Wenov by Attijariwafa bank Qorus Reinvention Awards - MEA 2024 - Winner

Concept and Objectives: Wenov is Attijariwafa bank’s innovation entity, created in 2020, it is dedicated entirely to fostering innovation within the financial sector. Wenov has three primary objectives. The integration and emerging into new financial and technological ecosystems, the acceleration of the emergence and implementation of transformative projects to drive business growth and efficiency and fostering innovation culture and creativity among employees by making innovation a core component of daily operations.

Reasons Behind: The establishment of Wenov is driven by the need to stay competitive in a rapidly evolving financial landscape, leverage cutting-edge technologies and trends, collaborate effectively with startups and fintechs to drive ecosystem development and foster a continuous culture of innovation within the organization. The objective of this effort is to tackle the various obstacles that arise from the rapidly shifting financial landscape. The bank aims to remain ahead of the competition and satisfy the evolving requirements of its clients by encouraging innovation initiatives, technology tracking and bringing disruptive technology within the bank in a constructive and operational way. The bank also understands the value of fostering entrepreneurs and the fintech ecosystem since these initiatives may contribute to advancement of innovative financial solutions.

State of Competition: Wenov reached a scale-up phase in 2022, extending its innovation model to subsidiaries and their ecosystems. In the competitive environment of financial innovation, Wenov stands out by being ranked among the best financial innovation labs globally and is distinguishes itself through a structured approach to innovation, strong collaboration frameworks with startups and technology partners and dedicated programs for rapid prototyping and scaling such as WeLab Boost and Fintech Catalyst. The entity's approach to innovation involves collaborating with a wide range of startups including 180+ startups and academic institutions such as Al Akhawayn University in Ifrane for mentoring undergraduates, which helps it stay at the forefront of technological advancements. This collaborative model not only accelerates the development of new solutions but also ensures that Wenov remains competitive in the global market. Wenov enabled financing of more than 23 million MAD through direct investment and partnership as well.

Sources of Inspiration: Wenov draws inspiration from various sources, including its partnerships with incubators and accelerators such as CEED, the Moroccan Center for Entrepreneurship. Additionally, the lab collaborates with academic institutions like Al Akhawayn University and UM6P to mentor students and incubate projects focused on themes such as Artificial Intelligence, blockchain, and the Internet of Things. These collaborations provide a rich source of innovative ideas and human capital, which are essential for the lab's success.

Departments involved: Wenov is a distinct entity within the Attijariwafa bank group, focused specifically on innovation and intrapreneurial initiatives. However, several departments within Attijariwafa bank are involved in the Wenov initiative. The WeLab branch, for instance, acts as a technological laboratory that gathers innovative ideas from across the bank and develops POCs for fintech products and develops MVPs and accelerates time-to-market for innovative projects and rapid prototyping. The Smart-Up & Ideation team also plays a crucial role in the Fintech Catalyst program, which aims to accelerate the emergence and implementation of transformation projects by matching business needs with expert startups and promotes open innovation and intrapreneurship. And Wedesign promotes an innovation culture among employees. While, Weculture, stimulates and reinforces innovation culture within the bank.

Main results so far: Wenov has achieved significant milestones since its creationinception. This year, Wenov takes its Fintech Catalyst program to new heights with its 4th edition Last year, Wenov took its Fintech Catalyst program to new heights with its 3rd edition. This program aims to accelerate the implementation of transformation projects aligned with the group’s strategic plans by collaborating with startups, reducing the time to market by leveraging their tech stack, ready-to-use solutions, and mastery of new technologies. The program’s success was significant, with 240 startups applying and participating in 25 challenges, more than 250 experts mobilized, and 15 Proof of Concepts developed with 9 in development. The program resulted in the industrialization of 8 PoCs, 7 with Moroccan and African startups. Wenov hasWenov as well has more than 50 editions of innovation programs and 16 major events conducted, including Circle of Innovation and Think & Make initiatives.

The entity has collaborated with 180+ startups, delivered more than 150 POCs and signed about 150 strategic partnerships. Wenov has been also recognized as one of the best financial innovation laboratories worldwide by the prestigious American ‘Global Finance Magazine’. This recognition highlights the entity’s commitment to deploying innovative and entrepreneurial tools that contribute to the development of banking solutions, new technologies and inclusive digital infrastructures. Additionally, Wenov has established collaborations with startups in the field of digital and entrepreneurial innovation through the Open innovation & Intrapreneurship programs. Moreover, Wenov is a matchmaker for sourcing startups that wish to present their innovative products and services. Wenov aims to support and connect regional startups/fintechs with the banking industry, providing visibility and potential collaboration opportunities on banking projects.