Innovation at CaixaBank

CaixaBank is nominated in the Transformative Innovator of the Year category at the Qorus-Infosys Finacle Banking Innovation Awards 2024. We asked the bank to present its strategy and actions in terms of innovation.

Why do you consider your company a Global Transformative Innovator?

At CaixaBank, innovation is more than a buzzword; it’s embedded in our very DNA. Our strategic vision places innovation at its core, driving our growth and enabling us to adapt to evolving customer needs and market dynamics. We consistently invest in our innovation program, dedicating substantial resources to exploring emerging technologies and trends. This unwavering commitment ensures we remain at the forefront of innovation. Moreover, we have established an extensive network of partnerships beyond traditional banking. By collaborating with environmental experts, several industry leaders, and fintech innovators, we fuel our innovation engine and enhance our offerings. Ultimately, innovation is central to delivering an exceptional customer experience. We are developing innovative solutions that meet and exceed our customers' expectations.

How is a culture of innovation achieved across your company?

Achieving a culture of innovation across CaixaBank involves fostering an environment where innovative ideas flow freely across all levels and departments. We've established diverse forums specifically designed for individuals to exchange ideas, ensuring that innovation isn't confined to any one team. Instead, it's embraced as a core challenge by all teams involved in developing new projects. We firmly believe that innovation is pivotal to success, enabling us to rapidly adapt and progress in response to evolving customer needs. Our innovation strategy is centered around customer-centricity, actively listening to their feedback and developing solutions that deliver real value. This commitment is underscored by the active participation of over 26,000 customers in 500 tests conducted every year at the CaixaBank Insight Center, demonstrating our dedication to continuous improvement and innovation in every aspect of our operations.

What are the major goals and results obtained from your ongoing innovation strategy?

Our innovation strategy aims to boost customer satisfaction, streamline operations, and drive revenue growth. We have over 11.5 million active digital customers, with 4.8 million daily users enjoying seamless, omnichannel experiences. By leveraging AI and big data, we provide personalized services that enhance customer loyalty. Our €1.26bn investment in technology in 2023 facilitated new financial service developments and enabled us to process 240.6 billion transactions. Adopting blockchain, quantum computing, and cloud solutions has improved our IT infrastructure's flexibility, scalability, and efficiency. Collaborations with IBM, Microsoft, Accenture, and Google Cloud have streamlined processes, reduced costs, and enhanced decision-making. This strategic focus on digital transformation and partnerships with technology leaders defines how we approach innovation and ensure sustained growth that differentiates us from the competition.

How does your company manage the overall innovation process?

Innovation at CaixaBank is decentralized, coordinated by a core innovation team. There are several innovation teams distributed across the CaixaBank Group assuring the proximity of innovation experts with the specific expertise of each area. Regarding the methodology, the innovation core team looks after keeping the same methodology and provide the group with the resources needed to go from concept to pilot. Some examples of the resource that the core team provide are: 2) Trends and tech radars 1) a product research team and user insights center, 2) a technical team for fast prototyping and PoC and Pilots development Likewise, multifunctional teams, such as Innovation and Strategy, work closely with IT, Legal, Compliance, and Marketing. This collaboration ensures regulatory compliance and effective communication of innovations to our customers.