| PROJECT OVERVIEW
THE CLIENT
Bancolombia is Colombia’s largest commercial bank, serving over 6.35 million users. With operations spanning four countries in Latin America, it plays a pivotal role in the region’s financial ecosystem.
Bancolombia is Colombia’s largest commercial bank, serving over 6.35 million users. With operations spanning four countries in Latin America, it plays a pivotal role in the region’s financial ecosystem.
THE PROJECT
Bancolombia’s Vice-Presidency of Innovation was in need of a system that measures the value their projects added to the company. Over four months, we developed a strategic framework to assess and enhance the impact of innovation within the bank.
Bancolombia’s Vice-Presidency of Innovation was in need of a system that measures the value their projects added to the company. Over four months, we developed a strategic framework to assess and enhance the impact of innovation within the bank.
KEY ACHIEVEMENTS
- Research & analysis: Conducted qualitative and quantitative research to understand the scope, vision and challenges within the Vice-Presidency.
- Strategic ideation: Co-led workshops to ideate and define metrics and frameworks for evaluating innovation value.
- Collaboration: Partnered with team members to translate findings into actionable strategies, ensuring alignment with business objectives and user needs.
- Research & analysis: Conducted qualitative and quantitative research to understand the scope, vision and challenges within the Vice-Presidency.
- Strategic ideation: Co-led workshops to ideate and define metrics and frameworks for evaluating innovation value.
- Collaboration: Partnered with team members to translate findings into actionable strategies, ensuring alignment with business objectives and user needs.
IMPACT
Our work resulted in a comprehensive evaluation framework that enabled Bancolombia to fully understand the concept of innovation within the company, align ongoing innovation projects with broader organizational goals and prioritize high-impact initiatives, fostering a culture of measurable innovation.
Our work resulted in a comprehensive evaluation framework that enabled Bancolombia to fully understand the concept of innovation within the company, align ongoing innovation projects with broader organizational goals and prioritize high-impact initiatives, fostering a culture of measurable innovation.
| THE PROCESS
01.
DEFINING INNOVATION METRICS
We began by establishing a clear framework to start understanding the value of innovation. This involved defining eight axes, derived from industry-leading methodologies, that served as the foundation for analyzing and categorizing the bank’s innovation initiatives through a structured approach.
We began by establishing a clear framework to start understanding the value of innovation. This involved defining eight axes, derived from industry-leading methodologies, that served as the foundation for analyzing and categorizing the bank’s innovation initiatives through a structured approach.
The 8 axes of innovation
02.
BENCHMARKING
We analyzed twelve companies to identify different perspectives of what innovation is and how it is valued across industries. Our analysis was based on the eight axes of innovation, enabling us to identify common trends and practices.
We analyzed twelve companies to identify different perspectives of what innovation is and how it is valued across industries. Our analysis was based on the eight axes of innovation, enabling us to identify common trends and practices.
Key findings revealed that most organizations prioritize innovation for business growth, user experience and sustainability. These insights offered valuable guidance to start understanding where Bancolombia’s innovation efforts could and should be headed towards to remain competitive within the industry.
Benchmark sheet designed for this project.
03.
INTERNAL EXPLORATION
To continue understanding what innovation within Bancolombia’s Vice-Presidency is, we conducted an in-depth research process by interviewing stakeholders to gather perspectives on the value and challenges of innovation and conducting collaborative workshops to uncover internal priorities and perceptions.
To continue understanding what innovation within Bancolombia’s Vice-Presidency is, we conducted an in-depth research process by interviewing stakeholders to gather perspectives on the value and challenges of innovation and conducting collaborative workshops to uncover internal priorities and perceptions.
This process revealed critical insights into the perception and use of innovation within the company and highlighted opportunities for improvement. We synthesized this information into a comprehensive Vision Wheel (below), which unified findings and served as a strategic tool for identifying actionable opportunities.
The Vision Wheel was a key tool for making sense of our findings and communicating them to stakeholders.
04.
DEFINING THE FUTURE
After discovering where the Vice-Presidency needed further alignment regarding innovation, we co-created a cohesive vision. To do so, we constructed different scenarios that helped as a starting point to help the VP define what they understood, valued and aspired regarding innovation.
After discovering where the Vice-Presidency needed further alignment regarding innovation, we co-created a cohesive vision. To do so, we constructed different scenarios that helped as a starting point to help the VP define what they understood, valued and aspired regarding innovation.
After several collaborative sessions, we were able to determine:
- Vision: A clear statement that defined what was innovation within the VP to ensure alignment and consistency across their diverse projects.
- Metrics: Measurable indicators to evaluate performance and success for projects.
- Vision: A clear statement that defined what was innovation within the VP to ensure alignment and consistency across their diverse projects.
- Metrics: Measurable indicators to evaluate performance and success for projects.
These four scenarios were used in our co-creative workshops.
05.
TURNING STRATEGY INTO A DIGITAL PRODUCT
As a final step and opportunity for a project continuation, we designed an initial prototype for a centralized platform that materialized all of our findings. This way, we imagined a tool that helped the Vice-Presidency better plan, execute and measure their initiatives. We also included a roadmap for developing this product, considering potential adjustments, risks and change management.
With this proposal we aimed to provide Bancolombia with the tools to measure, communicate, and amplify the value of innovation, empowering the Vice-Presidency to drive impactful change across the organization.
As a final step and opportunity for a project continuation, we designed an initial prototype for a centralized platform that materialized all of our findings. This way, we imagined a tool that helped the Vice-Presidency better plan, execute and measure their initiatives. We also included a roadmap for developing this product, considering potential adjustments, risks and change management.
With this proposal we aimed to provide Bancolombia with the tools to measure, communicate, and amplify the value of innovation, empowering the Vice-Presidency to drive impactful change across the organization.
Our mockups for the proposed digital tool.