A case study on how FNB is driving results through innovation…
- Being in an industry that is experiencing global disruption coupled with economic challenges, FNB needed to respond with something different and impactful.
- They had to move from “Good to Great” by building enduring, rewarding relationships supported by people, innovation and efficiencies.
- Innovation DNA was needed to drive future growth.
“An innovative corporate mindset creates an innovative corporate personality. As an innovative organisation, you need to be willing to test things as there is no silver bullet. Innovation cannot be forced. It needs to first consider the organisational capability. It is also not about just one programme as a standalone. Its more about how to enable and integrate it into the existing structures and mechanisms of the organisation to enact change” Yolande Steyn, Head: Innovators Programme, FNB
As a kick-off point to embrace innovation within the organisation, FNB started an innovation reward programme for employees in 2004. Since then it evolved to include learning methodologies, the development of new business cases, a focus on ideation and creativity and exposing staff to great South African (and global) innovations. The programme in essence supports an idea incubation structure and then culminates in an innovation reward programme. It involves all employees.
Some insights from FNB:
- Support your culture programme with a suitable technological platform to manage process in a transparent manner
- Include learning, knowledge sharing and training. FNB integrated a You Tube channel
- Provide clear guidelines and an enabling environment across channels and businesses
- Innovation champions are your voice and hands in building a sustainable culture, identify and use them
- Supporting infrastructure that includes implementation teams and experimentation is a must
- Internal and external networks for collaboration drives more impactful outcomes
- Leadership support, backed up with the necessary capital is the #No 1 consideration
- Up to date disbursed over R42.5 million to innovative employees.
- Since 2004 FNB considered more than 10 000 ideas and implementation has been across the board, from small to much larger scale interventions.
- It was awarded most innovative brand in 2012, and the innovation awards kept coming since then.
Contact us to learn more about innovation at FNB!