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Understanding the value of design thinking to innovation in banking

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Abstract

With the advent of Finntech, the banking world has been confronted with the method of design thinking, a proven method for solving wicked problems. Design thinking unleashes creativity and supports developing innovative solutions that are desirable (customers are interested in buying), feasible (banks can deliver upon the promises made), and viable (banks can make a profit). It puts the customer center-stage and focuses on satisfying customer needs and understanding customer jobs-to-be-done. Through its iterative approach, design thinking delivers differentiated and superior solutions, both from a functional and an emotional perspective. By observing customers in their natural environment, prototyping and validating ideas, design thinking ensures that developed solutions work. This article discusses how design thinking can aid in making banking more innovative.

Suggested Citation

  • Diderich, Claude, 2018. "Understanding the value of design thinking to innovation in banking," Journal of Financial Transformation, Capco Institute, vol. 48, pages 64-73.
    • Handle: RePEc:ris:jofitr:1619
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    Cited by:

    1. SITEA Daria Maria, 2020. "Digital Banking. A Current Dilemma Solved Through The Design Thinking Method," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(2), pages 229-240, December.

    More about this item

    Keywords

    Innovation; Banking; Design Thinking; Creativity; Observing; Learning; Designing; Validating; Desirable; Feasible; Viable;
    All these keywords.

    JEL classification:

    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General

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