From front-end packaging to product innovation and iterative business processes, the idea of design has come a long way. The financial services industry has had a glimpse of the potential of design thinking in the way FinTech have disrupted the market with their accurate problem finding and customer-centric problem solving approach. However, there is still a long way to go when it comes to exploring the depth of opportunities that design thinking has in store for the FinServ community.
The Design Thinking: Evolving the Global Business Landscape report created by the LTP Team dives deep into the potential and impact of design thinking on the future of financial services. The study explores the design thinking framework, and allows to understand how it translates into effective product/service design. The report by LTP sheds light on some of the inspiring success stories, and presents a unique and exciting use case in this space.
Some of the key takeaways of the report include:
- The FinServ business models have evolved from product provisioning to need servicing. Understanding the implicit needs from explicit needs makes all the difference.
- FinTech has been able to disrupt the market primarily by virtue of their accurate and objective problem identification.
- The element of empathy is what drives the innovation, and design thinking plays the ever-important role of the harbinger of change.