Revamping innovation: CEE Bank's path to transformation

Member presentation and their challenges 
 
Founded in 2008, a leading universal bank from the Central and Eastern Europe (CEE) region has been a valued member of our community for over a decade. As the financial landscape evolved, the bank faced significant challenges that required a fundamental rethinking of its innovation processes and culture.  
 
These challenges included: 
Re-organizing the innovation function: The bank needed to reshape its innovation lab, revisit the model of partnerships with FinTechs, enhance the effectiveness of its FinTech contest, and define a new mission for the innovation lab. 
 
Increasing innovational spirit and start-up mindset: There was a need to cultivate a culture of innovation and entrepreneurial thinking throughout the organization. 
 
Solutions implemented 
 
To address these challenges, the bank embarked on a membership journey with Qorus, leveraging global insights and best practices: 
 
Adopting global best practices: By accessing various concepts of innovation labs from leading banks worldwide through the Qorus Innovation Library, the bank developed a comprehensive new strategy for 2024. This strategy focused on making more effective investments in innovative projects.  
 
Collaborative learning: Engaging with other innovation labs across Europe via the Reinvent Forum and an online community in 2023, the bank gained insights into effective methods for scouting and selecting partnerships with FinTechs. This collaborative approach ensured that the bank adopted the best practices and avoided common pitfalls. 
 
Results achieved 
 
The implementation of these solutions led to significant achievements: 
 
The innovation week was enhanced by two exceptional briefings that exposed employees from various levels and departments to the latest trends and innovative ideas from a global perspective. 
 
These sessions encouraged the bank's employees to think beyond their daily routines, fostering a broader and more innovative approach to their projects and tasks.  
 
The bank's new strategy for 2024, informed by global best practices, positioned it to make more effective investments in innovative projects. 
 
Collaboration next steps 
 
Building on the success of these initiatives, the bank plans to continue its collaboration with Qorus: 
 
In-House Briefings: Conduct briefings within the bank to share how other banks successfully run innovation and transformation initiatives, providing employees with a broader perspective on innovation management. 
 
Showcasing success stories: Highlight new innovative products and services successfully launched by other banks to inspire internal teams and offer concrete examples of successful innovation. 
 
Engaging visionary leaders: Invite banking visionaries to showcase their methods for reinventing business models in areas such as embedded finance, Environmental, Social, and Governance (ESG), and the use of Artificial Intelligence (AI). This exposure aims to stimulate new ideas and approaches within the bank. 
 
Through these ongoing efforts, the bank is poised to significantly enhance its innovation capabilities, ensuring long-term growth and competitiveness in the evolving financial landscape.