GF: What is the role of global markets in your work on innovation at Citibank?Ĭolella: Our approach to innovation is global. We also bring innovation to the local communities: Citi Bike, a bike-sharing program in New York, the bank’s headquarters, was the largest bike-sharing program in the country at its start. Citi was a leader in designing the internal-external innovation process, and now we see a lot of activity in banks and other financial-services companies. Some of the ideas come from our employees and customers, and some come from our senior management. It practically means co-creating and working with clients and customers instead of innovation in a “closed space.” There is a need to balance control, risk and compliance with an environment that allows people to explore what clients actually need. Innovation can include both breakthrough inventions and operational improvements by employees. Innovation cannot be run by an individual or a team, since innovation is culture and mindset across our firm. GF: How do you and the bank think about the process of creation and innovation?Ĭolella: Financial services are going through a tremendous evolution. Our third pillar is D10X, designed to discover exponentially better solutions for our clients in the longer term. The “Cupid” program matches university interns with innovation projects within Citi, bringing a diversity of perspectives to the innovation process. The labs partner with external players such as universities. Second, Citi has an innovation network of global labs, specializing in specific areas, such as capital markets or consumer business. These are tools that will shape the industry long term in the next decade, and Citi will be part of it by collaborating with external entrepreneurs. First, we run venture-capital equity investments globally, in fintech, Big Data, machine learning, cybersecurity and ecommerce, for example. Vanessa Colella: Under innovation, we run various components. Global Finance: How is innovation managed within Citi globally? JanuVanessa Colella, Chief Innovation Officer, Citi
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