Idea Evaluation in Innovation Management for the New Normal in Banking: A Case Study in Vakýfbank

Senay Demýrel, Suha Erdem Yabas, Caglar Ucler, Sait Sener and Metin Recep Zafer

Journal of BRSA Banking and Financial Markets, 2021, vol. 15, issue 1, 1-26

Abstract: Banking environment, traditional with an established physically collocated work culture, has been disrupted by the COVID-19 pandemic. It triggered the evolution of innovation management processes to handle the issues related to spatial spread, fuzziness and collective information development during idea evaluation. In this paper, Vakýfbank Innovation Management System (V-IMS) was exemplified utilizing ICT for virtual collaboration, MCDM (Multi Criteria Decision Making) methods within stage-gates, transforming knowledge and exploiting collaboration at the fuzzy front end. There, physically collocated work culture was transformed into delocated collaboration with an agile approach utilizing lean information flow, which emphasizes the people exchanging tacit into explicit knowledge on the move rather than long documentations. Moreover, the culture of innovation has been fostered, innovation management metrics were improved significantly and both the number of sessions and ideas presented in the sessions were found to be increased. It was observed that the satisfaction level and innovation commitment of the employees were increased with the new system as well.

Keywords: Banking; Innovation management; Ideation; Idea evaluation; New normal; Virtual collaboration; Fuzzy front end. (search for similar items in EconPapers)
JEL-codes: M10 O32 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:bdd:journl:v:15:y:2021:i:1:p:1-26

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