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| Innovation at Bank of America |
| Company: | Bank of America | | Presenter: | Brandon North | | Delivered At: | Organic Growth and Innovation | | | Length: | 30 Minutes | | Description: | Approximately four years ago, Bank of America created an Innovation and Development Center in Atlanta. The center explores and tests innovative products and services that are intended to help the company grow organically by attracting more customers and fulfilling a greater share of their banking needs. The presentation will describe products and services we have tested, how we choose the products and services to be tested and how the Innovation and Development Center has evolved over four years.
Objectives:
Innovations must be tested within the bank’s existing set of banking centers. Carrying out “experiments” in a live setting entails disruptions, but also provides quick results.Customer satisfaction has improved substantially in bank offices where innovation is being tested.Utilizing Six Sigma techniques is useful during the innovation process. It helps maximize the value of the test.Failure is ok. Without failures, there will not be any real innovation.
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