Wazoku platform captures concepts round the way forward for Monetary Companies for the youthful era in Africa
Pan-African monetary companies (FS) agency Previous Mutual is utilizing innovation scale-up Wazoku’s Enterprise Innovation Platform to drive innovation and has seen the variety of concepts submitted throughout the corporate enhance by 150%.
Previous Mutual supplies funding, financial savings, insurance coverage, and banking companies to 14 million folks throughout 14 international locations in Africa, using nearly 30,000 folks. Its Mass and Basis Cluster (MFC) enterprise unit goals to offer accessible monetary companies to the decrease earnings market.
After the MFC’s annual ‘Siyakhula’ innovation occasion had been disrupted by the pandemic, there was an pressing must digitize this innovation program with a purpose to proceed the tradition of co-creation and collaborative technique constructing. Deploying Wazoku’s platform to submit, consider, and retailer concepts, meant Siyakhula turned extra impactful, and Previous Mutual developed an always-on tradition of innovation inside the enterprise.
“Previous Mutual is one in all Africa’s largest FS firms and we’re delighted to see it drive such outstanding outcomes from its innovation programme,” mentioned Simon Hill, CEO, Wazoku. “It has a extremely spectacular strategy to innovation, and by utilizing the Wazoku platform for ongoing innovation, it has set itself up for sustainable innovation at scale over the approaching years.”
Wazoku’s platform was first carried out by Previous Mutual’s private finance division, the place it impressed with its UX, safety, scalability, and ease of integration into present methods. The deployment was then scaled to the Company and MFC enterprise models.
An integral a part of the success of the MFC unit are its folks and inclusive tradition. To foster this tradition, Previous Mutual created the Siyakhula motion, which inspires and challenges workers to unravel urgent enterprise challenges collectively. Yearly MFC workers come collectively to unravel enterprise challenges in-person via workshops and knowledge periods. Bodily collaboration was key, however the international pandemic meant that this flagship innovation occasion was placed on maintain.
Introducing the Wazoku system into the Siyakhula innovation course of was an enormous success, creating an ongoing moderately than annual occasion. In comparison with the newest in-person Siyakhula in 2019, they have been in a position to accumulate 150% extra concepts. Managing these concepts and choosing the profitable one was made simpler and extra environment friendly than ever by utilizing the platform, as totally different groups might filter, consider, and select the highest three concepts.
Different concepts from Siyakhula included a roundtable of concepts of what the youthful era each wants and needs from their monetary companies.
Wazoku’s Enterprise Innovation Platform contains concept administration, open innovation, and innovation consulting companies to offer all of the parts for any enterprise innovation programme. It additionally serves to retailer initially unused concepts for Previous Mutual, concepts that will in any other case be misplaced. Throughout the enterprise, there are a variety of issues the place these concepts can then be utilized, that means good concepts are by no means once more misplaced or forgotten.
Following the partnership with Wazoku, the MFC has launched an ‘Innovation Lab’ that additional develops the innovation functionality seen with Siyakhula however on a bigger scale. The Innovation Lab goals to foster an ongoing tradition of innovation that not solely sources concepts from inside the enterprise but additionally from exterior to type an Innovation Ecosystem. The Wazoku platform is integral to this, because it permits customers to log their concepts simply, entry different folks’s concepts, and eases the analysis course of.
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