New Rabobank Moonshots and startups present themselves on Demo Day
On 31 May 2017, Rabobank’s third Moonshot campaign came to a close with the Moonshot Demo Day, in which the three winners pitched their refined ideas to the crowd and three winning teams from previous editions were invited to talk about their soon-to-be-marketed products.
The Moonshot campaign is an internal acceleration program that gives Rabobank employees a platform for presenting innovative ideas that provide an even better customer experience. For the third Moonshot campaign, 175 ideas were submitted from which the best 18 ideas were selected. Each team pitched their idea to a panel of professionals. The 10 best ideas were shortlisted for the next round. After several intensive workshops, in which the participants were given the opportunity to learn new skills to further develop their ideas, the three winning teams were announced. Bart Leurs, head of FinTech & Innovation: ‘The objective is to develop new earning models that will make Rabobank even more customer oriented. We are looking for innovative ideas which we expect and hope will make a difference. But merely having an idea is not enough. Having a well-balanced team is equally important. You need various skills to successfully convert an idea into reality.’
Acceleration in three months
The three winning teams of this Moonshot campaign worked on their ideas for three months during a custom acceleration program in Amsterdam and Sydney. The winners were exempted from work during this time. After three months they presented their ideas and the progress made to a panel of professionals and a Rabobank audience during the Moonshot Demo Day on 31 May 2017. Leurs: ‘Innovation is a joint effort. That is why it’s important to keep encouraging employees to take the lead. The Moonshot campaign is not a goal in itself but a means to achieving an end, a way for us to continue to innovate. Giving employees more freedom allows them to be creative.’
This year’s winning ideas are an application that integrates recognition, access and payment in the customer journey, an idea that gives farmers easy access to equipment they need, or temporarily need, for operational processes, and an innovative data-driven financial solution and farm management application for the animal husbandry sector.
Bart Leurs is enthusiastic: ‘The winning ideas are great solutions. Over the next period, we will see if and how we can make these ideas available to our customers. In previous campaigns, we had to pull the plug on some ideas because there did not turn about to be a market for them after validation. This, too, is part of the innovation process. This summer the applications of the two winners of the previous Moonshot campaigns will be marketed, and another application will be launched after the summer. This is something I’m very proud of. We’re all looking forward to it.’
Tellow, Peaks and IBAN-Name Check – three Rabobank startups which have won previous Moonshot editions – also spoke about their applications at this year’s Moonshot Demo Day. All three Rabobank startups will be bringing their product to market this summer. Tellow provides self-employed professionals with a fully automated bookkeeping system that is linked to a bank account. Rabobank is the first Dutch bank to offer a fully fledged digital bookkeeping solution to self-employed entrepreneurs. The app is still only available to self-employed professionals with a Rabobank business bank account.
Peaks is an innovative app that works by encouraging users to invest their spare change. Using a system called ‘round-ups’, Peaks automatically invests the change from PIN transactions in an index fund. Like Tellow, Peak will initially only be made available to consumers with a Rabobank account. In time, the app will also be made available to bank account holders of other banks.
The IBAN-Name Check is an innovative internet and mobile banking service that checks the name of the beneficiary and the IBAN entered by the bank customer before a credit transfer is executed. In the case of discrepancies, the customer gets a warning. Rabobank is the first European bank to introduce this service. Other banks will follow later.