Design thinking continues to differentiate the top performing companies in the business world from those merely treading water. The financial industry offers no exception to this rule
In fact, according to data from the Design Management Institute (DMI), design-led firms outperform the S&P 500 by over 200 percent! If your company currently competes in the financial arena, a design thinking approach to your operations needs to be considered. Maybe your competition is already heading in that direction? Let’s take a closer look at its growing impact in the industry.
So what is “Design Thinking?”
The graphic design software company, Adobe, provides an easy to understand definition of design thinking: “Companies that put design at the very core of their brand are design-led. They weave design principles into everything they do—from research and strategy to creating content. They think beyond transactions and focus on beautiful experiences that build lasting and meaningful relationships with customers.”
These principles go beyond the world of art and graphic design. They are concepts focused on the relationship. Obviously, customers are very important to enterprises in the financial industry. Building relationships needs to be the key, especially in a very competitive marketplace.
One statistic makes that last point truly hit home. According to Adobe, companies that foster creativity enjoy a 1.5 times the market share as those who don’t. Another data point notes that 82 percent of all companies feel there’s a strong connection between creativity and business results, according to Creativity at Work.
Financial Companies making a Difference with Design-led Processes
Some of the top companies in the financial sector currently benefit from the application of design-led concepts. A variety of financial and asset management companies are successfully implementing design thinking across their operations. This especially makes an impact in providing better customer service while building those valuable relationships required for success in financial services.
Design thinking lets these companies create services and products to truly meet the needs of their customers. The Financial Brand comments on the importance of this approach: “Design thinking is big with technology firms who tend to focus first on the consumer experience. This fact alone makes it likely that more banks and credit unions will be turning to design thinking, since they increasingly find themselves competing against both megatech and FinTech firms.”
Ultimately, the successful implementation of design thinking is making a difference in the financial world. Perhaps it’s time to look at using it at your organization.
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