Banco Sabadell, more engagement and ideas for innovation
By Miquel Anduig.
9th june 2016. Seven years have already passed since the implementation in Banco Sabadell of an internal platform for open innovation. With said implementation, we became the first bank in Spain to make use of an ideas social network as a means to integrate all the people that make up the bank within a common structure for innovation.
BS Ideas was also born with the objective of covering a typical need in the banking sector, that of connecting employees within a system that is highly fragmented in many different bank branches. It is also worth highlighting that in Sabadell’s specific case a tool like this is in line with the bank’s international vocation.
The main advantage of interconnecting employees in an ideas social network is that it gives rise to a crowdsourcing process that allows ideas to surface and lets us detect and integrate existing talent throughout our organization.
By empowering people and reinforcing their entrepreneurial attitude and creative skills, we have obtained extremely high levels of engagement.
But this has also given rise to new projects that have emerged from the platform, have been refined there through collaborative work, and have been brought to the bank’s management in order to be implemented as business ideas.
BS Ideas has contributed to improving engagement among the people who make up Banco Sabadell
At this stage it is important to emphasize that behind these engagement figures there is a continued support from the bank’s management towards the project, both internally and externally.
In 2015 we partnered with Imagine Express to ensure that the three best ideas for one of the platform’s challenges, as well as its authors (“dreamers”), had international media exposure.
All of these were digital projects with great innovation value, for example an app to manage children’s pocket money, or another app for personalized real estate services adapted to specific client needs.
Or the project cuBS, a device that uses the Internet of Things to control household expenses and promote a culture of saving among children.
cuBS project in Imagine Express.
These three examples illustrate how an ideas social network generates evolutionary ideas and improvements in existing processes, but also disruptive ideas, which create more value and profitability.
Along these lines we can mention the creation of a new product that fuses two existing ones, providing the bank with an additional profit every year of something between 1.5 and 2 million euros.