1 day: new business model

1 week: to prototype

1 Month: to validate and deploy 

THE CHALLENGE:

The financial sector has a few major players with billions of dollars in annual technology spend.

COBA represents over 100 of Australia’s credit unions, building societies, and mutual banks. Within the highly competitive landscape of the Australian financial industry, COBA needs to differentiate itself and deliver real benefits to end-users. When you lack massive resources, you need to tap into resourcefulness.

See how we helped discover a new, affordable and implementable business model in a day.

THE PROCESS:

We helped COBA collectively unite across member organizations to boldly drive innovation in their industry. Within an intense eight hour workshop, we:

- presented global best practices in innovation, financial services and leading ideas from other industries
- had a frank and open discussion about value proposition based on our research with real customers
- identified barriers to internal innovation so that we could create strategies to overcome challenges
- facilitated participants through a rapid experimental design project using design thinking tools and concepts on real customers
- guided in-depth and open discussion of problems worth solving
- facilitated value mapping and ideation of potential solutions to meet the real needs of identified customers
- facilitated the development a lean business model to ensure the desirability, feasibility & viability of the pursued idea

THE OUTCOME:

  1. During the course of the day we helped define three new business model opportunities
  2. We helped select one opportunity that we will build with COBA, and cross-organisation consensus on how to proceed
  3. Within one week of the workshop we had a full mockup prototyped
  4. One month to build an minimum viable product to test with customers, and one further month before this is deployed


WHY WE LOVE THIS CASE STUDY:

  1. It shows that ingenuity and resourcefulness can trump big budgets
  2. We helped pull together disparate players across an industry and got results - fast
  3. Every time a client uses an external party to do something wildly different, they are betting their reputation on our delivery. Our clients loved what we did. Our average rating for the days activities was greater than "9/10" - we overwhelmingly exceeded their expectations
  4. We will get to market fast, and on a shoestring!


Talk to us about how we can help you build internal innovation capabilities with measurable outcomes. Contact us: create@fusionlabs.com.au