While financial institutions can implement design thinking in different ways, most experts agree that the methodology includes five basic steps. By following this process, banks can hone in on customers’ pain points and perspective, allowing them to design solutions that serve real user needs.
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How Design Thinking Works
How Design Thinking Works
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Empathize. Conduct research in order to develop knowledge about what your users do, say, think and feel. Imagine your goal is to improve an on boarding experience for new users. In this phase, you talk to a range of actual users. Directly observe what they do, how they think, and what they want. What motivates or discourages users? Where do they experience frustration? The goal is to gather enough observations that you can truly begin to empathize with your users and their perspectives.
Define. Combine all your research and observe where users’ problems exist. In pinpointing your users’ needs, highlight opportunities for innovation. Use data gathered in the “Empathize” phase to glean insights. Organize all your observations and draw parallels across your users’ current experiences. Is there a common pain point across many different users? Identify unmet user needs.
Ideate. Brainstorm a range of crazy, creative ideas that address the unmet user needs. Give yourself and your team total freedom. No idea is too farfetched, and quantity supersedes quality. Bring your team members together and share ideas with one another, mixing and remixing as you build on each other's ideas.
Prototype. The goal is to understand what components of your ideas work, and which do not as you begin to weigh the impact vs. feasibility of your ideas through feedback on your prototypes. Make your ideas as real and tactile as possible (not always easy in a service industry like banking). Adapt your concept based on feedback, then prototype it again quickly.
Test. Return to your users for feedback. Ask yourself ‘Does this solution meet users’ needs?’ and ‘Has it improved how they feel, think, or do their tasks?’ Put your prototype in front of real people and verify that it achieves everyone’s goals. As you begin to execute your vision, you should try to continue testing along the way.
Banks acknowledge the importance of Design Thinking in financial services and look for ways to transform their organizations.
Through Design Thinking principles, a diversified team within OCBC Bank Singapore developed the initial product concept based on customers’ insights. Once the first product concept was ready, the team had a co-creation workshop with a front-line employee. During the session, co-creators were not merely validating what had been developed, but were redefining a new product communication concept. The team prototyped communication ideas with front-line employees, using simple materials and stationery. By involving employees in the process, the team not only was able to design what would work for them in an advisory meeting, but also learned how to explain the product in a simple and compelling way. After the process, OCBC Bank increased sales of its new investment product by 150 percent and increased their customers’ trust perception.
Germany’s Deutsche Bank endeavoured to promote design thinking organisationally by starting with their IT department first rather than imposing it on the entire organisation. It first partnered with design thinking experts as well as a small design thinking team in the department that focused solely on completing successful projects. Once the IT community started observing results from this design thinking team, the adaptation of design thinking proceeded step by step. Soon, the design thinking community in the bank grew to 150 members in IT who shared and exchanged knowledge with others.
National Australian Bank (NAB) to develop a new solution, called the NAB Quickbiz Loan, for their small and medium enterprise (SMEs) clients. By applying Design Thinking through the five steps, they were able to work backwards from the client’s needs in order to create a truly compelling product. The final output consisted in a simple three-step online application that was linked to a dynamic cash-flow credit model that was able to provide unsecured business loans up to $50,000 to SMEs, making decisions within 60 seconds and taking maximum three days to disburse funds.
Interested to see what this looks like in action?
Innovation Spark Asia offers a range of options for innovation training, design sprints, and design thinking facilitation. Please reach out to us at ravi@isparkasia.com if you want to talk.
