Bank Leumi Implements Qmarkets Innovation Management Software
The Qmarkets software was implemented among all of the bank’s employees – over 10,000 – as part of Bank Leumi’s innovation strategy
Tel Aviv, Israel – January, 2018 – Bank Leumi, one of Israel’s leading banking groups, implemented during 2017 an idea management system developed by Qmarkets, a leading supplier of enterprise collective intelligence solutions.
The bank implemented Qmarkets’ Q-max system, an advanced idea and innovation management platform, among the bank’s entire 10,000 employees – as a part of a strategic initiative to incorporate innovation into the bank’s organizational culture, with the purpose of overcoming various challenges facing banks in the 21st century.
Qmarkets’ award-winning software makes use of “the wisdom of the crowd” in order to change the way in which large organizations develop, value and implement new ideas among their employees, partners and customers. Qmarkets assists organizations in reaching their business goals by means of a wide range of use cases, beginning from cost reduction all the way to development of new products and services.
“The Qmarkets system is an important element in implementing the bank’s innovation goals”, states Michal Kissos Hertzog, VP and Head of Innovation and Digital at Bank Leumi.
“In order to implement innovation within the bank, it was clear to us that we needed to change our organizational DNA. A change which included embracing entrepreneurial, creative and multidisciplinary thinking. For this purpose, we built an internal innovation plan which includes identifying employees who have an entrepreneurial spark and who are able to swiftly promote projects. These employees receive dedicated training and become innovation leaders. The Qmarkets platform was a foundation of this plan, as it allows us to gather and promote discourse on innovations and ideas throughout the entire organization, among all employees.”
“Bank Leumi uses the Qmarkets platform to launch internal innovation challenges on the departmental and organizational level,” said Qmarkets CEO and founder, Noam Danon. “One of the unique aspects of this project is that the bank encourages all of its employees to create and manage idea challenges.” Danon added, “There is no doubt that the banking industry today is required to deal with numerous complex challenges. Qmarkets has abundant experience in the field of innovation in the banking industry thanks to the implementation of our system in leading banking organizations around the globe.”
Eran Tsur, Qmarkets VP Marketing: “We are very proud of the cooperation with Bank Leumi on this innovative and strategically important project. There is no doubt that the bank’s vision and commitment to promoting innovation in the organization all comes to bear, both in the impressive employee engagement for this process as well as in the creative ideas which have been raised and implemented. Qmarkets has risen to the challenge set by the bank and has smoothly integrated the flexible platform into the organization’s business and internal processes. The Qmarkets solution was swiftly and efficiently implemented throughout the entire organization.”
About Bank Leumi
Leumi is Israel’s oldest banking corporation and one of the leading and largest corporations in Israel and the Middle East. At the end of 2016, the total assets managed by Leumi reached 1,259 billion ILS, while assets amounted to 438.6 billion ILS. Leumi’s net profit in 2016 totaled 2,791 billion ILS, with a net return on equity of 9.3%.
Today, Leumi operates some 230 branches across Israel, alongside branches and offices located in key financial centers across the globe, including London, New York, Palo Alto and Shanghai.
In the last decade, Leumi has invested extensive resources in developing and enhancing its technological capabilities in order to provide its customers with the most advanced and innovative banking services. Today, ‘Leumi Digital’ leads the digital banking field in Israel, offering a wide range of cutting-edge products and services which are available to customers 24/7 through direct digital channels. During 2017, Leumi launched Pepper, Israel’s first fully-mobile bank.
As an established leader on the idea and innovation management landscape, Qmarkets has developed a reputation over the last 10 years for delivering the most comprehensive crowdsourcing software solutions in the world. Recognized by leading analysts such as Gartner, Forrester, and Info-tech, Qmarkets offers unmatched technical and design flexibility to their extensive list of leading global clients; including Nestle, Ford, Lufthansa, Ab InBev, Phillip Morris International, UniCredit, and many more.
Qmarkets’ software offering extends beyond innovation management to include products focusing on process improvement, continuous improvement and operational excellence; open innovation with customers and business partners; technology scouting for enterprise M&A opportunities; and digital employee engagement.
For press inquiries please contact:
Mr. Elliott Wilkins
Marketing Manager, Qmarkets