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Innovation at Bank of America Integrating to Win

Innovation at Bank of America Integrating to Win. January 4th, 2005 PDMA International October 24, 2006. Product, Service, or Business Innovation. Innovation at Bank of America. It’s a journey Innovation is part of our DNA Integration is our competitive advantage. The Journey.

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Innovation at Bank of America Integrating to Win

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  1. Innovation at Bank of AmericaIntegrating to Win January 4th, 2005PDMA International October 24, 2006

  2. Product, Service, or Business Innovation

  3. Innovation at Bank of America • It’s a journey • Innovation is part of our DNA • Integration is our competitive advantage

  4. The Journey Gen III: Integrate and Refine Gen II: Execute and Triage Gen I: Build the Process 2002 2003 2004 2005 2006

  5. Vertical & Horizontal Strategic Planning Corp Governance & Portfolio Mgt Idea Generation Product Lifecycle Management Local Governance & Portfolio Mgt D M A I C New Product Introduction & Product Enhancement Accolade End-to-End Innovation Business System

  6. Provider of Choice Employer of Choice Vertical and Horizontal Strategic Plan Alignment Bank of America Ken Lewis Hoshin Plan Global Consumer & Small Business Banking Bank of America Ken Lewis, Chairman and CEO “Be The World’s Most Admired Company” VISION Companies” Deposits & Debit Products GOALS Breakthrough Strategies CUSTOMER CUSTOMER 1.1 Ala kjdljf; alsdkjf; aldsfj;lfkj 1.1 Provide a world - - class customer/client experience through easy access and efficient, error - - free service Provider of Choice 1.2 La;alf;dla jkd;lfkjsd;l fkjas;d flkja;sd lfkja;dlfkj;sdsfkj;asddfjjas; C. Goslee / B. Desoer 1.2 Attract and retain profitable customers/clients…and 1.3 Galk dj;f aljkd;flkjsd f;lkjdjfklj;l kjfl kkdjf;lkddjf ;lakdj j kjdf;lajjd continuously reward them for keeping and bringing more of their business to us 1.4 Eloroaid jlkaid man;lnva ife;akldj lkadkfi 1.1 Become 1.5 Drlejalvdi tjevhne kjjfkanvefoa klnvlefeii n alkadir nadlfkier adnk andk sto adkjf nvkaljeia 1.4 Develop and deliver innovative new products and solutions which make financial services work in ways it 1.4 Develop and deliver innovative products and solutions that make financial services work in ways it never has before. 1.6 Drlejalvdi tjevhne kjjfkanvefoa klnvlefeii n alkadir nadlfkier never has before New Product Introduction Team 2.1 Ala kjdljf; alsdkjf; aldsfj;lfkj ASSOCIATE 2.2 La;alf;dla jkd;lfkjsd;l fkjas;d flkja;sd lfkja;dlfkj;sdsfkj;asddfjjas; 2.3 Galk dj;f aljkd;flkjsd f;lkjdjfklj;l kjfl kkdjf;lkddjf ;lakdj j kjdf;lajjd 2.4 Eloroaid jlkaid man;lnva ife;akldj lkadkfi 2.5 Drlejalvdi tjevhne kjjfkanvefoa klnvlefeii n alkadir nadlfkier 3.1 Ala kjdljf; alsdkjf; aldsfj;lfkj SHAREHOLDER SHAREHOLDER 3.2 La;alf;dla jkd;lfkjsd;l fkjas;d flkja;sd lfkja;dlfkj;sdsfkj;asddfjjas; Investment of Choice 3.3 Galk dj;f aljkd;flkjsd f;lkjdjfklj;l kjfl kkdjf;lkddjf ;lakdj j kjdf;lajjd 3.4 Eloroaid jlkaid man;lnva ife;akldj lkadkfi Individual performance plans 3.5 Drlejalvdi tjevhne kjjfkanvefoa klnvlefeii n alkadir nadlfkier Hoshin Page 1

  7. High-Level Product Innovation Process Strategic Planning Idea Gen, Mgt Define Measure Analyze Improve Control The Final Design Simply Stated Growth Opportunities Launch and Monitor Evaluate and Validate Make It Deliberate Build and Prep for Launch

  8. CONCEPT SCREENING Screen CONCEPT OPTIMIZATION Qual and Quant Optimize CONCEPT TESTING Volume Forecasts Business Case and Build MARKET TEST (VOC) (BOC) Launch VALIDATION (BOC) Monitor and Improve VOC Helps Drive the Innovation Process

  9. Key Performance Metrics UNITS • Number of ideas generated • WIP, Yield, Kill Rate • Strategic Mix (Incremental, Strategic, Breakthrough) TIME • Average Completion Time • Average Time to Launch • Average Aging QUALITY • Tollgate Achievement Rate • Rolled Throughput Yield (RTY) BENEFITS • Percent of total revenue from new products • Percent of benefits achieved • Number of patents

  10. Sustaining Innovation 1. Leadership commitment and growth aspirations 2. Idea generation and management 3. Content development and prototyping 4. Portfolio management and measurement 5. Talent management 6. Governance 7. Funding 8. Innovation culture

  11. Strategically driven innovation VOC throughout the process Integration made the difference In its first year: The Result of Strategy, Process, and Integration • Over 3.2 million accounts enrolled • Customers have saved over $230 million in their accounts

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