Page 22 - Banking Finance January 2025

ARTICLE

and commitment of organizational leaders to prioritize methodologies have been used to facilitate organizational
design thinking efforts, allocate necessary resources, and change and culture transformation, fostering collaboration,
embed these practices into the overarching business empathy, and a customer-centric mindset across teams and
objectives. departments.

Tracking and Showcasing Results: Establish clear metrics Social innovation: Non-profit organizations and social
and frameworks to evaluate the outcomes of design thinking enterprises have adopted design thinking to tackle complex
initiatives and regularly share their value and impact with social challenges, develop sustainable solutions, and create
stakeholders across the organization. positive impact within communities.

Transforming Ideas into Impact Revolutionizing Banking with Design
Numerous sectors and businesses have effectively Thinking
implemented design thinking, producing creative and user-
Design Thinking emerged as a critical necessity for the
focused solutions. Here are few instances:
banking sector as customer preferences shifted drastically.
People increasingly preferred to avoid visiting branches or
Product design: Apple, Uber and Airbnb are among the ATM centers for their banking needs. Addressing this
companies that have adopted design thinking in their evolving demand required significant modifications to the
designs to make products that are both functional and entire infrastructure of branches and the banking ecosystem.
delightful for users.
This transformation pushed the banking industry to revisit
and innovate its design strategies.
Service design: Organizations in the service industry, such
as banks, airlines, and healthcare providers, have leveraged Its user-centric approach has helped financial institutions
design thinking to streamline processes, improve customer adapt to rapid technological advancements, evolving
journeys, and deliver exceptional service experiences.
customer expectations, and regulatory pressures.
Business strategy: The principles of design thinking have
been utilized in crafting business strategies, enabling Enhanced Customer Experience
organizations to identify emerging market opportunities, Design thinking places customers at the center of problem-
reshape their value propositions, and develop solving, leading to products and services tailored to their
groundbreaking business models. needs. It enables the creation of intuitive digital platforms
with streamlined interfaces and functionalities. For example,
Organizational transformation: Design thinking banks use customer insights to design personalized savings
plans, investment portfolios, and mobile app features.

Accelerated Innovation
Financial institutions use design thinking to prototype and
test ideas quickly, reducing time-to-market. For example,
development of AI-driven chatbots to handle customer
queries efficiently.

Financial Inclusion
Design thinking helps financial institutions understand
barriers faced by underserved populations, leading to the
creation of inclusive solutions. Complex banking processes,
such as account opening and loan applications, are
redesigned to be more user-friendly. For example, Mobile
payment apps designed for rural areas with limited internet

20 | 2025 | JANAURY | BANKING FINANCE