A First Principle Design Thinking in Financial Services
Authored by – Rahul Bansode, Director – Technology
The rise of FinTech Unicorn and Neo Bank is largely attributed to the innovative product/services offerings in the banking and insurance sectors. Thus, it is important that the traditional/legacy bank and insurance providers need to implement First Principle Design Thinking and Innovation as the key ingredients to developing new product/services which are in-line with the digital age and new customer expectations.
First Principle Design Thinking Approach is another buzzword used in today’s evolution of the digital transformation era. One of the key attributes to the changing digital landscape is the alternative thought process conceived by the new tech community (called FinTech) and applying it to give new innovative product/services.
Historically speaking, a revolutionary idea which has the potential to change the way we behave, operate, organize and adapt is introduced to the world every decade or two. Starting from the telephone era and moving to the mobile phone, an adaption of personal computing in the home/office and then the revolutionary internet phase is the testimony of the time to prove how life has changed/reformed and impacted everyone across the globe. In recent years, there has been a lot of talk about implementing or deriving new product/services using technologies like Blockchain, Artificial Intelligence, Machine Learning, Cloud, and Mobile computing.
On the other hand, the traditional banking and insurance sectors are undergoing a tremendous shift with the evolution of FinTech startups. These new breeds of Unicorns can offer new products and services which are uniquely different from their legacy counterpart product/services offered by the traditional financial institutions and seems to in line with today technology and younger generations.