The Power of Co-Creation


The Power of Co-Creation

The bank crisis has shown us that banks our not transparent at all. Or do you know how much money your bank makes from your saving on a yearly basis? And, what do they do with it? Moreover the financial sector hasn’t learned about past experiences and most banks haven’t been able or open for radical innovations.

Caja Navarra is one of the few exceptions on this.

Caja Navarra is a Spanish savings bank designed to support local communities through social investments. In 2004 they changed the way these investments where decided because they designed a platform that shows customers how much it makes from their savings and provides them with the ability to choose where to allocate their social contributions. The recipient organizations are further pushed to present how they use the money as a result of the participation.

The platform also allows the bank to attract new customers. New participants can buy a gift cards in order to donate via the platform. Meanwhile, the bank is then able to show potential customers how their money would be used by Caja Navarra as opposed to the customer’s current bank. In this way they were able to survive the bank crisis and realize an acquisition rate of 9% per year.

This is only one of the several inspiring co-creation examples I heard recently during “The Power of Co-Creation” seminar from Prof. Venkat Ramaswamy I attended. Co-creation is about engaging people to create more value together. It involves redesigning interactions through the experiences of individuals. Through co-creation, organizations can unleash the creative energy of people — especially employees and internal stakeholders, but also customers, suppliers, and related external stakeholders and communities — to create mutual value.

The Power of Co-Creation (October 2010) demonstrates to managers how the co-creation of value is the next business paradigm for all enterprises in the 21st century, and how the next generation of organizations entails building capabilities for a co-creative enterprise.

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