Foreword

Design thinking for entrepreneurs

Design thinking helps us find the right problems to solve and to design and deliver products/services/experiences that are not only memorable but also meaningful at the same time

How would you define customer experience? Speed? Convenience? Personalisation? Efficiency? Consistency? If you said all of the above, you’re headed the right way…but is that all? When a customer describes the experience you delivered using two words – meaningful and memorable – you are in the right place. If you deliver an experience that is only meaningful or only memorable, you have work to do. Lots of it.

So, how can a company overcome this seemingly insurmountable task? This is where ‘Design Thinking’ and a human-centred design lend a helping hand. A human-centred design can help us lay the foundation for delivering an experience that customers love and also love to talk about. Design Thinking helps us find the right problems to solve, and to design and deliver products/services/experiences that are not only memorable, but also meaningful.

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Capturing the full value of generative AI in banking

Generative AI (gen AI) burst onto the scene in early 2023 and is showing clearly positive results—and raising new potential risks—for organizations worldwide. Banking leaders appear to be on board, even with the possible complications. Two-thirds of senior digital and analytics leaders attending a recent McKinsey forum on gen AI said they believed that the technology will fundamentally change the way they do business. The pressing questions for banking institutions are how and where to use gen AI most effectively, and how to ensure the applications are fully adopted and scaled within their organizations.

The McKinsey Global Institute estimates that among industries globally, gen AI could add the equivalent of $2.6 trillion to $4.4 trillion annually in value across the 63 use cases it analyzed. Among industry sectors, banking is expected to have one of the largest opportunities: an annual potential of $200 billion to $340 billion (equivalent to 9 to 15 percent of operating profits), largely from increased productivity (exhibit).

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Design Thinking For Complex Problems

Design thinking is a problem-solving process that encourages us to rethink the world and how people connect through products, systems or institutions. Leading brands globally use design thinking to innovate and achieve results.

I’ve found that design thinking can be particularly effective for tackling complex problems, which will become more common in a future marked by volatility, uncertainty, complexity and ambiguity. Complex problems lack a clear formulation or true/false solution and involve diverse perspectives on the situation. This is unlike well-defined or “tame” problems where the issue is clear and a solution can be found by applying rules or technical knowledge.

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Design thinking: All you need to know

How design thinking is revolutionising innovation and the way products, services, processes, and organisations are developed and grown.

In the present world of rapid technological advancements, and shifting consumer preferences, traditional approaches to innovation and design have often fallen short. And here’s where design thinking comes to the rescue. It is a dynamic human-centred methodology that has gained significance across industries as a powerful tool for driving innovation, enhancing user experiences, and tackling intricate challenges. In this article, we will delve into the core concepts, stages, benefits, and real-world applications of design thinking.

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