When Re_Set partnered with Aviva to develop a successful company-wide innovation programme, it catalysed a wider roll-out of cultural transformation
How do we create stronger partnerships between large financial institutions and fintech firms to unlock innovation in the sector? This is the question Aviva asked Re_Set to explore after signing up to the UK’s ‘FinTech Pledge’ early in 2021.
In response, Re_Set developed a successful company-wide innovation programme that catalysed a wider roll-out of cultural transformation at Aviva. The outcome was a potentially game-changing innovation idea put forward by an employee, plus various other new ways of increasing collaboration with fintech and ideas to foster wider innovation.
“Re_Set’s innovation expertise is excellent and their agility, pace, and determination in seeing us thrive really shone through”
Ben Luckett, Chief Innovation Officer, Aviva
The challenge
Historically, large financial institutions haven’t been easy for fintech firms to partner with. Large teams and complicated hierarchies are often difficult for faster-paced, agile, and less-structured fintechs to navigate. In addition, corporations lack a clear path for fintech approval and development, and struggle with setting benchmarks to measure success.
However, the potential benefits of working with a fintech are huge. A partnership enables the company and its customers to benefit from the latest innovations while giving smaller tech firms access to the financial strength and scale needed to commercialise their ideas.
It was with this in mind that Aviva signed Tech Nation’s ‘FinTech Pledge’ during UK FinTech week In April 2021. This pledge asked signatories to accelerate the growth of the fintech sector by promoting valuable partnerships between financial institutions and tech scaleups.
Re_Set was selected by Aviva to help develop and run an innovation programme that would make Aviva an easier company to partner with. This challenge did not limit solutions to benefiting fintechs alone, but instead acted as the spark to supporting all potential companies looking to partner and collaborate with Aviva.
What we did
In addition to building momentum and awareness around the pledge internally, and helping generate implementable ideas, Re_Set was asked to find ways to foster engagement with innovation at Aviva, and demonstrate clear and tangible commitment to implementing the winning solutions.
Success of the project would be measured by the number of relevant solutions submitted, the quality of the solutions, the reach and engagement of the event internally, and implementing the winning solution.
The challenge ran for six weeks and resulted in five shortlisted ideas, which were taken forward to phase two. The innovations were judged by a panel of Aviva’s group CEO and Chief Innovation Officer, as well as two startup founders. The client was delighted with the competition results. “Several of the solutions were worthy of winning,” they told us, as they chose to take forward some of the a number of the shortlisted initiatives.
If a multibillion-pound corporation like Aviva can embrace innovation in such a strategic way, any business can.”
Alix Baldwin, Manager, Re_Set
The impact
As a result of this innovation movement, Aviva has publicly committed to making it easier for FinTechs to collaborate and partner with the business.
The business also experienced a new agile way to approach collaborative problem solving, with new tools, behaviours and mindsets introduced and practiced. Meanwhile, the innovation team has been upskilled in planning and running innovation challenges. The company now has the problem statements, formats and communication tools set up to run an ongoing innovation programme.
“We know how crucial innovation can be for a business transformation, so we were delighted to work with Aviva on developing a response to its own specific challenge,” says Alix Baldwin, Manager, Re_Set. “The benefits to both parties are significant when large organisations like Aviva partner with entrepreneurs to accelerate their innovation agenda. It’s great to see Aviva leading the way and bringing their FinTech Pledge to life.”
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