About Live Labs
Overview of Live Labs, Mission, and People
EXECUTIVE SUMMARY
Eleven million clients in Canada, the U.S. and around the world count on us every day to deliver a world-class experience for their financial lives. Part of building a strong, relationship-oriented bank is a commitment to digital innovation. The growing shift to digital experiences is profound and being the leader in this space will help contribute to both CIBC’s revenue growth and cost containment. Simply put, innovation has become a core driver of growth, performance, and valuation. It helps us create new products and makes us a better bank.
CIBC Live started as a back-of-the-napkin idea: we wanted to accelerate digital change, innovate with financial technology, and collaborate with like-minded corporate partners and entrepreneurs. “Banking that fits your life” means being where our clients are and embedding CIBC into all things digital. CIBC Live allows us to achieve that.
In this Playbook, we share our story, our approach to foster a culture of innovation, the values and practices that enable us to build products with a client focus. Our goal is to provide you with a practical step-by-step guide — something that can sit on your desk as you plan and execute your own innovation journey. The chapters, which cover a broad array of topics, are short and simple. The first edition of the Live Playbook will become a living document that evolves as we grow. We will share this playbook across the Bank and continue to inspire others to join us.
MISSION STATEMENT
An agile team that drives innovation for CIBC through client-focused insights and products
Twist: We are a team that practices the agile values and principles towards product development;
Quantification: We support CIBC Digital and its partners;
Output: We deliver product requirements that can be leveraged by CIBC development team for integration with public facing digital assets; and/or research findings that can be leveraged to support or reject a product idea.
Benefits: Our core goal is to drive innovative client offerings;
PEOPLE
“The secret of my success is that we have gone to exceptional lengths to hire the best people in the world.”
Steve Jobs
The greatest leaders have consistently identified people as the key element for organizational success. Every innovative idea has been etched by intelligent people on a napkin in a cafe. It is not the idea itself that results in success, it is the execution of the idea. Execution starts by getting the right people and creating the conditions for their success.
This is especially true when we create teams for innovation. For innovation to take place we need people who like to pursue excellence. At the same time given the banking environment we need them to have patience for appreciating the complexities of the banking industry. We need to facilitate the process that motivates this pursuit of excellence and at the same time gets them focused on shared goals of the client. This chapter talks about our approach towards hiring the right people and providing the conditions that enable the individuals to pursue excellence.
