This report provides an overview of Design Thinking and explains the importance of the model for businesses innovation, especially for the banking sector. It discusses the origins of Design Thinking methodology and describes each stage of transformation in the design process from participatory design to human-centric design. The report also discusses the present need of the Design Thinking model and explains why it has been gaining popularity from the last decade. It further provides interesting insights into design-centric companies along with examples. Moreover, the report discusses and provides a comparative analysis between Design Thinking and other process methodologies like Lean Six Sigma, Theory of Constraints, and Business Process Management. It concludes by discussing the top banks and FIs that implement Design Thinking for product innovation, ease of customer experience, identifying potential markets, accelerating sales, and revenue streams along with success stories.

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