Thinking in the Banking Industry
Banks nowadays have started talking more about what people want, formulation, and thinking like a startup which is nothing but a part of “Design Thinking”.
The main purpose is to step into customers' shoes and have a wider view, approach data analysis from different angles: business, psychology, behaviour, competitors, marketing etc.
As in every other sector, banks have their struggles with customers, but there are some steps they can take to help them improve their results and be more productive when it comes to the market.
There are a lot of banks out there who have implemented easy and very traditional ways of analysing and brainstorming ideas.
One of them is Capital One which has developed a club called “Capital One 360 Café”, a hybrid bank/coffee shop branch where the bank’s employees can freely speak with their customers to understand the customers' banking experiences. This brings Capital One closer to the users and it impacts not only its brand awareness and problem solving but increases credibility at the same time.
This movement advances the business model, increases innovation mixed with agile execution and scrum, developing change-orientated culture.
Sometimes it takes a simple idea to develop and manage a million dollar company, but that is not enough, personality and ways of acting with people affect employees as they tend to act the same with customers.
Have you ever noticed weird behaviour by your employees or colleagues? They may have been affected by the environment and culture.
Design Thinking is a great way to increase productivity not only outside the bank but inside too.
The image of the bank is a priority and an important variable but it can only last if it’s reflected by its community and culture. Here is when innovation comes along.
Have you been into innovation lately? If not, WHY?