When big regulatory changes were ushered in with Open Banking and GDPR, our client wanted to explore how it could make the most of the opportunities arising.
The bank’s leadership was enthusiastic about turning what initially seemed to be a regulatory burden and a source of risk into a chance to develop innovative aggregation services and payment products.
Diving into commercial propositions
Working alongside the innovation and product teams, we carried out deep dives into specific commercial propositions via a series of business model sprints.
After creating a priority list of strategic opportunities, the teams drew on inputs from other parts of the bank to develop three main outputs for each sprint:
- High-level business model and outline of the economics behind the proposal.
- Prototype of the proposed innovation with initial customer feedback.
- Roadmap to building it and the big implementation considerations.
While business model sprints are not always the best process to explore innovation, in this case they proved an efficient way to test the opportunities that had been identified.
In particular, they set an expectation of urgency on contributing colleagues outside the sprint team, and on senior managers too.
Implement, abandon or save
As a result, the teams were quickly able to develop a portfolio of opportunities, to the stage where decisions could be made on whether to implement, abandon or save for later.
And because there was no requirement to gold-plate each idea before it reached the decision point, the bank was able to pursue a broader range of potential opportunities.
You can find more details on our innovation framework in this article.
