Deutsche Bank uses
Digitization is omnipresent in today’s world. It is an opportunity, but also a challenge. Businesses need to keep up with the rapid development in order to remain competitive, because the needs of their customers are changing rapidly, too. To do so, Deutsche Bank relies on the innosabi supercharger.
Keeping up with FinTech
New technological developments, such as big data and blockchain, are accelerating the change in the financial sector. The financial market, which previously consisted mainly of large, established banks, is now being disrupted by small fintech companies, who act, work and communicate differently then conventional competitors.
This is a new development in two ways: New competitors on the one side, and changing consumer expectations on the other. This creates a need for new product concepts and business models. To keep up with the agility of startups, financial firms often seek guidance from Hub Initiatives or the FinTech scene itself. But how can large companies reliably identify customer needs at an early stage?
Understanding the customer
As a key player in the financial market, it is important for Deutsche Bank to think ahead. Digitization is the driver to further develop more consumer centric forms of banking. As one way to do so, Deutsche Bank is organizing hackathons to work on new digital business models for the financial sector. In order to not lose sight of the needs of its customers in its innovation management and product development during those hackathons, Deutsche Bank uses the innosabi Supercharger for direct and fast feedback on product ideas.
In April 2018, Deutsche Bank hosted a female only hackathon together with the fintech incubator FinLeap. Twentynine highly motivated participants in seven teams were facing a challenge: “Develop a solution for women, that helps them understand and plan their financial situation for their careers, their family, for getting back to work as well as for their retirement.” The teams had two days to take on this challenge and develop prototypes. For the first time in a hackathon, the teams were given the possibility to get direct, external feedback on their ideas with the innosabi Supercharger.
The ability to get feedback on product ideas within minimal amounts of time has a direct impact on the results. Team “SpaceHamster“ had to pivot from its initial idea after checking with the innosabi Supercharger: Their idea was good and would probably work in the country where it came from, Holland, but it did not fit the needs of German customers. “We used the Supercharger to make sure we were moving our idea in the right direction – to match the actual needs of our users, not just ours,” said the team.
The teams asked the Supercharger Community a total of 43 questions and received answers from 180 people overnight. Thanks to the fast feedback, the participants were able to further develop their ideas alongside actual customer needs. In this way, the format of the hackathon, which takes place offline, is extended and improved through an online method.
“The Supercharger can be useful at various stages of the innovation process, as we have seen on a small scale in the TexxFactor Hackathon. The innosabi Supercharger was used repeatedly along the workflow, from early ideation to the nearly finished solution. This could not only work in small scale events, but also in the innovation pipelines of large corporations like ours.”
– Christine Mathan, Manager Disruptive & Strategic Programs, Deutsche Bank
Achieving better results
The method of receiving rapid and direct feedback, as applied by Deutsche Bank in the TexxFactor Hackathon, can also be used in larger projects in big corporations. Instead of only having finished products tested, feedback can be obtained as early as in the ideation phase. With the innosabi Supercharger, early prototypes or mockups can be tested with actual users. The product can thereby be further customized with each iterative feedback loop. For more speed in the innovation process, it is advantageous to regularly involve customers and external crowds.
Supercharged Feedback is a method of getting feedback from various consumers all around the world, no lengthy market research required. The results come in within minutes and hours, directly via the innosabi platform. The software is reaching over 2 million people in existing specialized and non specialized online communities around the world through various interfaces. The first answers usually come in within minutes. Creative idea generation, qualitative feedback or quantitative survey formats can be carried out quuickly and uncomplicated with a large number of people. Either as a one-time question, or in form of a multi-phase, iterative innovation project.
Interested in the innosabi Supercharger?
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