How can banks enhance their offerings to address customer needs and be more competitive?
By embracing a design thinking approach and partnering with best practice players. To meet corporations’ growing needs and expectations, banks need to embrace a business and operating model that is customer journey centric. They need to shift from their traditional product-centric, inside-out approach to a design thinking approach (that is, one that starts with the customer as well as the employee and their workflows and bank interactions). As banks embrace this user-centric approach and map optimal customer journeys, they often find that they do not have the in-house resources to enable the new journeys. As a result, they are thinking differently about build versus buy decisions.