Product & Service Innovation for a Large European Bank

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Challenge

A major European client bank commissioned our team to develop new revenue streams to expand and diversify its existing offerings. The challenge was to generate innovative and feasible ideas that both build on existing products and services and tap into new market opportunities. The focus was also on strengthening the innovation culture and identifying opportunities for improvement.

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Approach

Using established management and creative methods (including design thinking), I worked closely with the bank's internal innovation team. We conducted a comprehensive trend and market analysis to understand current and future customer needs. In creative workshops, we generated a multitude of ideas for new revenue opportunities. These ideas were then prioritized and subjected to detailed analysis to assess their feasibility and market potential. An important part of the process was conducting a feasibility study including business case calculations to assess the practical implementation and financial viability of the proposed ideas. In stakeholder management, we ensured that all relevant parties were involved in the innovation process. The application of market research and trend analysis played a crucial role in formulating effective strategies.

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Results

The result was an ecosystem of products and services that both built on the bank's existing offerings andincluded innovative new elements. Through internal communication and collaboration on market research, trend analysis, and strategic planning, thebank was able to not only strengthen its innovation culture but also open up new, viable revenue streams.