to continuously improve the organization and break those silos Scrum is a process framework that helps foster collaboration in the organization Open Space Technology: a method for facilitating large groups. Harnessing the knowledge from all involved. A Whole team approach: working as teams helps remove or at least reduce the impact of silos in the work
- What SAFe really is: a very disciplined, and lean strategy execution tool. Strategy execution as a competitive advantage to find and capitalize on opportunities that arise Can you name a strategy execution method, that starts at the top, and helps you track everything all the way to the day-to-day management ? Other stories: the story of Nokia: good strategy, good execution, but in opposite directions
- TOPIC 1 for EXECUTION: KNOWING WHAT TO WORK ON So we are here as Product managers. As people that want to contribute to one of the key aspects in our companies’ internal processes: doing the right things. We can spend a long time talking about how we can do things better, but if we are doing the wrong things that amounts to being better at doing the wrong thing. Doing the wrong thing faster is not how we can be better than the competition.
- TOPIC 2 FOR EXECUTION: FAST PROCESSES: QUICK TO MARKET
- TOPIC 3 FOR EXECUTION: EXECUTiON THAT IS VALUABLE (COST vs VALUE) Another important finding is that slow processes are typically co-related with lower quality. This of course makes a lot of sense, because the quicker the process the less errors you can make. If you did the process would be slow, by for example: adding a large validation and verification phase at the end of the project (show picture of a waterfall with the testing/validation appearing at the end). Waste can be removed from any process, but never by looking at that process in isolation.
- In one of the largest programs we’ve run we used a technique that allowed us to make our requirements flexible even as we gave quite clear direction to our development teams about the longer term (they need this for skill development for example). How did it work?
- Three layers of requirements: Epics -> Features -> Stories with different layers of ownership and details. These levels of abstraction allow the organization entities to focus on managing only the appropriate set of requirements that they need to get their job done.
- The flexible portfolio with the 2 dimensions of flexibility The example of the word-editor that can be Notepad or Word
- TOPIC 4 FOR EXECUTION: YOU CANNOT MANAGE WHAT YOU DON*T SEE This brings us to tool #5: Visual management. The impact is significant in the types of conversations that are created as well as the involvement of top management. Now that this organization has work visible, they have been able to start aligning their views on the goals, and also what choices to make. This is a tool that significantly changed the portfolio management approach at our clients.
- TOPIC 5 FOR EXECUTION: PRIORITIZATION IS MANAGEMENT*S MOST IMPORTANT JOB A collaborative discussion to find out what are the business deliverables better aligned with strategy. WSJF and Best strategic fit
- We’re about to Finish, but before we go I’d like to leave you with an insight that took me many years to develop. But can potentially save you millions. (And you get it for free ;) SOFTWARE is a 10x technology. What that means is: software powers your business, and can amplify your business model, but it is also very expensive to develop and maintain. So, if you are not looking for at least a 10X return on your investment SOFTWARE might not be the technology for you.
- Scaled Agile Framework: SAFe. A process designed to help organizations deliver on their strategy. A Scaled Agile framework that can link your strategy to the every day work, and provide the feedback necessary to improve strategy. This is a process designed around: Facilitate customer involvement through flexible and agile requirements management Flow of work that allows the organization to tackle innovative ideas Quick delivery through small batches, and measure of progress through concrete value deliveries Reduce the impact of functional separation. Involving all the right people in the delivery of value. Create transparency from top (Strategy) to the bottom (execution) and back. By creating a feedback loop at the strategy level.