Customer-Centricity Catalyst: TBC's Innovation Fund & 'Working Backwards' Process Qorus Reinvention Awards - Europe - Winner

In the heart of TBC Bank's mission lies an unwavering commitment to our customers. However, we found ourselves facing certain challenges in bringing this customer-centric vision to life. At the same time, we had plenty of creative ideas, but deciding how to use our resources and which projects to focus on was tough. Our core dilemmas can be summarized as follows: Our foremost concern was centered around achieving Genuine Customer Focus. We wanted to ensure that our ideas weren't just superficially customer-centric but deeply rooted in addressing our customers' real needs. Regrettably, we lacked a structured and systematic approach to achieving this objective. Secondly, we needed to figure out how to use our limited resources wisely. We couldn't fund all of our ideas, so we needed to choose the ones most likely to succeed. In response to these challenges, we initiated two pivotal strategies: The Working Backwards Process: This process is inspired by Amazon's way of putting customers first in everything they do. It starts by imagining the final product from the perspective of our customers and then meticulously working backwards to identify the optimal solution. Crucially, we start by addressing vital questions before embarking on product development. At its core, the process features a comprehensive six-page document that offers an in-depth exploration of the idea. This document begins with a fictional press release announcing the product, so that everyone can easily see what's great for the customer and how it solves problems. Following this, we answer five consistent questions, which are applicable to all Working Backwards projects, all of which are focused on understanding and meeting customer needs. The remainder of the six-page document provides comprehensive answers to all pivotal questions about the idea and its implementation. The Innovation Fund: To facilitate the realization of customer-centric ideas, we established a robust $12 million innovation fund. This fund was made available to any team within TBC Bank with the ambition to bring their ideas to fruition. The application process involved the submission of a Working Backwards document. On a monthly basis, the TBC board meticulously reviewed around three Working Backwards documents, carefully selecting the most promising ideas and projects for funding. Since the inception of the Working Backwards process and the innovation fund in early 2022, our efforts have borne fruit. We have successfully financed and nurtured over 30 projects, with the majority of them delivering remarkable outcomes. These initiatives have directly enriched the lives of our customers. In essence, the Working Backwards process and the innovation fund have not only contributed to transforming TBC Bank into a more customer-centric organization, but they have also empowered us to craft and deliver innovative products that deeply resonate with our customers' evolving needs and preferences. Our journey to customer-centricity continues, fueled by innovation and a steadfast commitment to our customers' well-being.