How To Sign Colorado Banking Job Description Template

How to industry sign banking colorado job description template

hello my name is phil gosset and today i want to talk to you about grounded innovation grounded innovation focuses the tools and techniques of innovation on real problems providing the time and space to fully ideate around the problem before focusing on the solution i hope to bring it to life using the example of open banking for good a program that i architected and ran for nationwide and then at the end i want to issue a challenge so just to give you some background i have worked in innovation for 25 years and i'm currently working as head of innovation at nationwide building society prior to this i spent 10 years as a consultant at microsoft research and 10 years as a senior manager in vodafone r d in that time i've seen a lot of money spent on the dreams of industry and the promises of technology on blue sky thinking and the hope of a bright new future and after 25 years of work i have seen very little that has landed and really makes a difference so you might think that i'm a hopeless innovator but actually i think that the reality is that blue sky innovation is very high risk and very difficult to land successfully in my time at microsoft we moved away from blue sky thinking and focused much more on the real problems faced by people and using innovation to solve this this is the basis of grounded innovation i think of it as the antithesis of blue sky innovation where typically a new technology opens up a whole new vista of possibilities and you start to daydream about what you can do with that and if nothing obvious arises we just make something up and you start to hear sentences like imagine a world where with grounded innovation you don't need to imagine a world we already have one and it is full of colleagues and customers with problems already we don't need to invent more so surely a better approach is to look around and explore the day-to-day problems that your customers or your workers are facing and try to solve these and using innovation to do so but here is the next big mistake that people make so say just as an example that your customers are having a problem with digital identity and you need to fix that so what happens next well typically the digital identity team will hide in a room for a number of sprints and come up with a solution and when they release it there is still a problem with digital identity so they go back and they try another few sprints so what is going on here the problem is that the people that try to solve the problems are only experts in the solution not experts in the problem so here is a thought if you know that there is a problem then it is simply because somebody is facing it so why not use them as your expert and you already have the solution experts so simply bring them together but don't do so to create a solution bring them together to explore the problem through this the solution experts can really learn about and understand the actual problem that is being faced while the problem experts can start to help shape what a good solution looks like and of course you need to add a sprinkle of innovation magic to make it all work through this you end up with a deeper understanding of the problem and a well-tested prototype solution so this is grounded innovation we start off by identifying a real problem or challenge that consumers or colleagues have we identify who will solve this for us we need experts in the solution and experts in the problem and bring them together and give them the space typically three months to fully explore the problem and co-create the best solution it's really simple and yet very few people do it let me use open banking for good as an example to bring it to life it was a program focused upon the technology of open banking open banking allows you to safely view your transaction history and to securely share it with third parties to provide you with a service that benefits you the nationwide ceo joe garner rather brilliantly asks the question left to its own devices open banking will simply allow people with money and choices to have more money and more choices surely it can be helped it can be used to help those that are struggling and need support so we went out to 20 charities and organizations and asked what are the problems that they are helping people overcome today not just those that open banking can solve but all of them we then took this long list and taxonomized it and only then applied the lens of open banking this led to three challenges and these are the three that we invited fintechs to come in and help us solve income and expenditure income smoothing and money management and help so let me bring these to life a little bit whenever you have to engage with a financial service whether that is getting a mortgage or needing debt advice the first thing you have to do is to create an income and expenditure form here you list all your financial incomings and outgoings but it is hard to do of the people that voluntarily start the process only half of them get to the end and those that do get to the end are full of inaccurate guesstimates surely open banking could make this quicker simpler and more accurate the second challenge was around income smoothing there is an increasing number of gig workers who are typified as having an irregular income and yet are expected to meet regular outgoings a delayed salary payment or simply a bad month can sometimes lead to a missed bill payment and the start of problem debt can open banking help manage this irregularity better and the final challenge simply asked if the technology of open banking could bring about apps and services that increase people's financial capability when we launched the program we had over 50 applicants from which we took in seven we bought one charity together with each fintech and funded them both to allow them to work together for three months ideating around the problem and through this to co-create the best solution they could creating the time and space to allow them to do this was vital for successful innovation at the end of this five of the successful solution prototypes were funded for a further six months to build out scalable solutions while still keeping the charity experts part of the team to minimize creep through open banking for good of the five fintechs that we funded to build launch and scale their solutions i am pleased to say that all five successfully did so in fact two of these are currently live with nationwide so this is grounded innovation solve real problems and challenges convene the right experts to ideate around the problem and give them the time and the space to do so i promised you a challenge so here it is kovit has changed the world some experts estimate that the number of people in the uk living in poverty has gone from 12 million pre-covered to more than 20 million today that is one in three people in the uk so as a society we are facing into a lot of problems that need to be solved nationwide is working to address some of them but there are many many more out there so my challenge to you is find a charity local national global it doesn't matter and ask them what are the real problems that they would love to work with you to solve then spend time with them and pay for this time if you can to really understand the problem then co-create the solution with them your workers will love you for it as will the charity as will the thousands of people you could help if you want more information around open banking for good and the application of grounded innovation there is an independent report written by the personal finance research centre at the university of bristol and it is available to download on the open banking for good website www.ob4g.co.uk let me leave you with a final thought one of our open banking for good cohorts called doosit worked with the charity to build an open banking powered income and expenditure tool as part of this work and as a way of testing it they also built a powerful debt advisor information system it was not a core part of their business but they were so grateful to the charities for their help and support that they offered this to them for free but the problem is that the charity was snowed under with demand and when each and every resource is focused on helping and saving lives it is hard to take them away to integrate a new solution no matter how much time it would save them but industry could provide that resource sometimes just offering those things that are easy for you to offer and that you do every day could end up helping a lot of people and may even end up saving people's lives thank you