Silicon Valley Innovation Center (SVIC) hosted the Board of Directors and the executive management team of Bank of Queensland (Australia). BoQ, one of the oldest financial institutions in Queensland, has 252 branches throughout Australia and more than 650,000 customers.
As part of its mission to become Australia’s most beloved bank, BOQ’s Board of Directors is primarily interested in FinTech innovations from Silicon Valley. They hoped the cutting-edge technology could help create authentic, personal, and long-lasting relationships with customers.
SVIC designed a custom four-day banking innovation program in Silicon Valley to provide BoQ first-hand experience with FinTech innovation. During this intensive program, the group met with more than 20 of the most cutting-edge FinTech companies and accelerators, got advice from leading Silicon Valley experts, and directly connected with top innovators and practitioners who are shaping the future of banking and financial services.
The highlights of the program included:
Everything That Will Disrupt Life
The program was designed to provide a profoundly transformational experience and a different point of view for this executive group. Meetings with and visits to companies such as Google, Design Thinking Lab @ Stanford, and Plug and Play accelerator gave the participants a high-level view of the disruptive trends and emerging technologies beyond just the banking industry. Participants especially enjoyed the eye-opening effect of this holistic approach to the program.
What Is Going To Disrupt Banking
The next two days of the program specifically addressed the innovation trends in the banking industry – the core business of BoQ. Expert presentations and face-to-face discussions with representatives of companies such as BNY Mellon Innovation Center, Umpqua Bank, BoostVC, and Blockchain University outlined different paths to navigate and transform in the wave of financial services disruption. Topics addressed were:
- Digital Banking
- Wealth Management
- Big Data
- Regulation Technology
From blockchains to payments, RegTech, and digital banking, the BoQ board members were impressed to see how simple great solutions can be, how elegantly the technology-driven FinTech companies can solve huge problems such as risk management, and how “out of the box” thinking can transform industries.
A special section of the program was dedicated to the implications of technology innovations on customer experience and engagement channels. Teachings from companies such as AirBnB, Twitter, Square, and Chime helped program participants see problems “out of the shoes of the customers”, and also explore transformational ways of connecting with clients and personalizing each customer’s digital journey.
Fostering an Innovative Culture
Perhaps, some of the unexpectedly powerful learning points of the trip were observations of the unique culture of Silicon Valley and lessons from Silicon Valley companies on how to create and foster a corporate culture of innovation. Ideas on diversity (“getting people from different backgrounds to add to the mix of thinking”), commitment to growth, and putting people first, triggered a very inspirational discussion on the ways BoQ’s Board of Directors and the executive team can work together to apply these teachings in their organization.
SVIC guests described their experience as truly transformational, saying that it was a “fantastic week” and a “really good experience.” Tour participants were “overwhelmed with all the ideas”, learned “very interesting ideas; simple and relevant”, and considered their participation in the program “a privilege.”
SVIC President Andrey Kunov, Head of FinTech Valeriy Galitsky, and Director of Global Business Development Marén Thomisch accompanied BoQ representatives on their Silicon Valley innovation tour.
Do you want to have your next Board of Directors or Strategy meeting in Silicon Valley? Our unique Silicon Valley Immersion Tours are designed to help senior-level corporate leaders build a strategic vision on the impact of disruptive technologies and emerging trends.