This post has been curated using various articles. We have tried to put into perspective as to how the Banking sector can disrupt its traditional outlook towards its products & services and innovate using Design Thinking.
The financial services sector is facing multiple challenges, from increased regulatory demands to sluggish economic growth and low interest rates. Fintech startups such as PayPal threaten to undermine traditional revenue sources and ways of doing business.
Also, the rapid pace of development witnessed in 21st century civilization has turned many a world upside down. Disruptive products, services and technologies continue to manifest at an almost unfollowable rate, while societies and markets exhibit increasing magnitudes of complexity.
In such a complex world, where consumer, market and industry dynamics are constantly shifting,how can the banking sector keep pace? How can it ensure the services, products and experience it provides evolve with the needs and expectations of the 21st century individual?
Design thinking may provide the solution, by seeking to answer the question: “How can banks boost their growth by successfully applying design thinking in a de-banking era?”
Design thinking puts the end-user, the customer, at the center, and creates a workplace atmosphere that encourages creative ideas and values diverse teams. It requires that leadership shifts the way it devises strategy, beginning by understanding client needs and behaviors and then working back from there.
Just talking about being “customer centric” and “user experience” doesn’t cut it. Every organisation talks about their focus on the customer – few execute. And the reason is that they need a process – this is where Design Thinking comes in. It is a well designed, tried and tested process. We, at Ideafarms, work with many of our clients to build design and customer empathy at the heart of the organisation, not at the edge.
And there have been notable success stories of banks using design thinking, from Singapore’s OCBC Bank, to Auckland Savings Bank, Bank of America, Barclays PLC and National Australian Bank.
The Design Thinking process can help financial services companies understand customer needs and behaviors, allowing firms to build out prototypes, test and learn from them, and finally launch the products and services that will help them succeed.
Improving the user experience will better banks’ customer relationships and add to the value proposition of the bank’s business model.
“We believe that while the banking sector is going through a period of disruption driven by digitization, new regulations, changing customer behaviors, low growth perspectives, a sticky cost base, and increased competition, this is not the end of the sector. Our view, instead, is that this marks the genesis of the banking sector’s new DNA: a combination of changes in business models, agile execution, and design thinking.”
While we all somewhat enjoy learning, being tested on what we’ve learnt is not always fun. But the cool thing is when we start doing, the theory starts being tested, not us!
And this process is so satisfying. Through it I’m gaining the maximum insights. With the guidance of Ideafarms, and in collaboration with Lady Shri Ram College (LSR), I am in the process of designing a month-long theatre workshop for female inmates at the Tihar Jail, using DESIGN THINKING!
After rigorous on-the-job training at Ideafarms and focused self-study of Design Thinking, I have come to believe in its immense scope and power. Now, I eagerly go out into a different field of play and test the reach of its scope.
It is a journey filled with uncertainty and anticipation, and I am loving every minute of it – from training LSR volunteers to going into the field and testing our prototypes.
We had our first session one week back and have used all the responses and feedback we got to sketch out the next 12 sessions. We plan to treat every session as a prototype and iterate on the process as we go along. While this approach can be challenging and may not result in a concrete output at the end of the month – like a play or skit, we are confident that, through our journey with the participants, we will leave them with an understanding of theatre and an ability to use it as they deem fit – whether for expressing, story-telling or performing.
With eagerness to see the workshops unfold, I go in today for our second session. Let’s see how the ball rolls!
“Less than 10% of startups have women as a co-founder. It is stated that about 73% women entrepreneurs failed to get funding from Venture Capitalists.” – WEEfoundation.org
The statistics about Women Entrepreneurs shock me. Not because I have lost touch with reality, but because I am slightly optimistic about change and the speed at which it occurs.
Women Entrepreneurship and Empowerment (WEE) Foundation, IIT Delhi wants to help change these statistics. They have developed a curriculum for the 30 selected participants that is designed to target the specific needs and challenges faced by women in India. I am proud that we contributed our bit to the movement. Last Sunday, we conducted a Design Thinking Primer with them.
In order to practice Design Thinking it becomes necessary to adopt certain mind-sets – being empathetic, being open to failure, being sensitive to feedback and more. This is what makes the methodology so valuable to me and gives me the confidence that if adopted, it can accelerate change.
I also believe that our ultimate goal for Design Thinking must be to use it to create accurate and sustained Social Impact. Being able to share it with the WEE entrepreneurs has taken us one step closer to this goal and I’m excited to see what’s next.
It was refreshing to deliver a Design Thinking primer, alongside Mr. Sunil Malhotra to the group of inquisitive and energetic women with ideas they want to share with the world. Though it was a post lunch session – and we’ve all attended one of those – the interactive nature of the primer kept energy levels high!
In the two hour session we presented and discussed design and it’s distinction from art, craft and Design Thinking, as well as the ‘What’, ‘Why’ and ‘How’ of the much discussed methodology. My favourite part, was sharing exemplifying stories – it always drives the point home!
It was definitely a Sunday well spent for us and I hope that the participants of the session gained equal or more value than we gained conducting it!
As first-time visitors to the Buddh International Circuit, we stood in awe of the sheer dimensions of the complex. Long before we even reached the entrance gate we were greeted by the sound of tires burning rubber on a warm October morning. Adding to the special atmosphere was the fact that we were guests – that grand treatment for being the mobile app partners of the Vento Cup.
Gasha escorted us to the team’s paddock – ha, that was a new word for us!
“There are the cars and on that side is the pit lane. You can see the action along the straight leading to the start-finish line. And there’s a giant screen up there for seeing the rest of the action. Now I’m going to leave you guys to explore on your own. Don’t you get into any trouble!” Gasha warned me with a mischievous smile.
“Oh! Don’t worry, I won’t run on the pit lane!”
At the paddock, the race cars posed like rock stars, sporting sponsor tattoos, shiny glasses and modified accessories. As we admired the cars, a large horn began blaring warning sounds. A few bikers were riding into the pit lane. As soon as the bikes entered their team’s paddock, the noise stopped.
We stepped on the pit lane to cross over to the fence – a single wired wall beyond which was the race track. Standing at the fence and looking straight ahead, a speeding racer becomes a mere blur, with the vibrating air being the only evidence of his* existence.
“Excuse me, Ma’am” cried a lean heavily tanned man, jogging towards me. His head was tightly gripped by a red cap and headphones, his white shirt read ‘Marshal’.
“I’m sorry, but no slippers allowed. It’s against the rules.”
I stepped back and apologised. He jogged away, blowing his whistle while I stood at the edge of the paddock, and watched at a distance. A little while later he walked up to me and said, “I am extremely sorry, Ma’am, but those are the rules. I just cannot let you cross. Maybe we can arrange for some boots for you.”
I was surprised and humbled, if not a little embarrassed by his generous offer to help me (strangely the phrase pleasant user experience came to my mind).
I managed to arrange a pair of shoes on my own to make it to the fence – yes, I waited for the warning sounds to stop before crossing – so that I could watch the racers speed away barely a few feet from me.
That shot of adrenaline down my throat, I came back to the paddock. The Marshall caught me returning the boots to its barefoot owner and we all shared a hearty laugh.
The Vento Cup was scheduled to start at 11:30 am and we were asked to move to the lounge upstairs so that the cars could be taken out. The drivers, covered from head to toe in fireproof overalls, gloves, shoes and headgear were fastening their seat-belts as we moved away. A short while later, we were leaning against the railing as the modified Volkswagen Ventos began grunting out of the paddock below us.
They went around the track for a formation lap and lined up at the starting grid. The five lights in front of the grid illuminated and went out to signal that the race was on. The cars shot out of sight within seconds – but the sound didn’t go very far away from us. A minute later the sound grew louder and the race leader entered our line of sight. With cars moving fast – apparently the average speed around the track was 133 kmph – it was hard to keep track of who was who. What was clear was that there was a sizable lead, growing bigger with every lap, between the first and the second car.
The horns of the pit lane began blaring again. A car came in – it’s rear wing hanging precariously by one bolt. The pit crew quickly removed the wing and he drove off.
It was in the fifth lap that we identified the Ideafarms car – our car – unfortunately quite far back in the standings, but fighting hard with two other cars.
As the chequered flag was waved, the podium finishers crossed one at a time; the midfield finished much closer. Our car came seventh (hey, at least it wasn’t last!)
With the Vento Cup championship having drawn to a close, we stayed back to watch the Asia Road Racing Championship, with some fierce looking bikers leaning scarily close to the track on the kerbs. More than one biker skidded off. While their bikes were quickly removed by the ever vigilant marshalls, the bikers hitched a ride on rather slow moving scooters back to the pit lane!
During one of the races, one biker suffered a massive accident and lay motionless on the track for an extended period of time. Spectators on both sides of the track ran in the direction of the biker, while red flags were frantically being waved. An Ambulance raced to the biker. It was then that I noticed a large gate along the fence to let the Ambulance take a shortcut through the pits to the medical building behind the paddocks. The Marshal, with whom I had interacted earlier, turned into a traffic policeman whistling out clear instructions for the quick movement of the Ambulance.
Amidst all the adrenaline and exciting sounds around the track, this incident was a rude reminder of the perils of motorsport and it’s not all fun and games on the track.
Early in the evening we decided to leave, and leaned over the railing for one last look at the speeding daredevils performing wheelies and standing up on their bikes while crossing the line at full speed.
Two sounds of a whistle directed our attention to the pit lane below. The Marshall waved at us. We waved back and burst out laughing as he pointed towards his boots and nodded his head in what seemed like a question!
On our way out, we peeked into the paddock where the the cars were getting a thorough checkup and greasing and thanked Gasha for a very memorable day.
We left the circuit in good spirits, wondering when we would return – perhaps not anytime soon. But when we do, and quite likely for next season’s Vento Cup finalé, I’ll make sure I have shoes of my own.
* While the field this year was all male, last year’s Vento Cup featured two female drivers competing against the men.
10:30 am: The intern has arrived. Her belongings are already sprawled all over me. I look forward to another day of being exploited – Yay!
11:30 am: Presently, 3 of them sit around me and ‘work’. While they furiously type on their overheated laptops and simultaneously sip on their chilled nimbu paanis, I suffer from heat stroke and hypothermia at the same time.
12:30 pm: Music emanates from a laptop directly into my ears. Not that song* again. Oh great, they feel the need to tap along to it. I’m a table, not a tabla. And you definitely aren’t musicians…
One of them has gotten up and moved onto manhandling the drum set a few feet away from me. When will they realize that they’re absolutely tone-deaf?
1:30 pm: The dreaded lunch time. Question: What’s more fun than a bunch of people dropping daal and kaddu ki sabzi all over you? Answer: Literally everything. At least after they’re done feasting I get cleaned. Yes, I’m aware that they only clean me for their own matlabi and exploitative reasons, but those 10 seconds are absolute bliss.
2:30 pm: They’re sticking Post-Its on me now. ‘Business Model Canvas – First Draft’, they say. First draft? Just how many are there going to be? This means I’m going to get waxed multiple times, doesn’t it. Great. Can’t wait.
3:30 pm: Music blaring. They’ve moved onto bhajans now. So pious. So devout. Would Lord Ram and Lord Krishna approve of your complete and utter disregard for an innocent table’s well-being?
4:30 pm: I’m wondering what kind of photo shoot would require them to LIE DOWN on me. Creativity ki hadd hoti hai. But these guys clearly seem to think otherwise.
5:30 pm: Brainstorming. Spitballing. Ideating. Sound like harmless enough words, right? Wrong. Enter chai and coffee – ‘creative nectar’ to get their ‘creative juices’ flowing. For me, it just means multiple third degree burns.
6:30 pm: It’s funny how fast and efficiently things get done in the office when it’s time to pack up and leave. Everyone is running around frantically, while I stand still, watching the madness with bittersweet thoughts of the quiet hours ahead of me.
Sitting in front of a screen ogling simple visuals made by designers from across the seas, I could feel a certain frustration creeping in on me. Having been away for a while from anything remotely resembling a sheet of paper, something had to be done about it.
‘Quick, give me a word – what’s the first thing that comes to your mind’, I asked my colleague.
I grabbed the nearest scrap of paper and a marker, my fingers unsure of themselves. A few seconds later, I stuck the sorry looking doodle on the wall beside me – a reminder of how far I had fallen behind.
The next day, an unsuspecting intern got the same request from me.
Inspired by an activity given by Justin Ferrell to the participants of the Design Thinking workshop (fast-forward to 9 minutes into the video for the challenge), the challenge to myself spread to Eeshta and Vaani. A doodle a day, it was, then. 10 seconds to draw a random word given by someone else.
Two days later, we asked Sahil – the resident artist – who had been supplying us with words, to join in. ‘No! No! You’re taking too long – no making a masterpeice out of it! Take the pen away from him!’
With the wall of post-its growing bigger, we got the techies, even finance and HR into drawing a doodle. ‘Ha! I’ve done it in three!’ Nikhil said proudly, as he held up a neat three petaled flower.
Where it will go – I cannot say for sure, but its fun and definitely that’s not going to be bad at all!
Walking in, I am greeted by a drum roll: bright-eyed and bushy-tailed fellow intern Eeshta’s welcome to the new kid. I like it already.
First off, I am walked through the ground rules by the lovely HR director, Anuja, revealing some telling facts about the atmosphere of the company I had just joined. Number 4, no yelling or speaking in a rude voice; Number 2, no calling anyone “sir” or “ma’am”; first names would suffice. Number 7 was the most interesting, however, specifically delineating that everyone was approachable, and that one could go up to any other employee at the company to ask questions and request information. Already, 25 minutes in, Ideafarms is blowing my expectations of rigid, overly structured, hierarchical experience out of the water.
Next, I am immediately thrust into helping with a pitch for a new app, quickly going over the idea and seeing firsthand how Ideafarms brainstorms. Despite the good humour and familiarity pervading the atmosphere, employees know when to get serious and are impressively quick and efficient when there is a task at hand. I watched the team put together a competent, well-organized presentation, even offering some input which they used while talking about the app. I observed the bosses’ feedback with great interest straight after the pitch – they astutely highlighted the main issues in an even, businesslike manner and helped guide the team towards making a better product.
Lunchtime, though, was the highlight of the day. It is a time for everyone to get together around the lunch table, where no work is allowed, allowing for absorbing discussions about politics, current events, and our favourite TV shows to spring up. On the first day alone I gleaned more about the current state of the city than I had from newspapers in the past week, with everyone contributing information and experiences. Thankfully there were no Game of Thrones spoilers! It was great to see how well everyone got along, and I am already excited for the homemade cake, Nirati, one of the other interns, has promised to bring tomorrow.
Going home at the end of the day, accompanied by a leaving drum roll from the one and only Eeshta, there is only one thought in my head: I think I’m going to like it here.
As is now common knowledge across the world (that we know of), Ideafarms makes it a point to greet everyone during the New Year. This time though, we goofed up – big time.
No, we didn’t sleep it off.
No, we didn’t forget about it either.
It’s not that we didn’t have the resources or the time.
And yet, we didn’t make one.
But the Tenacious Teenagers that we are, we didn’t want to pass this opportunity to welcome sweet sixteen! So we chose to phone a friend. Well, actually, more than one friend!
With the Living Greeting Project, our friends shared their best memories for the world to see; each memory adding to the virtual family wall for sharing further as a personal greeting card. After a few photographs and a dash of sharing and an accidentally added chemical D over here, we were screaming out aloud, “It’s Alive!”
Won’t you hop on over to our lab and meet the collective creation? Say hello to all the awesome people who helped fix our goof up and nurture the Greeting. Add your own name by sharing your memories. And most importantly, be sure to wish your loved ones a Happy New Year!
Oh, and by the way (almost did it again, didn’t we!) Here’s wishing you a very happy, prosperous and sweet 2016!
“I turn on my computer. I wait impatiently as it connects. I go online, and my breath catches in my chest until I hear three little words: You’ve got mail. I hear nothing. Not even a sound on the streets of New York, just the beating of my own heart. I have mail. From you.”
– Kathleen Kelly in You’ve got Mail (1998)
In 1998, email was romantic. In 2015, it’s a nightmare.
Promotional emails, updates and news from the hundreds of services we sign up for, lurk and grow in our inboxes like cancerous cells. They’re there. We nuke them on a daily basis. But miss one day, and the emails pile up. Trying to keep those mails away from my inbox seems to be a losing battle. One way to prevent the virtual clutter is unsubscribing to emails.
Overshadowed by glossy sophisticated graphics, the poor unsubscribe link is perhaps given the least respect in email marketing – an afterthought, almost never incorporated in layouts and invariably in some corner as an un-styled plain text. The actual process of unsubscribing doesn’t make for a pretty experience either. So this post is dedicated to the all important unsubscribe link, in as many different shapes and behaviours as I encountered in the wild.
The single click
The single click unsubscribe is perhaps the easiest way for a user to exit. A link to undo the un-subscription is usually provided with the confirmation message. For most cases this is sufficient, but also a lost opportunity. A few marketers try to get creative with the copy of the message to nudge users to re-subscribe. By adding humour (example: charity:water) or a tinge of guilt (examples: Groupon and HubSpot), at the very least, these services make sure that they stand out among the email class.
The big data junkie
Lately, it appears that services are using emails to create user accounts – without the consent of subscribers. So when I hit unsubscribe on some of the emails I signed up for, I was asked to log in to my account (which I never created) and set my preferences! Here are a couple of real-life scenarios I faced while unsubscribing:
It may seem exaggerated (it isn’t) – especially if you imagine having to perform all these actions on an unresponsive website on a phone. Sure, I remember which services I unsubscribed from, but only because I will know never to return.
The ultimate user experience
This email from Maria Popova says it all:
In one single mail, Maria has not only ensured that some load is shed from her email server, but also remained at the top of my mind for eternity. The ultimate unsubscribe which has unburdened my inbox, without making me feel guilty and at the same time made me want to praise her to the roof and beyond.
What about you? Does your service fall under any of these categories? Do you have any unsubscribe scenarios of your own? Let us know in comments.
In a previous post, we highlighted the importance of data, and the inherent flaw in collecting data through paper forms. We also suggested that technology can improve the integrity and timeliness of data.
Real world application – tackling Dengue
The past couple of months have seen a rise in the number of dengue cases in Delhi. Given the sheer size of a city like Delhi, disseminating civic agencies to every nook and corner, in equal measure, is neither feasible nor useful.
The most affected localities would take a higher priority and need a higher number of resources. Identifying such areas through traditional data gathering tools will result in data which is likely to be too late.
What is required in such a scenario is a tool through which accurate data can be captured and analysed in near real time.
Imagine if diseases were reported as soon as they were diagnosed, and each diagnosis could be displayed as a pin on a map. The more the number of cases, the higher the number of pins. A locality with a high concentration of pins will draw attention immediately, thus making it easy to identify where resources need to be deployed urgently.
HealthWatch is a disease surveillance platform for capturing real-time data about the spread of diseases and visualization of the data captured.
With domain expertise provided by St. Stephen’s hospital, HealthWatch was designed to replace the existing system of data gathering used in the Integrated Disease Surveillance Programme.
The HealthWatch platform (pilot in Delhi-NCR) consists of 2 parts:
a smart phone app
a map-based analytics dashboard
Doctors can use the App to report diseases as they diagnose them. Each disease and associated symptoms are mapped to the doctor’s location. Data obtained through the App is aggregated and presented in real-time on a map for healthcare professionals to identify vulnerable areas and take appropriate measures to manage the spread of diseases.