Bank of America - Service Innovation

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MAR
 757-­‐Bank
 of
 America
  Case
 Study
 
Team
 2
  Michael "Moe" Blackman Shile Chen Jerry Liu Colin Thorn Shashank Malik

 

Our
 Banking
 Branches
 haven't
 really
 changed
 much
 in
 the
 last
 hundred
 years.
 
 If
 Jesse
 James
  brought
 his
 gang
 here,
 he'd
 still
 know
 where
 to
 go
 for
 the
 cash.
 

 

-­‐
 Al
 Groover,
 senior
 process
 design
 consultant
 and
 I&D
 Team
 design
 lead.
 

 

  An
 amusing
 quote
 from
 the
 case
 yes,
 but
 after
 a
 visit
 to
 the
 Bank
 of
 America
 Branch
  in
 Clinton
 Square,
 Syracuse,
 NY,
 you
 would
 realize
 that
 the
 quote
 holds
 water.
 
 In
 an
 industry
  where
 innovation
 is
 admittedly
 lacking,
 the
 Innovation
 &
 Development
 Team
 for
 Bank
 of
  America
 in
 Atlanta
 had
 the
 right
 idea.
 
 However,
 we
 believe
 that
 somewhere
 along
 the
 way
  someone
 lost
 sight
 of
 the
 end
 goal
 of
 the
 process.
 
 We
 believe
 the
 point
 of
 innovation
 is
 to
  uncover
 that
 one
 exceptional
 idea.
 
 In
 the
 words
 of
 IDEO;
 "Fail
 quickly,
 fail
 often
 in
 order
 to
  succeed
 in
 the
 end."
 
 With
 the
 process
 Bank
 of
 America
 was
 using,
 the
 implementation
 of
  many
 experiments
 consecutively,
 and
 the
 limited
 support
 they
 had
 from
 upper
 management,
  the
 only
 innovative
 ideas
 the
 team
 would
 be
 able
 to
 uncover
 would
 be
 mediocre,
 safe
  innovations.
 The
 TZM
 system
 and
 Bank
 of
 America
 spirit
 program
 made
 the
 experience
 of
  going
 to
 Bank
 of
 America
 branches
 more
 pleasant,
 but
 no
 exceptional
 or
 groundbreaking
  ideas
 were
 generated.
 The
 I&D
 team
 said
 it
 themselves
 that
 the
 biggest
 problem
 they
 have
  was
 balancing
 innovation
 with
 a
 need
 for
 bottom-­‐line
 success,
 which
 crippled
 them
 to
  pursue
 radical
 innovations.
 

 

  Bank
 of
 America
 used
 the
 stage
 gate
 process
 to
 decide
 which
 idea's
 to
 implement.
 
  Two
 hundred
 ideas
 were
 originally
 generated
 which
 was
 later
 filtered
 down
 to
 twenty
 ideas
  to
 be
 designed
 and
 tested.
 Four
 of
 those
 experiments
 inevitably
 failed.
 In
 other
 words,
 the
  implementation
 rate
 of
 the
 ideas
 generated
 is
 8
 percent,
 which
 is
 not
 impressive.
 Moreover,
  there
 are
 no
 practical
 criteria
 to
 measure
 the
 effect
 of
 the
 ideas
 implemented
 since
 most
 of
  the
 values
 added
 are
 intangible.
 While
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