Deciphering Design Thinking as an Apposite Approach for BFSI 4.0

Abstract

Design Thinking, the buzzword in the global business landscape, since last decade, is generally referred in the context of bringing out innovations in products and services. Such innovation, essentially will be an evolution out of a rational, outcome based and strategically thought-through process of a fullfledged research. What was initially adopted by tech-enabled businesses, in deciphering client requirement and converting the same into problem solving solutions, gradually started finding ways into other sectors too. Different management consulting firms started using design thinking ideas in helping firms to innovate, not just products, but also finding solutions for day-to-day operational challenges, including cost control challenges. Banking and financial services sector, with the rage of FinTech and Digital Finance, scraping through the industry dynamics, has now adopting design thinking to innovate processes to enhance value for customers. In this article we have attempted to initiate a deliberation of how and why of design thinking is being adopted by banking and financial services industry, especially in the era of challenging, complex phase of digital disruption that the traditional financial sector firms are baring their chests against.