Novobanco Innovation & Talent Lab Qorus-Infosys Finacle Banking Innovation Awards 2024

Concept and Objectives: ITL is an internal program designed to empower Novobanco's employees and revolutionize the future of work within the banking industry. It fosters a culture of intrapreneurship, where employees are encouraged to experiment with bold ideas and develop innovative work styles. The program functions as an "internal lab" where employees can test new approaches and transform the way Novobanco does banking.

Objectives: - Empower employees: Equip staff with the tools and resources necessary to experiment and drive innovation. - Develop intrapreneurial skills and mindset: Cultivate a culture that encourages employees to take ownership of ideas and see them through to implementation. - Explore new business opportunities: Leverage employee insights to identify and test new business ventures that align with the bank's strategic goals. - Increase employee engagement: Create a more dynamic and stimulating work environment that fosters creativity and ownership.

Reasons Behind: The banking industry faces a rapidly evolving landscape, with new technologies and customer expectations constantly emerging. ITL recognizes that innovation for the future requires tapping into the collective creativity and expertise of Novobanco's workforce. By empowering employees, the program aims to: - Stay ahead of the competition: Foster a culture of innovation to ensure Novobanco remains at the forefront of the banking industry. - Improve efficiency and effectiveness: Encourage experimentation with new approaches to streamline processes and enhance customer experience. - Drive business growth: Identify and capitalize on new business opportunities discovered through employee-driven innovation.

State of Competition: Several leading banks around the world have implemented similar internal innovation programs. Examples include: - JPMorgan Chase's "Finscape" : An innovation lab focused on developing new financial technologies and solutions. - HSBC's "Open Innovation Challenge": A global competition that invites startups and entrepreneurs to present solutions to specific challenges faced by the bank. - Standard Chartered's "SC Ventures": An investment arm dedicated to identifying and investing in promising fintech startups. However, ITL stands out by focusing on empowering employees across all levels of the organization, not just external innovation partners.

Sources of Inspiration: ITL draws inspiration from various sources, including: - Lean Startup Methodology: Emphasizes rapid experimentation, iteration, and learning from failures. - Design Thinking: Promotes a human-centered approach to problem-solving and innovation. - Intrapreneurship Programs: Models developed by other companies that empower employees to act as internal entrepreneurs.

Departments Involved: ITL is a truly cross-functional program that thrives on the collaboration between several key departments: - Innovation & Talent Lab Team: Leads the program's overall strategy and execution, providing guidance and support to employee teams. - Human Resources: Provides essential support for employee development and training initiatives, ensuring employees have the skills needed to innovate (either with specific training and workshops for participants, or mentoring skills development for Senior Managers acting as mentors) - Business Units: Act as champions within their respective areas, actively facilitating employee ideas and fostering a culture of intrapreneurship. - Information Technology: Offers technical expertise and support for prototype development, helping employees turn ideas into tangible solutions. - Full Support of the Innovation Steering Committee: This high-level committee, composed of the CEO, Chief Commercial Officer (Retail), Chief Commercial Officer (Corporate), Chief Operating Officer, and Heads of Transformation, Strategy, Marketing, and Human Capital, provides strategic direction and ensures alignment with the bank's overall goals. Their active involvement demonstrates Novobanco's unwavering commitment to fostering a culture of innovation from the top down.

Main Results So Far: ITL has yielded positive results in a short period: - Increased Employee Engagement: Surveys show a significant rise in employee engagement and job satisfaction. - Intrapreneurial Skill Development: The program has fostered a culture of intrapreneurship, equipping employees with the skills and confidence to pursue innovative ideas. - New Business Opportunities Identified: 9 promising new business opportunities have been identified based on employee insights and 2 are currently being piloted and 1 already launched with very positive impact on client satisfaction and branch efficiency . - Successful Implementation of Employee Ideas: A number of innovative ideas have been successfully implemented across different areas of the bank. Overall, ITL demonstrates the power of empowering employees to drive innovation and shape the future of Novobanco. With the unwavering support of its leadership and a collaborative cross-functional approach, ITL is poised to continue transforming the bank from within.