“Most big banks have the tools and advantages to push the boundaries of their existing business models. And they’re certainly motivated. What hampers their progress is uncertainty about how best to build on core strengths to create sustainable outcomes.”
Financial institutions know they need to change. They need to keep up with the digital growth. And they need to keep up with the evolving market that startups are disrupting. Their HR departments feel the urgency and know they need to drive the change. But what often remains blurry is what they need to do in reality to make things happen.
Yes, we need to steer this organization into the new direction – but what is the direction? What does the future of financial institutions look like in practise? And what does it require from people to actually get there?
We talk with a lot of interesting people every day (definitely one of the best perks of the job!). We learn every day from these smart people and their experiences and thought why not share all that with you. Cue our new monthly webinar series.
The first six episodes focus on collaboration and specifically piloting. In each episode we have two guests from startups and one from banks, insurance companies or other corporations, who talk about the different parts of the collaboration journey from the first contact to life after the pilot.
While we are waiting for the next episode (live on the 5th of September), I thought I would gather together some of the learnings from the series. I have to emphasize the word ’some’ as it is impossible to fit everything into one post, and I highly recommend checking out the series here for all of the learnings.
Most corporate accelerators fail in giving tangible results. Many corporations don’t even have a clear vision of what they’re trying to do with it! Some succeed in bringing only a few innovations to the market. Rarely the ones that can create real change. And most fail at changing the corporation in any meaningful way at all. This is entirely predictable. If that’s you, you’re probably doing it wrong.
Innovation is messy: you don’t know much at the beginning of the process, of what you’re going to get. Unfortunately, many people feel like they can’t prepare because of this. When it comes to corporate transformation, it’s exactly the opposite. Both sides (the startups and the corporation) must do their homework. Before and after the accelerator.
In fact, the accelerator should be no different than normal business Read more »
Corporations benefit in many ways from having an accelerator. In our whitepaper, we already analyzed those benefits in depth. But one question that is sometimes tricky for people is: how much?
This is especially relevant when preparing a business case. Should you or should you not do an accelerator? What are the benefits, the costs, what do the numbers say? And sometimes you have to discuss with others in the corporation, why it’s a good idea to engage with startups. For those moments, it’s good to have some figures with you.
That’s why we decided to build an economic model of the benefits; the Nestholma Business Case Builder. And we’re sharing Read more »
Hurricane Ophelia decided to pay a visit to Ireland at the same time that we were visiting Dublin for an event about collaborating to make the best out of PSD2. And one can learn a lot from seeing how people react to a hurricane. In a way, dealing with a hurricane can be like dealing with changing markets. Change is like the wind, and when it’s fast and sudden, it’s a hurricane. The hurricane of disruption. Tweet this.