Cultivating Innovation at Bank through Design Thinking

Overview:

A financial organization aimed to cultivate innovation by empowering employees to pitch their ideas for new tools to improve internal processes in their departments. These tools would increase efficiency, effectiveness, and remove manual work in their internal processes.

• I worked with the account manager to introduce the idea of a ‘shark tank’ presentation to senior c-suite executives as a way to gain exposure and excitement around the ideas, which resulted in access to funding for development.

• Using design thinking, and focusing on user needs, I led a 5-week workshop to teach 10 groups how to validate and develop their ideas, showcasing them in a 3 minute elevator pitch.

• The program successfully increased employee engagement, enhanced problem-solving skills, and resulted in three funded high-potential innovation concepts.

• The initiative demonstrated the effectiveness of design thinking in transforming complex ideas into viable business solutions.

Challenge:

A leading financial organization sought to foster a culture of innovation by empowering employees to generate cutting-edge ideas in AI and technology. Their goal was to identify and nurture three out of one hundred promising ideas through a unique "Shark Tank" event featuring C-suite executives as judges.

Impact:

The Innovation Challenge program successfully achieved its goals: 

• Increased Employee Engagement: Fostered a culture of innovation within SMBC by empowering employees to contribute their ideas.
• Enhanced Problem-Solving Skills: Equipping participants with design thinking  tools for identifying and developing solutions to real-world challenges. 
• Identified High-Potential Concepts: Three ideas received funding to drive meaningful change in the financial services industry. 

Solution:

SMBC partnered with Synechron to develop a comprehensive Innovation Challenge program. This program aimed to equip ten shortlisted teams with the necessary skills and tools to transform their initial ideas into compelling 3-minute elevator pitches. 

My Role:

I led and delivered a 5-week workshop series focused on design thinking principles. This series guided participants through a structured process to: 
• Clearly define problem statements and target users. 
• Develop validated solutions through user research. 
• Craft a compelling value proposition showcasing the solution's business  impact. 
• Construct an evidence-based presentation for the Shark Tank event. 

The Process:

Each week included: 
• Group Workshops: Interactive sessions introduced key design thinking concepts  like user personas, customer journey mapping, and solution validation. 
• 1-on-1 Meetings: Personalized coaching sessions provided tailored guidance to  each team, ensuring their pitches effectively addressed the specific requirements  of the Shark Tank. 

Results:

Ten teams successfully presented their ideas at the Shark Tank event. The  rigorous workshop series not only helped them refine their pitches but also equipped them  with valuable design thinking skills. Ultimately, three outstanding ideas were selected and received funding to move forward to the prototyping stage. 

Key Takeaways:

The Innovation Challenge serves as a testament to the power of design  thinking in facilitating innovation. By providing a structured approach and ongoing support,  even complex ideas can be refined into compelling pitches with significant business  potential.