We believe that good design is at the heart of better business.
The word ‘Design’ has become a buzzword today. Behind anything successful, which has sustained the ever-changing market dynamics, lies a great ‘design’ going into the genesis of it. Design Thinking is thinking about – how to design something better!
Design Thinking allows us to connect Business, Technology and Operations of a bank uniquely and engineer solutions that drive unprecedented value, making it a joyous collaborative experience.
This indispensable belief catapulted into establishing the state-of-the-art Design Center dedicated to ‘design’ – which allows us to interrogate a problem and challenge a statement, to design a viable solution and demystify complexities to create algorithms.
The 8012 FinTech Design Center is where sparks of innovation and enterprise are ignited.
8012 FinTech Design Center Highlights
78+
Banks
34+
Nationalities
339+
Walkthroughs
2685+
Visitors
1
World’s First Design Center dedicated to FinTech
2
30,000 sq ft area as a manifestation of Design in Action
3
A confluence of Eastern Science of Mind Power and Western Science of Domain Knowledge
4
3000+ hours of co-creation till date
5
Business, Technology and Operations Space to design holistic FinTech solutions
6
Collaborative seating spaces and strategic Design Rooms for better cross-pollination
Why Design Thinking?
Leverage a Design Thinking approach to solve complex FinTech problems.
Bring diverse stakeholders (Business, Operations, Technology) to envision holistic solutions
Connect the dots to unlock to fresh perspectives, within-the-box and out-of-the-box, using Design tools and Design Thinking processes
Utilise specially designed ‘spaces’ within the center to see the bigger picture of the solution
Unearth the ‘blind-spots’ to design smoother implementations and sustainable frameworks
Design Thinking Philosophy
3 Laws of Design Thinking
Unearth the ‘blind-spots’ to design smoother implementations and sustainable frameworks
Law #1: Less is more
Remove redundancy and focus on what matters the most for users. In other words, reduce complexity and keep it simple.
Law #2: Last 2% = 200%
Empathise with the user. Be alert to understand unstated requirements to provide differential service(s). Fulfillment of unstated needs creates the wow factor. Differentiate from the market: the 2% differential will make more than the cut.
Law #3: Theory of Prioritisation
Identify the best idea (1000gm) that is 10X more effective than the second best idea (100gm) and 100X more effective than the third best idea (10gm). Understand why it is important to rate exponentially and not linearly.
Design Thinking Culture
The culture of Design Thinking involves a four-pronged strategy that is tightly integrated for future-focused solutions.
Design Mind
Transformation in the thought process is indispensable before the practical application of Design Thinking. The process of conditioning the mind is called preparing the Design Mind.
Design Space
Space has a great impact on the human mind. We need to leverage spatial elements that help cross-collaboration and cross-pollination of ideas among participants.
Design Frameworks
Ideas need the support of stakeholders for actualisation. As every stakeholder has stated and unstated needs and interests, sustainable models are required to bind all stakeholders. These models are called Design Frameworks.
Design Process
The actual Design Process is a 5-step process that leverages unique Design tools for practical application. The process and the tools are indigenously designed.
Design Thinking Process
Prepare the Design Mind
Follow Up
Feel
Empathise, look beneath the surface
Step 1:
Feel for the customer and empathetically understand the requirement – stated and unstated. Leverage appropriate Design tools to remove ambiguity. Spend time in crystallising the requirement. This will enable better problem solving.
Define
Synthesise
Step 2:
Define and redefine the problem by asking the right questions. Paraphrase the problem statement and narrow down to tangibles.
Diverge
Ideate, what if brainstorm
Step 3:
Diverge. No idea is a bad idea. Brainstorm. Allow all ideas to flow in by bringing multiple expertise and perspectives to generate ideas. In this phase, quantity of ideas is more important than quality.
Converge
What works, Prototype, Connect
Step 4:
Converge on all ideas by classifying and clustering. Prioritisation is key. Effective prototyping for quick user feedback galvanises improvement rate of existing solutions and reveals great insights hitherto unimagined.
Communicate
Tell your story
Step 5:
Communicate effectively. Ideas fail to impact due to poor storytelling – crucial for influencing.
Design Thinking Process
Feel
Empathise, look beneath the surface
Step 1:
Feel for the customer and empathetically understand the requirement – stated and unstated. Leverage appropriate Design tools to remove ambiguity. Spend time in crystallising the requirement. This will enable better problem solving.
Define
Synthesise
Step 2:
Define and redefine the problem by asking the right questions. Paraphrase the problem statement and narrow down to tangibles.
Diverge
Ideate, what if brainstorm
Step 3:
Diverge. No idea is a bad idea. Brainstorm. Allow all ideas to flow in by bringing multiple expertise and perspectives to generate ideas. In this phase, quantity of ideas is more important than quality.
Converge
What works, Prototype, Connect
Step 4:
Converge on all ideas by classifying and clustering. Prioritisation is key. Effective prototyping for quick user feedback galvanises improvement rate of existing solutions and reveals great insights hitherto unimagined.
Communicate
Tell your story
Step 5:
Communicate effectively. Ideas fail to impact due to poor storytelling – crucial for influencing.
Insightful Reading
Chief Design Officer
Design – The Differentiator in Digital Transformation
The forefront of digital transformation for banks moves from disjointed digital activities to holistic solutions through design thinking… In today’s banking warscape, General George Patton’s words, “Lead, follow, or get out of the way,” ring out loud and clear….
Read More...
Arun Jain, Chairman & Managing Director
Great Design into a Food Ecosystem
Today is a great day as Tamil Nadu celebrates Tamil New Year, Kerala celebrates Vishu, and Punjab celebrates Baisakhi. The day is also celebrated as Pana Sankranti in Odisha, Pohela Boishakh in West Bengal and Bihu in Assam…..
Read More...
Design in Daily Walks of Life
Who’d think that design thinking and South Indian kitchen’s Idli batter has a connection? Arun Jain did! The Founder, Polaris Group & Chairman & Managing Director, Intellect Design Arena Limited, Jain comes….
Read More...
Design Thinking – The Hottest New Trend in Banking
Many who hear the expression “design thinking” mistakenly believe that it is all about aesthetics —something limited to “creative types” who specialize in graphic design. But that’s not the case. It doesn’t mean that aesthetics aren’t important, but a good-looking design….
Read More...
The Effectiveness of Design Thinking
Have you come across situations where effort was spent in solving a problem but people facing the problem are still unhappy? One of the reasons is because we take a data-driven approach which is influenced by the right questions….
Read More...
The Role of Design Thinking in Banking & Finance Industry
These days’ banks talk a lot about the consumer experience, formulation and thinking like a startup, which is nothing but a part of “Design Thinking”….
Read More...
Dr.Anbu Rathinavel, Chief Design Officer
Why Design Matters
Design is present in every aspect of our lives. For instance, when you look at a website, it takes you 1/20th of a second to decide if you like ‘how it looks’….
Read More...
