CASE STUDY - INNOVATION HUB

Developing ideas and driving innovation

EVRY’s Innovation Hub is giving talented young people the chance to try their hand at working on digital questions related to real customer challenges.

The Innovation Hub develops talented employees who drive ideas for business forward and focus on radical innovations in the form of new products and services for customers. The Innovation Hub is divided into two areas. One area consists of interns who are talented new graduates who work on experimental projects for 2-4 months and the other of full-time employees who work on turning projects undertaken by the interns into reality as well as on initiatives from customers.

The Innovation Hub has worked with multiple customers in the banking industry.

“To create the solutions of the future, it is essential to have different viewpoints and multidisciplinary teams whose members challenge one another, the customer and EVRY. The Innovation Hub is a diverse team of interns and full-time employees who collaborate to solve digital questions related to real customer challenges.”

Tone Marie Wahlstrøm

Head of the EVRY Innovation Hub

Diverse to its core

The Innovation Hub hires talented people from all over the world and has 21 nationalities represented among its staff, 49 percent of whom are women. The educational backgrounds of its employees range from history, design and development through to global studies, psychology, technology and business. Every year 80 talented people join the internship program, and in 2018 three in every four took up a permanent position at EVRY.

Masoom Maham, Jun Christian Villanueva, Renaud Permezel, Kaja Drews, Torkel Wølner, Åshild Walseth

“Avatar” for Sparebank 1

One of the projects that the Innovation Hub worked on in 2018 was developing a concept known as “Avatar” for SpareBank 1. The purpose of the project was to identify potential value propositions for the family segment in order to strengthen customer relationships and subsequent revenue streams. The process included identifying common pain points faced by families and developing solutions to address key needs.

The Innovation Hub was set the following challenge: “How can SpareBank1 maintain and grow traffic to its digital channels?” Several methods of gathering insight were used for the project, including surveys, workshops and interviews. As the key target audience for the project was young people, a lot of the research was done using social media channels such as Snapchat. The findings from the data gathering process culminated in several ideas, with the final concept selected consisting of a prototype based on an avatar. The idea consists of an avatar, which could be used on various digital channels, that represents the customer in relation to his or her private financial situation and behaviour. The avatar would reflect each customer’s income and expenditure, and thus his or her financial situation or “health”. If, for instance, a customer met his or her saving goal for a given month, the avatar would dress up in a nice suit with a cigar.

The value that the customer gained from the project was a better understanding of how to attract the younger customer segment. This understanding derives from the qualitative insights into the needs and wants of young consumers and the proposals for how to satisfy their expectations of financial service providers that were generated by the project.