Boosting technological innovation and innovation culture from an idea generation program: the experience of a Brazilian bank

Abstract

Objective of the study: The objectives of this study were to describe the strategy and the innovation results from an idea generation program (IGP) of a Brazilian bank.Methodology: The study is predominantly descriptive; the method is the in-depth case study, and the data analysis was performed through content analysis.Originality/Relevance: The IGP's implementation stage is critical due to the need for financial resources, people, and time. An IGP can generate not only incremental technological innovations but also boost the innovation culture. Innovations developed from an IGP can be effective in facing competition from fintechs and digital transformation.Main results: The IGP's strategy is well-founded, as the result of 14 years of experience. However, there is still no clear strategy for measuring the impact of the implemented innovations. The IGP boosted both incremental technological (product, services, and process) and innovation culture. It has generated financial and non-financial results, and it predominantly follows the eastern model, recognizing employees’ ideas with non-financial rewards.Theoretical/methodological contributions: An IGP is designable in three main stages: ideation, in which all employees can participate, giving ideas for solving the problems indicated by the boards; selection, when a selection board chooses the ideas with the most significant potential for implementation and generating results; and implementation, when the selected ideas are transformed into innovations.Social /management contributions: A bank’s idea generation program is effective to boost technological innovation and innovation culture, which allow to face the fintechs and other essential players in the financial market, as well as to promote internal engagement and manage digital transformation, and deal with the VUCA (volatility, uncertainty, complexity, and ambiguity) scenario.