The Financial Scape of Design: The Process of Design Thinking in Banking
In the dynamic landscape of banking, design thinking has been a powerful tool that helped understand and provide a better user experience. Design thinking in banking includes fundamental features like understanding user behaviors and preferences, analyzing the challenges, and creating a new innovative solution to redefine the problem. Fostering innovation and optimized customer experience, this model is a human-centered approach.
Implementing design thinking in banking is a continuous iterative and collaborative approach. Using design thinking, the bank can provide better services regarding user experience and needs on digital platforms. Various aspects like user-friendly designs, easy navigation paths, iterative actions, and other interactions on the platform help enhance the banking experience.
What is Design Thinking in the Banking Process?
To understand how to implement design thinking in banking, we must first know the five crucial phases of the design thinking process. Here, we look into these five phases from a banking perspective and how it is helpful through implementation. The five phases are:
To provide what a customer needs, you must first get to know them. The first step in implementing design thinking is empathizing with your bank customers and understanding them. Through user research and interviews, learn their needs, motivations, and pain points.
Banking can be challenging, especially with all the terminologies and extensive data requirements. To improve this situation, you must first define the problem or challenge and then address it accordingly. In this aspect, design thinking helps produce information, understand patterns, and determine the problem. Thereby involving a more actionable and user-centric approach to banking.
Unlike other iterative design processes, design thinking helps create solutions and innovative ideas for the identified problems. For a complex sector like banking and finance, this ideation process within design thinking helps to brainstorm and think out of the box.
To make banking a more user-friendly process, with design thinking, the possible ideas and solutions can be put to the test and refined. From low-fidelity prototypes for revision and more input from stakeholders to high-fidelity final output, design thinking helps gain rapid feedback and iteration.
With user personas or real users, design thinking implements a rest process to assess the practicality and effectiveness of the solutions. Multiple user tests are conducted along with comprehensive feedback, identifying points for improvement and the overall user experience of the banking procedure.
Implementation of Design Thinking in Banking
In banking, design thinking can be implemented to optimize its operations and improve the user experience. But how exactly to execute it? Let us take a look at the detailed processes.
Define the Problem
- The banking process, being hectic and tiresome, can be challenging sometimes. Identify the banking process’s problems, challenges, and prospects, then list the issues.
- This process can also identify needs like improving the customer experience on the digital platform, simplifying the loan approval process, making navigation on the user interface easy, and creating a fast-loading experience on digital banking platforms.
Empathize and Understand the Customers
- The next step requires preliminary market research by interviewing the target audience and understanding their concerns.
- This process includes qualitative research methods like interviewing, feedback, etc.
- The main objective of this process is to understand the customer’s needs and align the solutions according to their preferences.
Design Strong User Personas
- To get a better picture of what the target audience expects and their perspectives about the ideas, create a strong user persona that resembles the target audience.
- Crafting a user persona is to help the designer get a comprehensive view of what must be included in the design, how the design should be, and the specific needs.
Conduct Group Ideation
- Through the ideation process, the various designers, developers, marketing teams, stakeholders, and others related to the banking project must brainstorm and generate multiple ideas.
- The ideas would be more diverse and practical when brainstorming session includes people from the banking field and individuals with experience in banking and design.
- This process mainly uses techniques and methods like mind mapping, drafting, storyboarding, and defining objectives and questions to stimulate creative thinking.
Developing the Prototype
- The design system agency now moves the design thinking implementation process from rough ideas and solutions to creating low-fidelity prototypes.
- The earlier brainstorming session would help design some basic sketches and wireframes.
- Although this step includes extensively working on imagination to produce the solution, the primary aim is to develop a quick and effective solution for the problems identified earlier.
- This process should not consume much time or resources; it should be short and fast-paced.
Testing the Prototypes
- Once the prototypes are designed, they are moved to the next step, which is prototype testing. In the process, the prototype is tested by actual users, and feedback is gathered.
- The feedback usually focuses on their experience, the improvements the design needs, challenges they faced, ease of navigation through the user interface, and many more.
- The feedback will be subjective, depending on the user experience.
- Feedback is not the last step of the design implementation. Instead, it is the step from which the revision and enhancement begin.
Implementing the Solutions
- The team would get a list of solutions and possible ideas through rigorous brainstorming, feedback collection, and mapping ideas to improve the situation.
- Followed by which the prototyping process would clarify the practicality of the model and solution. Once the revisions are done, the designers implement the solution.
- Collaborating with other project teams, the designers combine the solutions into the user interface of the existing banking systems and processes.
- Once the solutions are implemented, the design thinking process does not stop. It is an iterative process, and therefore, it requires the regular collection of feedback and analysis of the effectiveness of the implemented solutions.
- Through this constant process of scrutiny and revision, the operations in the banking user interface will be enhanced and reduce any tension that the user faces while accessing the system.
Foster and Build a Design Thinking Culture
- An excellent way to keep up the hard work of implementing such innovative ideas is to build a culture of design thinking within the organization.
- Encourage the employees to foster innovation and empathy within their proceedings and keep the design thinking culture within practice.
- One way to cultivate this ideology is by providing training and workshop sessions on design thinking principles.
- Furthermore, it includes a culture of experimentation to encourage new ideas and the ability to learn from failures.
Embrace Digital Transformation
- In this booming culture of technology and advanced science, hold a tight grip on digital technologies because they considerably help optimize user experiences without much effort.
- There are several ways to invest in digital technologies, of which user-friendly mobile apps and online user interfaces are good choices.
- Contemporary trends also focus on investing in AI-driven solutions that can help improve user experience in banking.
Try to Collaborate with Fintech Partners
- A plausible way to improve the design thinking implemented in banking is to collaborate with fintech companies.
- Fintech companies are a good resource for improving the user interface experience, mainly because they are always on par with new technologies and innovation.
- These companies can bring creative and new perspectives that align with the solutions required for design thinking.
- To understand the impact and effectiveness of the solutions implemented, specific key performance indicators (KPIs) are needed.
- Using the feedback collected, track different customer satisfaction measurements, operational processes, user interaction navigation efficiency, etc.
- This process helps identify the success and competence of the design.
Looking for Support in Design Thinking?
Through this comprehensive study, you must understand that implementing design thinking strategies and ideas in banking is complicated. It requires a good field of study and professionals with ample experience. So, if you happen to be looking for a design thinking specialist, here’s your perfect partner design agency in Bangalore
Hogoco has ample experience designing some of the more efficient and optimized user interfaces. With trained and experienced professionals, Hogoco focuses on design thinking that emphasizes a human-centered approach rather than a traditional product-centered model.
The right design partner can help you implement design thinking in banking sector without many challenges or troubles. Hogoco has helped several of its clients to transform their operations by focusing on problem-solving and innovative culture. Give your banking experience the touch of a designing professional with Hogoco.