CIBC Internalizing Open Innovation Case Solution

2. Analysis

CIBC is one of the largest commercial banks in Canada and was known to have a bureaucratic structure like any other large organization. However, the bank realized the need to partner with different players related to Fintech, so as to ensure that they are able to offer superior customer services to their customers on different digital platforms. However, it is important to use the agile method, in order to ensure that an adaptable process framework is developed that can allow the innovation council to implement innovative ways in banking services offered by the bank (Ghezzi & Cavallo, 2020).

3. Alternative solutions

There can be three probable alternative solutions. Developing an innovation council sub-units in different banking departments. This can be advantageous in terms of providing practical advice considering the dynamics of these respective departments. Another option can be to develop a culture that can foster an innovative atmosphere in the organizational culture, which can eventually help to ensure implementation of the innovative banking services.