Case study: How do you keep banking relevant for the customers of tomorrow?
Client Challenge: Our client is one of Ireland’s pillar banks, with more than 2 million customers and over 2.6 billion in revenues.
Banking is undergoing fundamental change, as new technologies and disruptive entrants pick off elements of the traditional banking value chain.
Young people (aged 13-18) are at the vanguard of this change, and the Bank wanted to explore new ways of staying relevant and connected with this group, to unearth opportunities for future value, while also protecting their future position with this critical demographic.
Setting clear objectives:
First up, we worked closely with the client to set 5 clear objectives for the project:
surface and solve meaningful customer problems, within the youth demographic
break down silos in the bank, by exploring new ways of collaborating across teams
drive meaningful output, tangible prototypes than can be put in the hands of potential customers
build a replicable process that could be used to drive innovation in the bank
find new ways of engaging with customers, and making the customer central to the banks innovation process
Design: We designed an accelerated Challenge & Sprint process, based on the FRAMLABS D framework, running over 8 days and two streams, that would result in the development of 2 prototypes to be tested with consumers within 4 weeks
Stakeholder management: We identified, briefed and engaged more than 30 stakeholders from across the organisation – from marketing and proposition development, to channel development, and the customer facing innovation lab
Customer insight design & logistics: We worked with the client to define a customer insight programme, to ensure that representative end customers could be recruited and engaged throughout the process
Embed: Working with the client Innovation Team, we developed a series of tools and formats that can be reused for subsequent projects
Word Count: 295
Reading time: 2 minutes
Author: Morgan McKeagney