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Innovation

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BANKIA IS WORKING TO BECOME AN INNOVATIVE BANK, BOTH WITHIN ITS OWN ORGANISATION AND IN ITS SERVICE TO CUSTOMERS.

INNOVATION IS AN EVERYDAY REALITY IN BANKIA. FROM TALENT MANAGEMENT TO CORPORATE GOVERNANCE, SPONSORSHIPS AND CUSTOMER RELATIONS, THE BANK ASPIRES TO LEAD THE INDUSTRY.

The advances made in 2017 earned it the Digital Talent award, in the Digital Adopter category, which acknowledges Bankia’s transformation towards a digital culture.

Projects such as the Digital Talent School and the digital transformation website have contributed to this change.

Innovation has also been applied to the relationship with suppliers, with the launch of a new portal.

Bankia made a big commitment to innovation with the Bankia Fintech by Innsomnia project. The faith the bank has placed in this startup incubator and accelerator has led it to hire seven of the firms that took part in the programme’s first edition.

The collaboration between Bankia and Innsomnia extends to La Digitalizadora, a digital immersion programme in which the technological verticals that are likely to affect companies in the future, such as robotics and artificial intelligence, are presented to business owners and managers.

The bank also aims to contribute to business innovation and so sponsors events such as the Digital Competitiveness Awards, the Comprendedor Awards, the “Bankia Accelerator by Conector” call for proposals, the Atípics programme and the Innova Pyme and Spain Startup South Summit forums.

70% of the companies from the first batch of startups have entered into a business relationship with Bankia.

BANKIA FINTECH BY INNSOMNIA, THE BIGGEST INNOVATION CENTRE

Bankia Fintech by Innsomnia is considered Spain’s Biggest open innovation centre. Its philosophy is based on collaboration between the parties, which allows Bankia to judge at any given time whether or not to enter into a joint venture with the participating startups, which from the moment they are selected are tutored by a business partner and an innovation partner.

In 2017 Bankia Fintech issued its second call for applications, the first to be addressed to international startups. After the success of this second call, the third round brings together entrepreneurs from Spain and the rest of the world, with a total of 76 projects submitted, of which 12 have been selected.

TECHNOLOGY AT THE SERVICE OF CUSTOMERS

Technology and data processing play an important role in learning about customers’ needs. In order to provide the best possible service, Bankia worked throughout 2017 to build an innovation model that will identify new technologies and cultural and social changes that could assist the bank’s transformation.

The bank therefore concentrated on analysing trends in new business models, with a focus on fintech, the introduction of new products and services arising from technological development and new channels of interaction with customers.

To help detect trends in fintech business models, Bankia used the Innovation Observatory, which seeks to anticipate changes in customers’ needs and identify improvement opportunities. This work is done through the Bankia Fintech entrepreneurship platform.

The introduction of new products, services and channels revolved around various core themes that cover both the bank’s business areas and the central services areas and that help identify the levers of change. This allowed the development of tools such as Incuenta, an account aggregation service for business banking customers.

The bank also has a blockchain laboratory, from which it works to simplify and increase the efficiency of certain processes.

Blockchain technology offers opportunities for banks, many of which are already starting to be explored, such as real-time cross-border payments, issuance of digital assets and the management of customers’ identification details.

A major milestone in this area in 2017 was the bank’s becoming a member of Red Alastria, a consortium of more than 70 Spanish companies devoted to accelerating the use of the blockchain

To expedite the loan approval process, Bankia has evaluated credit risk with a view to trying out new credit scoring and credit rating models.

It has also promoted an ecosystem for developing new business models based on automated investment advice. The Banca Privada wealth managers already have the use of Robo4Advisory, a tool that facilitates the analysis of their portfolios and interactions with their clients.

During 2017, the bank worked on more than 70 innovation initiatives, collaborating with experts, trialling new applications and testing the integration capacity in Bankia. To create a more efficient environment for the implementation of innovation initiatives, the bank has introduced a number of fundamental technical tools that together establish a new work methodology: identification of opportunities through the Innovation Observatory, a scoring system for measuring implementation lead time, a sandbox or testing environment, and an innovation process map.

IMPLEMENTATION OF TECHNICAL TOOLS
TO ADVANCE IN INNOVATION

Innovation Observatory

To identify opportunities through analysis and information sharing.

Credit scoring

Situates each new initiative on a theoretical horizon that measures the estimated time until it becomes a reality.

Sandbox

Agile testing environment that includes simpler procedures for working with startups.

Innovation process map

Based on the Agile Management methodology, which industrialises procedures and speeds up the feasibility testing of new products and services.

In 2018 Bankia will continue to develop its innovation model, exploring the more disruptive trends that are likely to afford the greatest competitive advantage. For instance, it will investigate new use cases for blockchain technology, drawing support from the Red Alastria network and the newly created blockchain laboratory.

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