SUMMARY

This report presents a very unique and interesting topic called ‘Design Thinking’ and explains how Design Thinking strategies can play an essential role in fostering innovation for financial services firms. The report starts with the basics of Design Thinking and discusses the evolutionary changes in the design process over the last two decades. It also discusses Design Thinking elements in detail and explains each of the stages in the design process. It further presents key differences between traditional Business Thinking and Design Thinking. The report further discusses the innovation approach between traditional banks and FinTechs and also explains the roadblocks for traditional banking innovation. It concludes by discussing how banks are leveraging Design Thinking strategies, presenting banks with successful case studies.

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