Kasikornbank launches PossAbility Acceleration to drive itself into an innovative organization That employees take care of for actual use

Stocks and Financial Services Press Releases Thursday December 3, 2020 15:33
Bangkok--3 Dec--Kasikorn Bank

KASIKORNBANK (KBank) has launched the PossAbility Acceleration program to encourage its employees nationwide to compete with their creative ideas underthe aim of becoming an innovative organization. The most innovative ideas have been incubated, set asworking prototypes and presented to a judge before being further developed for real-world use. The program highlights KBank as an organization that embraces all possibilities by encouraging employees to unleash their potential in creating innovations to enable KBank to grow exponentially.

Ms. Kattiya Indaravijaya, KBank Chief Executive Officer, said that KBank is determined to be an innovative organization through the promotion of an organizational culture that fosters individuals' creativity. We have thus launched the PossAbility Acceleration program to encourage all employees of KBank and K Companies to unleash their ideas. To this end, a competition was held as a venue to allow participants to stage a battle of their ideas through a design thinking process. This program, which started in early 2020, consists of a three-round contest as follows:

First round: Showcase innovative ideas - There were more than 100 entries, including ideas about product development, services and enhancement of work efficiency.

Second round: Validate ideas - A total of 20 qualified teams joined a boot camp where they were equipped with knowledge and advice on design thinking in order to further develop and validate their ideas before going to the pitching stage and entering the next round.

Third round: Put the contestants' ideas into practice - The final eight teams receive recommendations from mentors and can use various KBank APIs to build working prototypes for testing with targeted groups. They must then develop the results derived from the testing to meet the customers' needs.

Final Pitching Day: The final eight teams are required to demonstrate and propose their ideas to the top management of KBank and KBTG, conveying their potential in terms of innovations involved and testing results from the targeted groups, plus measurable positive impact on KBank in terms of financial and management viewpoints, as well as whether such ideas are workable within related regulatory and technology frameworks, and whether or not they have the potential to become market trailblazers.

Awards: The Best PossAbility Idea Award - The three teams with the most outstanding innovative ideas will each receive a cash prize of 150,000 Baht. They are "Make a Wish", "Spotlight", and "K-Guarantee". Their ideas will serve as inputs for the development of services for real-world use in the future.

The Best Prototype Award - The three program development teams from KBTG with excellent prototype development will each receive a cash prize of 90,000 Baht. They are "OK Kojo District", "Spotlight" and "Insurance Share Buy".

The Learning Award - The two teams with excellent learning development will each receive a cash prize of 10,000 Baht. They are "OK Kojo District" (idea owner) and "Journey" (program developer).

Ms. Kattiya added, "The key success of this project is the invigoration of KBank employees, which challenges them to push the boundaries of their work experience and understanding of customers' demands, to create fresh and unique services. When employees are given the opportunity to embrace new experiences, they can develop their potential through intensive learning processes, engendering a sense of pride. Employees are also encouraged to share their knowledge with others, thus empowering creativity within the organization. At the same time, this project provides KBank the chance to see business ideas from the perspective of field teams that work closely with customers. Many creative concepts that exceeded KBank's expectations, once systematically incubated and combined with the technology designed by the teams at KBTG, will help to create prototypes that bring brand-new ideas to life - ones which can be developed into actual services".

KBank shall move forward to support the creation of organizational innovations on a consistent basis, as well as developing the potential of KBank personnel and creating novel products and services based on a firm grasp of customers' demands. All in all, KBank aims to introduce well-developed services to the real world, which can make a big difference and propel KBank's growth by leaps and bounds.

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