Chapter 5: Innovation projects and venturing at Rabobank: creating a new dynamic
Michael Dooijes joined Rabobank in 2007. As a former international relationship manager who worked abroad for many years, and as a stockbroker with 20 years of experience in Wholesale and Retail Financial Services, in 2011 he was given responsibility for strategy and innovation at the commercial bank business arm of Rabobank Nederland. The financial world is not typically known for its innovation, but it is currently undergoing a sea change. The widespread digitization that has occurred has caused many outsiders to adopt a new view of the financial sector’s business model. Traditional banking has become a commodity, with young new companies developing related services for offering customers more options. This has been dubbed the FinTech industry: radical innovations that link technological applications to the banking business model. To some extent, these constitute a threat to the relationship a bank has with its customers; the insertion of other parties with services of interest to the consumer distances the bank from its customers. This has necessitated a change of culture within the banking sector. But the trend can also be viewed as an opportunity. By capitalizing on these developments as a bank, you can add value to your relationship with your customers. That will require, of course, embracing open innovation in terms of partnering with other, outside, parties to achieve innovation.
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