Design for Financial Innovation
About the Program
Duration: One week in-person (on campus), 12 weeks (90 days) synchronous and asynchronous teaching
Growth markets offer unique financial innovation opportunities wrapped in challenges. Customers may have limited access to a full range of banking services and diverse needs, and banks face an actively changing regulatory environment. These can all drive the development of an innovative and complex marketplace.
CGM collaborates with market leaders in banking to build their capacity through long-term design partnerships as part of its strategy to develop human potential among businesses.
Director of Research, Policy, and Innovation
Lecturer and Executive Director (Innovation, Design, and Responsible Business)
Faculty Director, Center for Growth Markets
Faculty Director, M.E.T. Program and Berkeley Haas Entrepreneurship Hub
Professor, Sylvan C. Coleman Chair in Finance and Accounting
Lecturer Economic Analysis & Policy
This Design for Financial Innovation curriculum equips mid-career bankers in India with the principles and methodologies of design thinking and innovation, specifically tailored for this environment.
Participants will learn how to apply design thinking techniques and mindset to drive innovation, enhance customer experience, and develop strategy and solutions to solve crucial challenges in the banking industry.
Through a combination of evidence-based theory and knowledge, case studies, simulations, and practical exercises, participants will develop a deep understanding of design thinking principles and their applications in the context of banking.
This step-by-step program will guide the participants through the process of implementing design principles in a real product journey to ensure their learning.
Goal: To bring a product, service, or experience to market within three months.
Subject to modification
Module 1 – Introduction to Design Thinking in Banking
- Introduction to Design Thinking
- Understanding the key concepts, principles, and mindset of design thinking for both design practitioners and decision makers
- Exploring the relevance and benefits of design thinking in the banking sector.
- International case studies showcasing successful design thinking initiatives in banking.
- Empathy and Human-Centered Design
- Understanding the importance of empathy in design thinking.
- Techniques for developing empathy and understanding customer needs in the banking context.
- Conducting user research and creating customer personas.
- Problem Framing and Ideation
- Techniques for defining problem statements and reframing challenges in the banking industry.
- Introduction to brainstorming and ideation techniques.
- Generating innovative ideas to address banking challenges.
Module 2: Design Thinking Tools and Techniques in Banking
- Prototyping and Testing
- Introduction to rapid prototyping methods in the banking sector.
- Creating low-fidelity prototypes to validate ideas and gather feedback.
- Techniques for user testing and iterating prototypes.
- Customer Journey Mapping
- Understanding and mapping the customer journey in a banking context
- Identifying pain points and opportunities for improvement.
- Applying design thinking to enhance the customer experience at different touchpoints.
- Design Thinking for Product and Service Innovation
- Applying design thinking principles to develop innovative banking and fintech products and services.
- Collaborative ideation and co-creation methods with customers and stakeholders.
- Strategies for designing customer-centric banking solutions.
Module 3: Implementing Design Thinking in Banking Organizations
- Design Thinking and Organizational Culture
- Fostering a culture of innovation and design thinking within banking organizations.
- Overcoming barriers to change and encouraging experimentation.
- Strategies for promoting cross-functional collaboration and design thinking adoption.
- Design Thinking for Process Improvement
- Applying design thinking to streamline banking processes and improve operational efficiency.
- Identifying bottlenecks and opportunities for process optimization.
- Prototyping and testing process improvements.
- Design Thinking for Business Transformation
- Utilizing design thinking to drive business transformation in the banking industry.
- Designing innovative business models and strategies.
- Integrating design thinking principles into strategic decision-making.
Module 4: Immersion with Design Thinking Practitioners: Fintech Design Innovators
- Improving client proximity
- Intuit : Software firm focussed on financial services
- Chime: Mobile banking app that gives users perks like no hidden fees, early direct deposit and automatic savings
- Affirm: Partners with more than 2,000 online stores to offer buyers flexible installment loan payment options.
- Improving process improvement
- Next Insurance: makes it simpler for small businesses of all kinds to acquire the specific insurance coverage they need with less worry.
Module 5: Immersion with Design Thinking Practitioners: Fintech Design teams
- Improving Identity protection and Regulatory requirements
- VISA: Payment card services company enabling credit, debit, and pre-paid cards.
- Truework: Offers a streamlined verification platform that removes the largest pain points from the sharing of sensitive information and enables a smoother onboarding experience across use cases
- TrueML: Uses machine learning to streamline debt collection.
Design Immersion Semester (12 weeks)
The in-person workshop is followed by a ninety-day design marathon leading to a pilot-tested, real-world minimally viable product or service (MVP/S) or service developed in groups of five participants.
The semester schedule (synchronous and asynchronous) involves faculty guided group projects through weekly live sessions supported by asynchronous video lectures, case studies, and assignments.
In Spring 2024, we will collaborate with the State Bank of India, India’s oldest and largest bank, to provide its leaders with the tools to craft custom-tailored solutions that address these specific challenges effectively.