Archives

The Big Ten Innovation Killers

http://www.thinksmart.com/library/BigTenInnovationKillers.htm

1. Not creating a culture that supports innovation
2. Not getting buy-in and ownership from business unit managers
3. Not having a widely understood, system-wide process
4. Not allocating resources to the process
5. Not tying projects to company strategy
6. Not spending enough time and energy on the fuzzy front-end
7. Not building sufficient diversity into the process
8. Not developing criteria and metrics in advance
9. Not training and coaching innovation teams
10. Not having an idea management system

Citigroup Innovation in Online Banking

http://www.cashedge.com/pressRoom/press_20040505_cashedge.html

NEW YORK, NY – May 5, 2004—Citibank today announced the introduction of complete online account opening, the latest innovation to its award-winning online banking service, Citibank.com. Using the new account-opening feature, customers can open a Citibank account through one simple online session without having to mail in paperwork and wait up to the several weeks it can take most banks to complete the process. Citibank uses technology from CashEdge to provide instant decisioning based on information derived from a variety of sources. This announcement follows the recent launch of Citibank’s…

Citigroup Innovation in Asset Manager Solutions

http://www.findarticles.com/p/articles/mi_m0EIN/is_2005_Oct_31/ai_n15766432

“We conducted a rigorous review of internal and external servicing options before selecting Citigroup,” says Gerald Mazzari, Chief Operating Officer of Lazard Asset Management. “For us, just as significant as Citigroup’s capabilities in account management and record-keeping, is its innovative approach to solving some of the intractable problems in servicing SMA accounts. By outsourcing administrative and operating functions to Citigroup, we can confidently focus on our core competency: delivering superior investment management results and service for our clients.”

“Being appointed by Lazard Asset Management is evidence that we are providing the solutions…

Citigroup Innovation: Mexican Remittance Products

Citibank Builds Remittance Products Designed for Mexican Migrants, with Banamex (May 2004)
Financial institutions in the US have become increasingly interested in the remittance market, especially the Mexican market. Following the acquisition of Banamex by Citigroup in 2001 and a decision to enter into the Mexican remittance market in a decisive way, Citibank launched a new product with Banamex in late 2003. This paper outlines the cross-border product, which is designed to appeal to unbanked individuals in both countries. The product includes an Access Account, which is offered in the US,…

Citigroup Innovation: Amy Radin

From BusinessWeek, June 25

Today she’s crafting her role at Citigroup in the fashion of a Silicon Valley venture capitalist. With strong backing from Prince, Radin is building a portfolio of small, ethnographically derived and metric-proven innovation ideas. Like any good VC, Radin expects some to fail. But that’s good. “We are building failure into the model,” says Radin. It’s the VC model—diversify your assets and see which hits.

Citigroup’s Innovation Catalyst Model

Sparking growth systematically: How to turn innovation into a discipline
By Robert B. Tucker
Published on 2/12/2003

The innovation catalyst model

In this model, ideas don’t leave the division or business unit to be developed elsewhere-at headquarters, say, or in a skunkworks or incubator. Citigroup’s Citibank division uses the innovation catalyst model to drive organic growth and capitalize on synergies created by a string of acquisitions. The effort is led by the chief country officer, working with a full-time “innovation catalyst,” who expedites the process.

Many of the ideas come from structured ideation sessions with…

Citigroup Innovation Metrics

http://www.1000ventures.com/business_guide/innovation_system_metrics.html

Return on Innovation Investment (R2I)

…R2I also shows return on investment, but only from new product innovation investments, not all investments. It looks at the firm’s total profits from new products (cumulative new profits generated from new products launched) divided by its total expenditures for new products. This long-term ratio shows the firm’s total return from new products over a three- to five-year period. This number has two uses:1. Descriptive: to demonstrate the overall effective contribution of new products.
2. Predictive: to forecast or set goals for the organization.”

Don’t ignore the other measures…