The financial services industry has always been required to embrace change, whether it be driven internally to control cost and sustain growth or driven externally to address and leverage market conditions. Given the rapidly evolving technology environment, volatile markets and globalization; companies are searching for ways to more successfully innovate to meet these challenges and take advantage of this environment by offering new products and services. To do this effectively, an organization must be able to understand customer needs, identify viable business and operating models and ensure their offering is technically possible and deliverable within the parameters of their risk profile.
By integrating a design thinking approach, organizations can more effectively consider the outcomes for the end users of their systems and processes. What will their experience be like? How do the systems and processes provide value to them? How do the deliverables solve their pain points and/or business needs?
by Daniel G. Foley, Principal