Page 23 - Banking Finance January 2025
P. 23
ARTICLE
connectivity. Broader access to financial services, especially
for low-income or rural users.
Improved Risk Management and
Compliance
Design thinking helps simplify and streamline compliance
requirements for users. For example, enhanced Know Your
Customer (KYC) processes with user-friendly digital
interfaces.
Cost Efficiency and Operational
Streamlining
Design thinking guides the automation of repetitive
processes, such as loan approvals or transaction processing.
locations in Singapore, China, Taiwan, Hong Kong, India,
Financial institutions revamp processes to streamline
and Indonesia.
operations and address inefficiencies and bottlenecks. For
example, digitized and streamlined loan approval processes.
These efforts involved observing customer interactions,
analysing digital transaction data, and conducting in-depth
Employee Engagement and Teamwork interviews to uncover customer needs and aspirations. This
Design thinking encourages Interdisciplinary teamwork approach paved the way for innovations such as the POSB
within financial institutions. Financial organizations invest in Smart Senior program, which integrates health tracking and
design thinking training to equip employees with problem- contactless payments to support the digital banking needs
solving skills. of seniors, demonstrating how empathy-driven design can
empower a growing demographic.
Sustainability and ESG Alignment
Design thinking enables banks to develop financial products State Bank of India (SBI)
aligned with ESG goals, such as green bonds or sustainable Sh. Rajnish Kumar, the former Chairman of SBI, emphasized
investment funds. By emphasizing transparency and user- the importance of customer convenience in designing YONO
centric solutions, design thinking enhances customer and (You Only Need One), the bank's flagship digital platform.
stakeholder trust in sustainable banking practices. The initiative was driven by a forward-thinking philosophy
"no looking back"focused on building a fresh, innovative
Transformative Success Stories solution that prioritized customer needs. This mindset
Several banks have effectively embraced design thinking to marked a shift from traditional banking practices, placing
elevate customer experiences. the customer at the heart of every design decision. YONO
has since grown into one of the world's largest digital
DBS Bank in Singapore banking platforms, exemplifying the success of user-centric
design.
DBS Bank has utilized design thinking to revolutionize its
digital banking platform, significantly improving customer
engagement and satisfaction. The bank adopted a designers Capital One
mindset, using tools to develop deep empathy and insights Capital One adopted design thinking to enhance its digital
about their customers. This process led to the creation of and mobile experiences for both employees and customers.
the 4Ds modelDiscover, Define, Develop, and Delivera By redesigning processes like customer onboarding through
framework for customer-centric problem-solving. Within six tools such as OneView, a cloud-based content management
months, the bank initiated around 250 to 300 customer solution, the bank eliminated inefficiencies and simplified the
journeys, engaging its 26,000-strong workforce across experience. This holistic approach has improved user
BANKING FINANCE | JANUARY | 2025 | 21
