Not many businesses understand the adage that “good news travels fast and bad news travels faster.” In today’s digital and mobile era, any experience – good or bad – can travel globally in seconds. For retail brands, the market is a high-stakes game of exceeding customers’ expectations.
Design thinking is making positive waves across industries and is enabling companies to rethink and rebuild the way they do business. The same is true for banking and financial services companies, as today’s rapidly changing consumers are driving an evolution of business process and design. While design thinking alone can be a large task, there are three simple ways to make the most of design thinking in banking and financial services to positively impact your customer experience.
In a recent posting we discussed “journey mapping” as a tool for improving customer experiences in the healthcare sector. This week, we share thoughts on “design thinking,” an approach that is described as “a human-centered way of innovation that draws from the designer toolkit to integrate the needs of people, the possibilities of technology, and the requirements for business success,” according to design thinking guru Tim Brown, Chief Executive Officer, IDEO.
“I know what it’s like to be in that situation. I was once homeless,” said Genevieve Davis, having seen news reports of Hurricane Harvey’s devastation. A hurricane evacuee herself ten years ago, Davis felt compelled to help victims of Hurricanes Harvey and Irma.
As the retail industry turns increasingly digital, customers are now more well-informed and connected than ever before. To take on this challenge, and drive significant customer engagement, retailers need to blur the lines between the offline and online retail experience. This calls for making data analytics—operational and customer—a key component of an organization’s growth strategy.