According to a report from the Deloitte Center for Financial Services, a differentiated customer experience made the short list of ways banks can drive growth and competitive advantage.
"To excel, banks have to spend more time understanding the unmet needs and motivations of customers. This requires the use of more nontraditional approaches to generating insights including ethnographic research, mining social media, and advanced data analytics." - Jeff Wordham
In an article on the report, Doblin principal, Jeff Wordham, and others from Deloitte explore key areas of focus for banks seeking competitive advantage, underscoring the central role of consumer insights and data analytics in these strategies.
Read more at the CFO Journal from The Wall Street Journal
Larry Keeley recently toured our new Chicago office with Chicago Tribune’s Blue Sky Innovation reporter, James Janega. They discussed the Ten Types of Innovation and three steps a company should take to innovate with more discipline and rigor.
"Doblin co-founder and author Larry Keeley and his team do innovation that looks or feels like art through a process that looks like science…"
Read the full article at the Chicago Tribune’s Blue Sky Innovation
Failed innovation attempts can leave CFOs skeptical. In a recent article, Doblin’s leader, Geoff Tuff, and Bansi Nagji, leader of Monitor Deloitte, discuss why CFOs should play a larger role in setting and managing an organization’s innovation agenda and the value they can bring.
"CFOs are the people who can bring discipline and analytical thinking to the innovation process, which are needed for success.” - Geoff Tuff, leader of Doblin
Read the full article.
This is one of the more left-field validations we’ve had for the Total Innovation theory written by Bansi Nagji and Geoff Tuff and originally published in Harvard Business Review. In a Bloomberg Businessweek story, movie star Matt Damon explains the investment thinking at Water.org, a company he co-founded to provide clean water and sanitation to everyone on earth: “Harvard Business Review just put out an article about this that actually broke it down,” he said. “You want 70 percent to be your core business, 20 percent to be adjacencies to that and 10 percent to be highest risk. Funnily enough, they say it pays off exactly inverse to that.”
Read the full article
Larry Keeley is quoted in this article in the New York Times, in which columnist Joe Nocera wonders if the Cupertino-based technology giant is heading for a fall. One of the issues, explains Larry, is that business models become a “gilded cage,” hampering continued success by getting in the way of the constant evolution needed for ongoing innovation. It’s a super interesting read.
If Steve Jobs were still alive, would the new map application on the iPhone 5 be such an unmitigated disaster? Interesting question, isn’t it?
Apple’s chief executive, Jobs was a perfectionist. He had no tolerance for corner-cutting or mediocre products. The last time Apple released a truly substandard product — MobileMe, in 2008 — Jobs gathered the team into an auditorium, berated them mercilessly and then got rid of the team leader in front of everybody, according to Walter Isaacson’s biography of Jobs. The three devices that made Apple the most valuable company in America — the iPod, the iPhone and the iPad — were all genuine innovations that forced every other technology company to play catch-up.
Read the rest of the article on NYtimes.com.
by Larry Keeley
published as the foreword in The Mobile Frontier by Rachel Hinman
So here’s a little fact that feels surprising: Today on our small blue planet, more people have access to cell phones than to working plumbing. Think about that. Primitive plumbing has been around for over a thousand years. Modern working plumbing has been around for at least 200 years longer than the fleeting few years since 1984 when Motorola first ripped the phone off the wall and allowed us to carry it around. Most people find plumbing useful. Apparently, many millions more find cellular phones indispensible. Whenever big parts of modern life—the Internet, video games, search engines, smartphones, iPads, social networking systems, digital wallet payment systems—are so useful that we can no longer imagine life without them, we act as if they will forever be the way they are now. This childlike instinct has its charms, but it is always wrong and particularly dangerous for designers. People who think deeply about the built world necessarily must view it as fungible, not fixed. It is the job of thoughtful designers to notice the petty annoyances that accumulate when we use even devices we love—to stand in the future and think of ways to make it more elegantly functional, less intrusive, more natural, far more compelling. In the best such cases, designers need to surprise us—by radically altering what we think is possible. To create the futures we cannot even yet imagine.
by Bansi Nagji and Geoff Tuff
published in HBR.org
Harvard Business Review’s blog excerpts the lead feature of its May issue, which happened to be an article by our own Bansi Nagji and Geoff Tuff. For those who haven’t yet wrapped their heads around the theory of Total Innovation, this is the bite-size introduction:
Management knows it and so does Wall Street: The year-to-year viability of a company depends on its ability to innovate. Yet many companies have not yet learned to manage innovation strategically. The companies we’ve found to have the strongest innovation track records do things differently: Rather than hoping that their future will emerge from a collection of ad hoc, stand-alone efforts that compete with one another for time, money, attention, and prestige, they manage for “total innovation.”
Read the rest of the article at HBR.org.
by Bansi Nagji and Helen Walters
published in Rotman Magazine
"These problems are too big for us to solve alone. We need to collaborate like we never have before.”
The person responsible for these words might surprise you: Beth Comstock is the chief marketing officer at General Electric-–a company that no one would accuse of having a free-wheeling or laissez-faire culture. Yet Comstock, along with GE chairman Jeffrey Immelt and fellow senior executives, have embraced the fact that the challenges they face—in areas from healthcare to energy to transportation—are too ‘wicked’ to be solved by GE alone.
Instead, they have learned to seek help from many different places, and to apply the disparate insights collected from myriad sources to try to jointly solve the complex problems they—and the world—are facing.
Read a PDF of the rest of the article.
by Melissa Quinn
published in Fast Co.Design
This year marks the third anniversary of the Rotman Design Challenge. It started out as a commendable experiment by the school’s Business Design Club to expose MBAs at the University of Toronto’s Rotman School of Management to the value of design methods in business problem solving. This year, the competition drew teams from a few other MBA schools and some of the best design schools in North America. As a final-round judge, I had a front-row seat to the five best solutions to the competition’s challenge: To help TD Bank foster lifelong customer relationships with students and recent graduates while encouraging healthy financial behaviors.
Both this year and last—the two years that Rotman invited other schools to participate—business school students were slaughtered by the design school students. Of the 12 Rotman teams this year, not one of them made the final round. And while only seven of the 23 competing teams were from design schools (including California College of Arts, Ontario College of Art and Design, and the University of Cincinnati), design teams scooped the top three places in the competition, doing significantly better than their MBA counterparts. So what does this tell us?
by Chris Ertel and Lisa Kay Solomon
published in Design Management Review
The chief marketing officer (CMO) of a large, diversified consumer electronics company knew that he had to change the process for allocating marketing spend across four different product divisions, but wasn’t sure how.
The market landscape was shifting dramatically, along several dimensions. People were moving their online and media lives to tablets and mobile phones much faster than expected. Meanwhile, social networking campaigns—after being hyped for years—were now seriously competing with traditional advertising channels for resources. The CMO needed to make some big decisions at a time of budget constraints and moving targets.
In prior years, the CMO had collected individual budgets from each division—which were inevitably too high—and then tried to strike a compromise. This process “worked”, in a way, but allowed little space for the big strategic issues, resulted in incremental changes, and left everyone dissatisfied.
In this situation, the CMO faced several challenges at once: a competitive challenge, an analytic challenge, a foresight challenge, a political challenge, a leadership challenge, a learning challenge—and more—all rolled into one.
But is it a design challenge?