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CIBC Internalizing Open Innovation Case Solution

Solution Id Length Case Author Case Publisher
2174 400 Words (4 Pages) Darren Meister, Ramasastry Chandrasekhar Ivey Publishing : W17728
This solution includes: A Word File A Word File

Canadian Imperial Bank of Commerce (CIBC) wanted to internalize the aspect of open innovation in its organizational structure, in order to abide by the developments taking place in the digital world.

Following questions are answered in this case study solution:

  1. Introduction and Problem

  2. Analysis

  3. Alternative solutions

  4. Recommendation and Implementation

Case Study Questions Answers

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.

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