HBR On Strategy
How Eastern Bank Shifted Its Strategy to Compete with Online Lenders
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As technology changes everything, how can existing businesses create innovation and change from within? Harvard Business School fellow Karen Mills studied how one 200-year-old regional bank in the U.S. used intrapreneurship to develop a completely automated small business lending product to compete with online lenders. Mills breaks down Eastern Bank’s strategy for innovation -- from its early partnership with a fintech entrepreneur to its eventual spinoff of the online lending platform it developed in-house.