“It’s no longer about the digitalisation of the banking business, but about the future of banking in a digitalised world. – Christian Sewing
The Deutsche Bank provides broad-ranging financial services, and like all financial companies is increasingly using online technology to provide these. The Deutsche Bank has entered into a partnership with Jovoto to shift their corporate mind-set, which was always aimed at competitiveness, towards a more agile flowing mind-set aimed at growth. Open innovation, specifically the “Crowdstorming” platform, contributes to the new “digital” strategy that many companies in the financial sector are implementing. Technology such as artificial intelligence (AI) and automation software is taking over many repetitive tasks at businesses, with the financial services sector leading the charge.
Jovoto helps existing organizations in innovation. Jovoto sets up online sites and manages them to collect ideas about questions asked by companies. Jovoto gives companies the option to launch a co-creation process, where one can brainstorm with 80 000 other creative professionals around the world. Within these platforms, the public and the company come together to make innovative changes. The vision of Jovoto is therefore: ‘Mass collaboration on the Jovoto platform leads to fresh ideas, from product design and marketing campaigns to innovative business scenarios of the future’
Jovoto posted the challenge ‘share your vision of how Artificial Intelligence can help Deutsche Bank reinvent its customer service experience – see video below for a glimpse of the challenge: How Deutsche Bank Crowdstorms the Future of Banking with Jovoto
Jovoto managed these platforms/competitions and determines which people can share ideas on the platform. This ensures that only professionals can upload ideas on the platform and thus the quality of this way of working remains high. For Deutsche Bank, using Jovoto, was a really lucrative way to get new ideas about AI without having to invest in Research & Development (R&D). Using conventional R&D methods (which are more expensive) companies are unable to get so many inputs of ideas or such high-quality ideas. The success of this type of projects ensures that companies are increasingly using platforms like Jovoto.
References
Jovoto.com (2017). Available at: https://www.jovoto.com/creatives/. [Accessed on 09/10/2017]
Deutschebank.nl (2017). Available at: https://www.deutschebank.nl/nl/content/over_ons_campagnes_cfo_event_de_cfo_en_innovatie.html. [Accessed on 09/10/2017]
