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FCAT

FCAT. “Customer Focused Innovation: Leveraging Emerging Technologies to Create Customer Value” . Company Overview. Fidelity Investments is one of the world's largest providers of financial services assets under administration of nearly $3.2 trillion

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FCAT

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  1. FCAT “Customer Focused Innovation: Leveraging Emerging Technologies to Create Customer Value”

  2. Company Overview Fidelity Investments is one of the world's largest providers of financial services assets under administration of nearly $3.2 trillion managed assets of nearly $1.5 trillion as of November 30, 2009 The firm is the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans, the largest mutual fund supermarket, a leading online brokerage firm and one of the largest providers of custody and clearing services to financial professionals. Fidelity offers investment management, retirement planning, brokerage, and human resources and benefits outsourcing services to over 20 million individuals and institutions as well as through 5,000 financial intermediary firms.

  3. Why Innovation? Average lifetime of S&P 500 Companies has decreased from ~60 years to ~15 years Likelihood of a market leader falling from the top has increased 2-3X since the 70s Sources: Creative Destruction, Foster & Kaplan, 2001; “Extreme Competition, McKinsey, 2005

  4. Innovation Distribution Incremental improvements Kaizen # of Ideas Radical, disruptive innovation Game-changers Impact How Do We Define Innovation?“Process of creating and delivering new customer value” Ghiglino, 2007

  5. Library & Seminars Executive Briefing Center Innovation Process Mgmt Research Development & Transition FCAT is focused on innovation to deliver business results “Fidelity’s idea and innovation catalyst; helping Fidelity’s businesses and clients to imagine the possibilities and realize the benefits of new ideas and emerging technologies.” FCAT:

  6. FCAT Centers and Capabilities Disrupt Innovate Acceleration Patterns Strategic Service/Process Fidelity Center for Applied Behavioral Economics Fidelity Center for Collaboration Fidelity Center for Complexity Fidelity Center for Energy & Environment Brand Products Employee Engagement Client Engagement Efficiency Applies behavioral economics to help investors make good financial decisions and achieve their financial goals Researches, innovates and applies advanced collaboration models, techniques and technologies that deliver market place advantage to Fidelity and our customers Researches and pilots environmental technologies and management practices to improve resource efficiency, increase competitiveness and customer value Develops frameworks, tools and methodologies for analyzing and governing complex adaptive systems, including large organizations, large technology infrastructure and financial markets Fidelity Center for Accelerated Innovation Identifies and implements management techniques to improve the process of innovation: collecting more high-quality ideas, implementing them more rapidly and achieving greater business impact Emerging Technology Identifies emerging technology trends, develops proof-of-concepts and pilots and then transitions to appropriate business partner Emerging Consumer Trends Identifies digital consumer behaviors and motivations to drive technology utility and adoption

  7. THE GOALSThe Center for Accelerated Innovation supports Fidelity’s innovation efforts narrow rapidly through experimentation and prioritization progress quickly and efficiently start wide start wide PRODUCE MORE VALUE The Innovation Funnel Generate more ideas Fund the best ones Achieve a higher “success” rate (by learning faster) Work more efficiently Implement more quickly Increase business impact 6/3/2014 Fidelity Internal Information 7

  8. THE SCOPEUsing management tools and techniques to improve the innovation process • In Between • Measurement • Resource allocation • Governance • Activities and deliverables • Front End • Sources of innovation • Adoption of externalinnovation • Idea management • Back End • Success criteria • Hand-offs 6/3/2014 Fidelity Internal Information 8

  9. THE APPROACHIdentifying the right tool for the job Idea / Concept Research POC Pilot Scale / Rollout • Creativity techniques • Innovation metrics Philosophy • Theories on innovation abound, but no single tool, process, or technique works in all situations • Some practices outperform consistently, others outperform in certain situations • Identify the right practices for the situations Fidelity faces Activities • Ongoing research and conversations • Track developments in the field • Summarize implications for Fidelity • Engage in a conversation with Fidelity stakeholders • Business engagements on specific topics • Consulting and pilot projects Examples • Idea Management software • Open Innovation best practices 6/3/2014 Fidelity Internal Information 9

  10. FCAT explores a range of emerging technologies… Emerging Technologies

  11. …with a focus on 2 - 5 years until mainstream adoption Emerging Technologies

  12. FCAT “Idea Ecosystem” Volition Capital VC’s Intel Capital Google Ventures U.S. Congress State Governments TTI/Vanguard Library Requests SEC GOVERNMENT Presidential Administration FCAT Interest Groups Institute for the Future FCAT Steering Committee THINK TANKS FINRA EMPLOYEES Lecture Series EBRI BU CIOs multi-year plans Corporate Executive Board TRADE ASSOCIATIONS techSearch Queries Northeastern, Center for Complex Network Research ICI MITX Gartner TCF Forrester Stanford D School IDEO MIT CSR CONSULTANTS CUSTOMERS ACADEMICS Burton Group Fidelity Labs Santa Fe Institute Value Network Carnegie Mellon Seybold Group Babson CIMS COMPETITIVE ANALYSIS Conference Board IBM Corporate Insight CISCO World Innovation Forum Google TED Adobe facebook Mint LEADING COMPANIES CONFERENCES Amazon INTERESTING SMALL COMPANIES PopTech GEL Microsoft Cake HP Twitter Wikipedia Toyota Netflix

  13. FCAT Strategy Map articulates how we plan to deliver business results Investors Fidelity Enterprise B2B Clients Improved Experience & Satisfaction Better Investing Results Improved Efficiency Improved Agility & Scalability Greater Capabilities Improved Competitiveness Client Connect & Communicate Identify New Ideas & Technologies Create Actionable Concepts Develop/ Implement Pilots Deliver & Scale Executive Briefing Process Thought Leadership Emerging Tech Research Graduation/ Transition Process Management Conceptual Prototyping Process Proof of Concept Process Technology Operations/ Production Idea Management Global Seminar Series Process and Operations External Partnership Management Sales/Relationship Mgmt Support Concept Playbook Deployment Fidelity Labs Next Generation Development Benchmarking Relationship Management Innovation Process Management Special Interest Group Leadership Technology Consumer Forum Skills Knowledge Culture Collaboration Agile Behavioral Economics Analysis Energy & Environment Curious Innovative Design Syndication Skills, Knowledge & Culture Innovation Experimental Client-focused Research Complexity Theory Data Mining Data Visualization Pragmatic Externally oriented Development Advanced Multimedia Infrastructure Efficacy

  14. Customer value is found at the intersection of client needs, enterprise objectives and emerging technologies FCAT Mission: “Fidelity’s idea and innovation catalyst; helping Fidelity’s businesses and clients to imagine the possibilities and realize the benefits of new ideas and emerging technologies.” • FCAT Focus Areas • Behavioral Economics • Complexity • Collaboration • Client Trends • Mobility • Social • Cautiousness • Desire for more information • Choice • Guidance • Energy & Environment • Innovation • Emerging Technology FCAT Focus Areas FCAT 2010 Plan Client Trends Enterprise Objectives • Enterprise Objectives • Customer success • Growth • Efficiency • Brand • Competitiveness • Innovation Emerging Technologies • Emerging Technologies • Collaboration • Emerging Devices • Natural User Interfaces • Social Media • Mobile

  15. Social

  16. Mobile

  17. Collaboration

  18. Natural User Interfaces Touch Voice http://www.youtube.com/watch?v=p2qlHoxPioM Gesture

  19. It’s about… Ideas “All the forces in the world are not so powerful as an idea whose time has come.” - Victor Hugo Inventiveness “The best way to predict the future is to invent it.” - Alan Kay Innovation “Innovation distinguishes between a leader and a follower.” - Steve Jobs Scaling “The future is here; it’s just not widely distributed.” - William Gibson Collaboration “None of us is as smart as all of us.” - Ken Blanchard Results “Advice is judged by results, not by intentions.” - Cicero

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