Example Reflection – Learning Launch

Challenge

I decided to use design thinking for an innovation idea, which I had. As a banker, my subject  is open banking and digital ecosystem, including startups like fintech. As the digital adoption  in Switzerland is very behind the other countries, nobody is really missing the idea, but I want  to become it as a need. My bias is very high, I know. Thus, that is why the choice of the right  tool is very important to get good insights. Furthermore, because it is an innovation that does  not exists, it is difficult to imagine and describe by an example, because there is none. My aim  is to figure out, if the idea of a digital ecosystem would survive and raise a demand. As the  digital penetration and the trust in non-banking provider is low, I wanted to figure it out fast and  cheap. Additionally, I want feedbacks from customers, what wows! To begin the process, I  already had a hypothesis, how the idea will work.

Selection

First, I needed a team. For that, I have also used a lesson learned of this course. I built a  team from different departments to have the broadest aspect to continue. To have the  cheapest and fasted way to try the idea, we dhave chosen the Learning Launch. This tool  gives us a direct feedback if the idea works or not. If the hypothesis doesn’t work, the  customer will tell us what we have to improve. Therefore, in the first round we have to know  “what if”. This is possible, after we explained them what is the aim of the project. At this  moment, we generate a demand. It also shows us, how the customer journey and their  thoughts is.

Application

First, my team and I analyzed the customers’ dates, to evaluate the four most popular  customer types. That enabled us to invite the “right” ones for this journey. It also allowed us  to create personas after the test. For that, we had to take our own dates because of the type  of bank. We thought about to just take a study, but as a private Bank, our clients have  another type of need and reference to the bank. Furthermore, as it is an investment we will  do with this new offering, we should respect the majority of our clients, which generate us  revenues. Thus, we cannot always go with the digital flow.

We invited 50 clients and explained them our new model, the digital ecosystem. We gave  them only one sheet of instruction about a fictional need, like buying a house. We also  distributed a sheet, so they could give us feedback about their experience. Without helping  them through the process, we observed the group and asked them some questions while  they were doing the assignment.

Insight & Approach

This approach gave us two feedbacks. The first one was about the idea. Did it meet the need  we hoped for? If yes, we could have improved the idea to a first version to launch it within the  whole bank for all customers and doing marketing and everything. If not, we had to rethink  about the idea or not even start it again, because it’s so bad.

However, we were lucky and the idea was a success. We had many inputs after the test, and  the consensus was happy with this digital ecosystem. Banking now was more convenient  and it enhanced the customer experience. One big point of course was the security and  privacy. As the idea contains the collaboration with startups and using API’s, this point was

the biggest refusal. This really was a point, we didn’t mentioned and discussed with the  customers. We were focused on the idea and handling, but not about the explaining of the  whole back-end process, which the customer doesn’t see. Some of the clients are IT  specialists, and so they challenged us. For a second test, we just invited the critical and  techies. We did a better introduction and manual for them. We also changed something in  the back end process. So that our collaborating partners don’t see the personal information  anymore, except, the information is needed for regulatory requirement as AML and KYC.

The Learning Launch definitely was a good decision to test our idea and generate great  insights. For a next test about this topic, I will also try Storytelling. Taking personas and tell a  story about their journey buying a house. It gives us the chance to emotionalize the clients  with a strict story. It tells them the aim about an ecosystem and not the handling. Thus, they  will have no interruption in the story. With a learning launch, they have to do the process on  their own and stall in the process.


Example Reflection – Learning Launch Challenge I decided to use design thinking for an innovation idea , which I had . As a banker , my subject is open banking and digital ecosystem , including startups like fintech . As the digital adoption in Switzerland is very behind the other countries , nobody is really missing the idea , but I want to become it as a need . My bias is very high , I know . Thus , that is why the choice of the right tool is very important to get good insights . Furthermore , because it is an innovation that does not exists , it is difficult to imagine and describe by an example , because there is none . My aim is to figure out , if the idea of a digital ecosystem would survive and raise a demand . As the digital penetration and the trust in non - banking provider is low , I wanted to figure it out fast and cheap . Additionally , I want feedbacks from customers , what wows ! To begin the process , I already had a hypothesis , how the idea will work . Selection First , I needed a team . For that , I have also used a lesson learned of this course . I built a team from different departments to have the broadest aspect to continue . To have the cheapest and fasted way to try the idea , we dhave chosen the Learning Launch . This tool gives us a direct feedback if the idea works or not . If the hypothesis does n’t work , the customer will tell us what we have to improve . Therefore , in the first round we have to know “ what if ” . This is possible , after we explained them what is the aim of the project . At this moment , we generate a demand . It also shows us , how the customer journey and their thoughts is . Application First , my team and I analyzed the customers ’ dates , to evaluate the four most popular customer types . That enabled us to invite the “ right ” ones for this journey . It also allowed us to create personas after the test . For that , we had to take our own dates because of the type of bank . We thought about to just take a study , but as a private Bank , our clients have another type of need and reference to the bank . Furthermore , as it is an investment we will do with this new offering , we should respect the majority of our clients , which generate us revenues . Thus , we can not always go with the digital flow . We invited 50 clients and explained them our new model , the digital ecosystem . We gave them only one sheet of instruction about a fictional need , like buying a house . We also distributed a sheet , so they could give us feedback about their experience . Without helping them through the process , we observed the group and asked them some questions while they were doing the assignment . Insight & Approach This approach gave us two feedbacks . The first one was about the idea . Did it meet the need we hoped for ? If yes , we could have improved the idea to a first version to launch it within the whole bank for all customers and doing marketing and everything . If not , we had to rethink about the idea or not even start it again , because it ’s so bad . However , we were lucky and the idea was a success . We had many inputs after the test , and the consensus was happy with this digital ecosystem . Banking now was more convenient and it enhanced the customer experience . One big point of course was the security and privacy . As the idea contains the collaboration with startups and using API ’s , this point was the biggest refusal . This really was a point , we did n’t mentioned and discussed with the customers . We were focused on the idea and handling , but not about the explaining of the whole back - end process , which the customer does n’t see . Some of the clients are IT specialists , and so they challenged us . For a second test , we just invited the critical and techies . We did a better introduction and manual for them . We also changed something in the back end process . So that our collaborating partners do n’t see the personal information anymore , except , the information is needed for regulatory requirement as AML and KYC . The Learning Launch definitely was a good decision to test our idea and generate great insights . For a next test about this topic , I will also try Storytelling . Taking personas and tell a story about their journey buying a house . It gives us the chance to emotionalize the clients with a strict story . It tells them the aim about an ecosystem and not the handling . Thus , they will have no interruption in the story . With a learning launch , they have to do the process on their own and stall in the process .