Cibc: Internalizing Open Innovation Case Solution
In 2017, the vice president of the Canadian Imperial Bank of Commerce; Marie Simone, was dealing with burgeoning financial technology for the partnership, and the deal was named Fin-tech. The goal of this partnership was to increase the state of art technologies in the bank and to achieve a competitive edge in the industry. Simone believed that an open innovation will help the company in lowering the transaction costs and increasing the change frequency. This partnership would allow the bank to change the way it was providing its services to the customers. Simone was facing issues in partnering with the Fin-tech firm;the vice president was concerned about how her experience can help her to achieve the partnership and bring Fin-tech onboard because she was concerned about the managing the open innovation projects in the future. This time, the on boarding was the priority for Simone but she was facing internal issues and was thinking about a facilitator in the on boarding process. Currently,the vice president is facing internal issues and is thinking to solve the internal issues and V.P. is also thinking about the implementation of an innovation lab within the bank.
Now the question is how the technology fits in commercial banking,as, in the banking sector, technology is developing and it is becoming a new trend to provide services to the customers. The market dimensions and performance help to understand the link between open innovation and commercial banking. As now Simone is concerned about developing a digital lab within the bank premises because this would help the bank to further proof the projects.
- CIBC has a huge consumer base and geographic reach alongside a strong brand image in the industry
- CIBC’s main focus is continuous development and to maintain the market position and provide quality services to improve the consumer satisfaction.
- CIBC is a market competitive and continually investing in open innovation programs to digitalize the banking services.
- CIBC is highly diversified in products and services
- CIBC’s internal management system is weak
- Heads and teams are not supportive
- It take huge time in taking on board the partnerships and collaborations
- The governance system is not strong
- CIBC’s presence in the emerging economies is missing
- Digitalization trend in the banking sector is increasing
- Banking sector is adopting digitization and the concept of open innovation.
- There are digital labs and services trend is prevailing in the industry
- Opportunity to enter into the emerging markets
- The competition in the banking sector is increasing and it is a threat for CIBC bank
- The regulatory policies of Canada will affect the banking system
- High taxes can affect the business profitability
2.Assumptions and Missing Information
During the analysis,I assumed that the bank will continue the project’s acquisition and partnerships. Along with that, I have also assumed that the company has a centralized management system and teams are interlinked with each other. The information in the case was pretty sufficient but I felt that further in-depth details of the internal business and management system could have helped me more with the analysis……………………….
This is just a sample partial case solution. Please place the order on the website to order your own originally done case solution.