Creation of the bank of the future

Innovation for customers in the banking industry

BlogCreation of the bank of the future. Innovation for customers in the banking industry.
The following case is about a banking company of recent creation arising from the merger of several saving banks.

In the project, one of the problems was the need for new value proposals in the sector to build loyalty with their current customers at once they catch a new audience.

The beginning of the project was:
How could we create the bank of the future for our bank? How could we create new value propositions to relate in a different way with our current and future clients?

This project pursued two objectives:
  • Perform differential concepts and value propositions.
  • Spread the culture of Design Thinking inside the house.

With these two goals in mind, we first proceed to align the core team of the project.

What did you expect? What limitations would we find inside the house? What were your first hypotheses? What type of users did you want to start understanding first?

Once understood the starting point, in that phase of context and understanding, we began to carry out an in-depth investigation through ethnographic tools such as Interviews, Shadowing, or Focus Group. At the same time, we conducted a Benchmarking on the growing Fintech companies to understand the patterns of the most successful companies. With all this, we identified areas of opportunity to start working.

The research phase helped us redefine the initial challenge into specific challenges by targeting user typologies that could contribute to something new beyond what other banks offer. Having these areas of opportunity in mind, we co-work the ideas with several profiles of the bank, whose concepts we land on visual prototypes, to later share them with the users in a co-creation.

From all these sessions, two strength concepts emerged. We prototyped them at a high level to retest with users and finished adjusting this idea to the market. Beyond the concept, we were very interested in the business model, so we arranged a key workshop, the Business Model Canvas, with the team.

These two ideas are currently being evaluated as a minimum viable product to go deeper into it. In turn, the other focus of the project: spreading the culture of Design Thinking, was a success because the project was shared with more than 60 profiles of the bank. That is why the ideas we get from the research, felt like their own since they participated in all the workshops with us. Because of that, people internally adopt these new initiatives as their own, and not as ideas imposed by an external agent (consultancy, agency …), which facilitates the implementation within the bank.

Published at 15/03/2018

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