Overview | Audience | Outcomes | DT Tools | Duration | Track Record
(1) Course Title and Code
Empathy-Driven Innovation: Design Thinking for Financial Services (B-011)
(2) Course Overview
The financial services sector is undergoing rapid transformation driven by digital innovation, regulatory changes, and evolving customer expectations. Financial institutions face the challenge of delivering services that not only meet stringent compliance and security standards but also cater to a diverse and technologically savvy customer base. In addition, the growing demand for personalized financial solutions highlights the need for approaches that can integrate customer insights deeply into product development and service delivery.
Design Thinking is particularly well-suited to address these challenges because it starts with a deep empathy for customers, helping to uncover their real needs and expectations. This course will explore how Design Thinking can transform the approach to innovation in financial services by focusing on human-centric solutions. By fostering a mindset that prioritizes customer insights and iterative development, financial institutions can create services that are not only innovative but also truly aligned with what customers value most.
In fact, we successfully led a bank in retaining their high-value customers through a Design Thinking-based customer experience enhancement project, resulting in over $3 billion in additional income from deposits, investments, and insurance services. Additionally, we guided an insurance company in enhancing its social selling model, achieving a 127% increase in the closing rate from new clients. These successful projects were published in the Hong Kong Design Thinking Business Casebook 2019 and 2020.
(3) Targeted Audience
- Financial Product Managers: Professionals tasked with the development and management of financial products and services, looking to innovate and tailor offerings more closely to customer needs.
- Customer Experience Officers: Executives responsible for overseeing the customer experience strategies in financial institutions, aiming to enhance client satisfaction and engagement.
- Risk and Compliance Managers: Individuals who ensure financial services meet regulatory requirements but are seeking innovative ways to integrate compliance seamlessly into customer-friendly processes.
(4) Major Learning Outcomes
- Master the guiding principles, core values, and execution models of Design Thinking, particularly how they can be adapted to the financial services industry.
- Learn to utilize empathetic techniques to gain deeper insights into customer needs and behaviors, which can inform more effective financial product designs.
- Develop skills in prototyping and testing financial services products rapidly and efficiently, reducing time to market while ensuring that new offerings resonate with users.
- Enhance collaboration across functional teams (e.g., IT, marketing, compliance) to ensure that innovations are practical, scalable, and compliant with industry regulations.
- Foster a culture of continuous innovation that can dynamically respond to changing market conditions and regulatory environments.
(5) Design Thinking Techniques and Tools
Stage 1: Discover
- Stakeholder Mapping (Code 201): Identify and analyze the influence and needs of all relevant parties to enhance cross-functional collaboration.
- Empathy Interviews (Code 205): Utilize to gain deep insights into customer experiences and emotions, directly informing product design.
Stage 2:Define
- Empathy Map (Code 305): Transform interview data into visual insights about customer thoughts and feelings to align product design with real user needs.
- Journey Mapping (Code 309): Map the customer’s experience to identify critical touchpoints for innovation and improvement.
Stage 3: Develop
- Mind-Mapping (Code 402): Generate diverse ideas and foster creative solutions to identified customer needs.
- Brainwriting (Code 410): Encourage inclusive and extensive idea generation from all team members, enhancing innovative output.
Stage 4:Deliver
- Paper Prototyping (Code 501): Quickly visualize and iterate designs to refine financial products efficiently.
- Usability Testing (Code 515): Test prototypes with users to ensure they are intuitive and effectively meet customer expectations.
Remark: All the techniques and tools utilized in our training programs can integrate Artificial Intelligence (AI) and Big Data technologies to enhance innovation efficiency by up to 40%. This includes AI-driven User Demand Identification and Prioritization, Quantitative User Emotion Analysis, and AI-driven Innovative Idea Generation and Feasibility Analysis.
(6) Learning Materials (for Training Workshops)
- Course Guidebook
- Tool Guide
- Case Studies
- Pre-Course Reading or Watching Materials [Examples]
- Post-Course Continue-Learning Materials
(7) Deliver Modes and Durations
Our training programs boast exceptional adaptability. Offerings range from concise 2-hour introductory talks and 4-hour training courses to comprehensive 8-hour to 15-hour action-learning workshops and 30-hour project-based workshops (or Design Sprint Mini-Innovation Projects). This flexibility allows us to precisely tailor each session to meet your specific needs and schedules, ensuring that our training is both highly effective and strategically aligned with your organization’s objectives.
In addition to our training services, we also offer internationally recognized Design Thinking skill Assessment Services. These assessments are designed to help your staff identify and bridge gaps in their innovation competencies, further enhancing their effectiveness and your organization’s competitive edge.
(8) Track Record
Since 2017, we have successfully delivered more than 550 Design Thinking training classes across various sectors, including business, social service, public service, and education throughout Hong Kong, Mainland China, and Asia.
As the exclusive representative of the globally renowned DesignThinkers Academy in China, we offer programs that not only provide internationally recognized Design Thinking certifications but are also facilitated by globally accredited specialists in Design Thinking. Our commitment to excellence ensures that each program meets the highest standards, tailored to empower professionals at all levels with cutting-edge skills and innovative methodologies.
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