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Insights and Data Innovation Greenhouse....disrupting “Business As Usual” One Innovation at a Time
Why is it Often Challenging to Harness Disruptive Technologies?
3Copyright © Capgemini 2015. All Rights Reserved
Insights and Data Innovation Greenhouse | June 2015 | Financial Services
Disruptive Technologies are Rapidly Changing the Way Financial Services Organizations Operate
Big and Fast Data
Cloud
Mobile
Social Media Reduce operating costs
Increase margins
Identify new sources of revenue
Reshape strategy to delivery of products/services
FS organizations are seeking the means to harness the disruptive potential of these new technologies
4Copyright © Capgemini 2015. All Rights Reserved
Insights and Data Innovation Greenhouse | June 2015 | Financial Services
Powered by Vast Amounts of Data, They Have All the Raw Materials Available to them to Innovate
Financial services companies should be looking to emerging big data tools as the answer to finding hidden consumer sentiment on a real-time basis
– Putting Big Data to Work for Financial Services Companies“
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The visionary bank needs to deliver business insights in context, on demand, and at the point of interaction by analyzing every bit of data available- Financial Services Data Management: Big Data Technology in Financial Services
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“No other industry has more to gain from leveraging Big Data than the financial services sector
– Market Watch, Big Data in Financial Services Industry
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82% of those surveyed in the Chartered Institute of Loss Adjusters believe those insurers that do not capture the potential of big data will become uncompetitive– The Big Data Rush
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Part of the answer is investing in research and development is making better use of the vast amount of data available and perhaps looking at solutions with a greater degree of innovation- President of the Federation of European Risk Management Associations
5Copyright © Capgemini 2015. All Rights Reserved
Insights and Data Innovation Greenhouse | June 2015 | Financial Services
But They Often Find It Challenging to Move Ahead of the Incremental Change
Getting business and IT to
collaboratecan be difficult
and time consuming
Operating procedures
constrict cross-pollination
of ideas
Good ideas aremissed or
abandoned because
internal pressures make adopting innovative ideas impossible
Often a painful process
of exploration and experimentation that
results in failure
Struggling to think outside the
boundaries of normal day-to-day
activities Inherent cost and risk
Risk of reinforcing existing
thinking or encountering
defensive reasoning
Innovation Greenhouse:Bringing Financial Services Innovation to Life
7Copyright © Capgemini 2015. All Rights Reserved
Insights and Data Innovation Greenhouse | June 2015 | Financial Services
Co-Innovation: A Collaborative Approach to Breakthrough Innovation
The co-innovation model enables two groups to draw on subject matter expertise they may not have in their respective organizations, get an external perspective and share risks and investments.
Incremental
Thinking one step ahead
Transformative
Thinking two steps ahead
Paradigm shifts
Thinking three steps ahead
Thinking out of the boundaries of normal day-to-day activities in order to bring about rapid change to processes and procedures. Innovation may be categorized into three types:
8Copyright © Capgemini 2015. All Rights Reserved
Insights and Data Innovation Greenhouse | June 2015 | Financial Services
How Co-Innovation Breaks Down Innovation Barriers
Collaborative creation of ideas
Mobilization of expertise to explore potential designs
Develop solutions that uniquely reflect the client’s specific requirements
Firms achieve a greater degree of certainty of potential outcomes for ideas without needing a fully fledged pilot. They gain flexibility for ideas to be refined or discarded before a significant investment is made.
9Copyright © Capgemini 2015. All Rights Reserved
Insights and Data Innovation Greenhouse | June 2015 | Financial Services
Bringing Co-Innovation to Life
Three steps to innovation
Planting
Nurturing
Growing
The Insights & Data Innovation Greenhouse provides a collaborative facility to plant, nurture, and grow data-centric solutions for real-world business problems across the spectrum of financial services.
10Copyright © Capgemini 2015. All Rights Reserved
Insights and Data Innovation Greenhouse | June 2015 | Financial Services
3 Steps: 1 Goal
1Step Plant the Seeds… 2Step Nurture Early Growth… 3Step Grow to Maturity…
Identification and definition of a real-world business
problem impacting the client
Completing the business case and prototyping of
the solution
Developing the operational solution
11Copyright © Capgemini 2015. All Rights Reserved
Insights and Data Innovation Greenhouse | June 2015 | Financial Services
Typical Use Case Scenarios for Financial Services Firms
Create and Assess
Formulate & Execute
After an initial ideation session on risk assessment challenges, Capgemini Insurance Risk subject matter expert (SME) works with the client to determine the risk scenarios.
A list of risk anomalies are enumerated based on risk data sets (internal and external data). The Capgemini Insurance Risk SME identifies key data sources required to produce real-time Risk Assessment reporting dashboards on the data sets.
Based on the decision criteria given, Capgemini builds a Proof of Concept (PoC). The PoC is demonstrated to the insurer as feedback is important to shape the next stage development.
Client Use Case 1 Need to determine “customers at risk and device
retention strategies” in light of the new UK pension and annuities regulations
Client Use Case 2 For risk based pricing, commercial underwriters
need to perform a risk assessment on an individual property rather than on a portfolio basis.
After an initial ideation session, Capgemini works with the client to determine the behaviors exhibited by customers anticipating to take pensions out of the company.
A set of profiles is built based on potential actions of customers in each category. A list of behaviors is enumerated based on both internal as well as external data. For each item, the client is asked to determine the data range for each criteria to place a customer into these profiles based on their experience and historical data.
Based on the decision criteria given, Capgemini builds a small demo system as a validation tool. A Proof of Concept (PoC) is only built once this tool gains support.
Define &
Co-Invest
12Copyright © Capgemini 2015. All Rights Reserved
Insights and Data Innovation Greenhouse | June 2015 | Financial Services
Jumpstarting the Process
13Copyright © Capgemini 2015. All Rights Reserved
Insights and Data Innovation Greenhouse | June 2015 | Financial Services
Jumpstarting the Co-Innovation Process
Day – 1
Rapid Ideation Sessions
Day – 2 Crowd Sourcing
Day – 3 Hackathon Sessions
Rapid Prototyping
Scan, empathize, define, ideate, and prototype
Create a buzz of interest, get the best ideas and drive internal buy in
Create “minimum viable products” and deliver functioning demos
Test the idea ‘live’
14Copyright © Capgemini 2015. All Rights Reserved
Insights and Data Innovation Greenhouse | June 2015 | Financial Services
Capgemini’s Co-Innovation ProcessInnovation frameworks and accelerators
Create and Assess
Define & Co-Invest
Formulate & Execute
Package & Present
Refine innovation opportunity
Crowd Sourcing Hackathon Sessions Co-Investment
agreement
Create/Scope opportunity Rapid Ideation sessions Concept creation Opportunity assessment Prioritize and select Use
Cases
Develop and select design
Concepts for execution
Pilot and Prototype Build a working model Packaging Improve and transition
There are a range of frameworks and accelerators that can be used to support the delivery of the
Co-innovation process:
Benefits of Co-Innovation Through the Greenhouse
16Copyright © Capgemini 2015. All Rights Reserved
Insights and Data Innovation Greenhouse | June 2015 | Financial Services
Benefits of Co-Innovation Through the Greenhouse
Time to Market
Shared Risk
Lower Implementation Costs
Market/Productivity Impacts
1
2
3
4
17Copyright © Capgemini 2015. All Rights Reserved
Insights and Data Innovation Greenhouse | June 2015 | Financial Services
Explore More!
Insights & Data Innovation Greenhouse Brochure for Financial Services
Visit us at: www.capgemini.com/FSinnovationgreenhouse
To learn more, contact us at [email protected]
The information contained in this presentation is proprietary.© 2015 Capgemini. All rights reserved.
www.capgemini.com
About Capgemini
With more than 145,000 people in 40 countries, Capgemini is one of the world's foremost providers of consulting, technology and outsourcing services. The Group reported 2014 global revenues of EUR 10.573 billion.Together with its clients, Capgemini creates and delivers business and technology solutions that fit their needs and drive the results they want. A deeply multicultural organization, Capgemini has developed its own way of working, the Collaborative Business Experience™, and draws on Rightshore®, its worldwide delivery model.
Rightshore® is a trademark belonging to Capgemini