The Service Ecomomy

People rely on service yet there is no innovation process to improve these services. To produce a breakthrough service many companies put no effort into it and rely on trial and error. The Bank of America however has invented a way to improve services through research and development (R&D).

They executed several experiments in 20 of their banks in the Atlanta area. But before just simply trying new procedures they assembled as Innovation and Development (I&D) Team, which was an innovation in itself. The group came up with more than 200 ideas on how to improve the banks, and 40 of those ideas were tested. But before they tested them in a real bank, they made a prototype bank at their Charlotte headquarters and the team exercised their ideas in different situations. They worked out the few bugs that they had and were ready to implement them i

The Innovation and Development Team followed a 5-step process to select and execute the experiments in bank branches. The five steps included evaluating ideas, planning and designing, implementing ideas, testing the new ideas, and recommending the successful ideas.

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