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Crowdsourcing and Open Innovation at banks and financial services

In the following article you will find a list of open innovation and crowdsourcing initiatives related to banking and financial services. But this is not just an article. It is a project itself. And you can help developing it.

The aim of this article is to create the first complete list in the world of crowdsourcing and open innovation projects in the banking and financial services industry. In order to continue the following list, this article is a kind of crowdsourcing initiative itself. Therefore I kindly ask you to provide me with information on any further similar project that you may know (anywhere in the world). I will add it to the list accompanied by your name and a link to your website (if you wish). You can help to continue the list either by leaving a comment at the bottom of this article or by contacting me directly. Thank you very much in advance for your kind assistance.

List of open innovation / crowdsourcing projects at banks and financial services worldwide (to be continued):

Australia

Commonwealth Bank: IdeaBank is a crowdsourcing project that enables clients to post, vote and discuss ideas on new innovative products and services. More detailed information on that initiative can be found at ZDnet. Furthermore there is a short video of CBA on YouTube regarding IdeaBank. The project was added to this list on December, 9, 2011, thanks to information provided by James Dellow of headshift by leaving a comment at the bottom of this article.

Denmark

Danske Idebank: Information on Danske Banks two crowdsourcing initiatives „Idebank“ on Facebook can be found at the Visible Banking blog: First Edition and  Second Edition

NyKredit Saving Tips: Information on NyKredit Banks crowdsourcing initiative „Sparetips“ can be found at the Visible Banking blog: NyKredit Saving Tips

Germany

Cosmos Direkt Ideen-Forum: German insurance company invites clients to create or to evaluate insurance products on their platform Ideen-Forum. (German language). This project was added to the list on July, 11,2011 by the author of this article.

Deutsche Bank Drive DB: Information on Deutsche Banks Global Transaction Services crowdsourcing project „Drive DB“ that involved corporate clients can be found at the German blogs Socialnetworkstrategien, Social Banking 2.0 and Finance 2.0 (German language with some English citations) and on Computer Weekly (English language)

HypoVereinsbank: Information on HypoVereinsbanks internal crowdsourcing project can be found at the German blog Finance 2.0: You will find some short information as well as an interview (German language)

RaboDirect: RaboDirect, the German direct banking division of Dutch Rabobank (Netherlands), invites clients and experts to „RaboDialog“ (engl. RaboDialogue) to discuss future aspects of banking and get more familiar with the needs and desires of their customers. You will find more information on RaboDialog here at this blog as well as on RaboDirect’s website (German language). Added to this list on Nov., 30, 2013

Union Investment: There is some short information on a new open innovation study on behalf of Union Investment at the German Force-Finance Blog.(German language)

Volksbank Bühl: This was a crowd voting project in December 2010: You will find information on the crowd voting initiative „Vote’n’help“ of  the German regional co-operative bank Volksbank Bühl on Facebook here at this blog in another article (German language)

Italy

Webank: Information on the Italian Webpad project can be found on the Visible Banking Blog (Engish language). The project was added to this list on December, 3, 2011, thanks to information of Boris Aleksanov who left a comment at the bottom of this article.

Russia

Sberbank of Russia launched it’s Sberbank21 project in fall 2011, that invites users to offer their ideas, exchange opinions, evaluate ideas of other participants, and  to receive feedback on their ideas or proposals. Some information on this project can be found in a statement of Herman Gref, President of Sberbank (English language). This project was added to this open list on November, 25, 2011, thanks to information presented by Ekaterina Chernyak of witology.com.

Singapore

DBS Bank – I designed a bank: Information on the crowdsourcing project „Your bank -your design“ on Facebook with the aim to create a branch design for generation Y clients can be found at The Financial Brand as well as an update showing the winning designs.

South Africa

Capitec Bank: You can find information on Capitec Banks crowdsourcing project for fresh print and online banner ideas at gottaquirk as well as an interview on ideabounty

Spain es

BBVA Open Talent is one of BBVA’s Innovation Centers projects. You will find more information on that project at BBVA’s Innovation Center Website. There is also an Infographic to be found. Furthermore you can find a video (Spanish language) about BBVA’s innovation strategy at the Blog Innovation at Financial Services. This project was added to this list on May, 10, 2014 thanks to infomation provided by Jeremy Hayes of the University College Cork (Ireland).

Sweden

Avanza Bank Lab: Information on the crowdsourcing project „Avanza Lab„with the aim of developing new product ideas can be found at springwise and the British blog wowdewow

United Kingdom

First Direct: There is an interesting article on First Direct’s project First Direct Lab on the Kurtosys Blog.This project was added to this list on September, 14, 2011 thanks to information of Hazel McHugh via Quora. Update Oct, 7,2011: There is an interview with First Direct’s CEO Marl Mullen at the Visible Banking blog.

United States

American Express Labs: Amex‘ crowd voting platform „American Express Labs“ is described in an article at the blog futureredifined

Chase Community Giving: The US bank gives facebook users the opportunity to choose how it will distribute millions of USD to charities. Information on that crowd voting initiative may be found at the Visible Banking blog. (project was added to that list on June, 14, 2011 by the author of this article).

May I ask you for your help once again? If you have any further (or more detailed) information (e.g. articles, links or own experiences) on the above mentioned projects, or if you know any other crowdsourcing initiatives related to financial services,  please contact me, leave a comment and/or assist me by sharing this article. Please help to create the first complete list of it’s kind in the world!

Thank you!

Recommended literature:

Source of flag icons in this article: famfamfam

Source of cover picture: pixabay.com (CC0-licence, public domain)

14 Gedanken zu „Crowdsourcing and Open Innovation at banks and financial services“

  1. Recently, i’ve found one example of crowdsourcing in Italy. It was Wepad project from italian online bank called „Webank“. I guess you would found it interesting.
    Take a look:
    Article about it (english): http://www.visible-banking.com/2011/02/the-wepad-project-italys-webank-invites-you-to-help-them-create-the-best-ipad-application-for-bankin.html
    Video (english subtitles): http://www.youtube.com/watch?v=rV5MmBcT4aM
    Project site (italian): http://www.wepadproject.it/pg/dashboard

  2. Dear Mr. Aleksanov, dear Mr. Dellow,

    Thank you for your information on these interesting crowdsourcing projects. As you can see, I already added them to list, which is growing and growing. Thank you very much for supporting this list of crowdsourcing projects in the financial industry.

    Best regards from Berlin,

    Matthias Schubert

  3. Matthias,

    Thank you for this project. I would like to contribute and add one more crowdsourcing case from Russia.

    With best regards,
    Yulia

    Financial Group „Life“ has launched the project on sintellectual crowdsourcing in September 2011. The aim of the project was to gather ideas of more than 400 empoloyees of service claster on how to improve the systems of bonising and career growth.

    During 2 months of problem-oriented discussion and idea filiation 750 ideas were generated and turned into 175 structured solutions that can be implemented in the department. 40 most talented employees were included in the personnel reserve that will accomplish change projects. Currently Financial Goup is considering sintellectual crowdsourcing as an instrument for other challenges‘ solution.

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