I started my corporate career in financial services – working for several large, global high street banks in Asia. During my time “in the trenches” of wholesale and mass affluent consumer banking, I watched a number of ambitious and well-intended new product and service ideas rise through the ranks of budget approvals and stakeholder support only to make it to market and then die a slow death on the vine when customer adoption or planned value failed to meet expectations.
Notwithstanding, the ideas were good – many smart people worked on these projects. However, equipped with the clarity of time, I reflect back on some of those projects today and see a common thread between them. Fundamentally, those shipwrecks all shared one thing in common – they were never properly vetted with the customer before they were commercialized.
Today, while financial institutions are getting smarter at collecting quantitative data around channel experiences; the qualitative validation piece, the ethnographic research piece, the co-creation with customers piece is still missing in most organizations. In some cases, it’s only happening at the bleeding edge. While agile methodologies and minimum viable product-quick-to-market thinking has closed the gap on aligning with customer needs and expectations, the industry as a whole would benefit from an injection of human centered product and service design thinking to move the industry’s CX from good to great.
Join us for our inaugural invitation-only Next-Generation Financial Services summit in Sydney on Thursday, August 4 where I will delve into the topic of design thinking for financial services with my presentation, Fix your Products and Services with a Dose of Design Thinking.
Sharing the stage with me will be some of Forrester’s heavy hitting financial service analysts, Michael Barnes(Speaking on Accelerating Digital Business in Financial Services), Alyson Clarke(Presenting From Perfect to Fast: How to Inject Discipline Into your Innovation Process) and Zhi Ying Ng (Sharing How Well Do Australian Banks Stack Up Globally in Mobile Banking?).
Please contact Sarah Herman if you’re keen to take part in what will be fresh perspective on a pressing and time-appropriate exchange among industry experts. See you there!