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This Week in Consulting

Friday, March 9th, 2018

Design Thinking in Financial Services

THIS WEEK’S MUST READ

“The banking sector is going through a period of disruption, but this is not the end of the industry. Instead, this disruption marks the genesis of the banking sector’s new DNA: a combination of changes in business models, agile execution, and Design Thinking.”

There is broad concern in the banking industry that an important share of revenues and the traditional ways of doing business are at risk due to the emergence of fintech startups that are challenging the established players. In the current economic environment, banks are looking to adapt and evolve their business models to meet these challenges and opportunities. Design Thinking is a useful tool that can help banks in their endeavors. This Week’s Must Read features an insight piece from Oliver Wyman, in which the consultants discuss how Design Thinking can be applied to the financial services sector, offer a case study of a Design Thinking project, and identify how the process can be leveraged to capture additional profit pool.

Read the full article “Design Thinking: The New DNA Of The Financial Sector”, written by Dieter Staib, Sam Taylor, Iñigo Ania from Oliver Wyman and Josemaria Siota, Thomas Klueter from IESE Business School.


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THIS WEEK’S VIDEO:

FinTech thought leader Henri Arslanian discusses how designers, programmers and creative thinkers can help prepare future bankers for new changes and challenges.

INDUSTRY NEWS & INSIGHTS

TRENDS

Attention – TWIC Readers!

To better serve the demands of our audience and to facilitate insights exchange, we decided to reinvent the format of this newsletter and dedicate each future issue to a unique topic. This will be a great opportunity to showcase your thought leadership and exchange information and ideas. Below you will find our planned themes for the coming months, please take a look and direct any articles you wish be featured to info@consultingquest.com

THOUGHT LEADERSHIP

  • Design Thinking for Bank Executives: Design thinking is effective for banks because it helps to shake things up and open minds to problems solving, exploration of opportunities that can transform and change the business of banks, and helps to reshape the bank’s culture.  | Tery Spataro, CCG Catalyst
  • Transforming life insurance with design thinking: Design Thinking can be a fresh approach that provides a jolt for life insurers to keep pace with a new breed of customers and attackers, because it allows transformation that spans functional lines and changes the way people think and act. Incumbent life insurers are now called upon to take action and make the much-needed change happen. | Jochen Kühn, Ildiko Ring, Maximilian Straub, Markus Berger-de Leon, Mckinsey
  • The Financial Industry Needs to Start Planning for the Next 50 Years, Not the Next Five: Innovation in financial services will happen in part through the diffusion of new revenue models and technologies, combining entrepreneurial ideas with institutional and operational expertise. What’s needed is a concerted effort to invest in design thinking systems, and support for diverse and inclusive cultures that bring together people with divergent perspectives.   | Nadeem Shaikh, Harvard Business Review
  • Blockcain as a Design Thinking 2.0 Tool: Design thinking is not just about brainstorming; it’s also about figuring out what to brainstorm about. Using blockchain thinking, business leaders can learn to take an “intellectual” approach to brainstorming about their business. | Burkhard Blechschmidt, Digitally Cognizant Blog

Interested in Submitting?

If you are interested in submitting an article, an event or an ad, contact us at info@consultingquest.com

EVENTS

Consulting Quest will be hosting a free Webniar for industry leaders in the coming month exploring best practices in Consulting Procurement. If you are interested in participating, please fill out this survey. Check Out Other Upcoming Events and Workshops and Become a Part of the Consulting Quest Community!

CONSULTANT CORNER

CONSULTING CAREER

  • Unspoken Truths of Top Tier Consulting: When you first start consulting, it can seem like a sort of corporate utopia. It may take a few months after joining a firm for the new job halo to wear off, at which time you may realise there are a range of things everyone in the job discovers with time, but which aren’t openly spoken about.  | Tom Spencer
  • 9 Consultant Skills They Don’t Teach You In Business School: Each day, consultants enjoy the privilege of working alongside the best minds on defining issues and cutting-edge methods. Best of all, consulting firms pay a premium for talent. | Nathalie Kleinschmit, Fast Company

CONSULTING JOBS

Are you a Consultant with Supply Chain background or prior experience working in Retail/CPG? This may be the opportunity you have been long for. A Client of Consulting Quest – an Asia-based small Global Consulting Firm – is seeking to hire an Engagement Manager to join their newly established office in New York City.  Learn More  

About Consulting Quest

Consulting Quest is a global, performance-driven consulting platform founded in 2014 by former members of top 10 consulting firms with the objective of reinventing consultancy performance. With a worldwide presence and a range of proprietary performance measurement tools, we help companies navigate the consulting maze. We work with Consulting Clients to increase their performance through consulting and Consulting Providers to help them acquire new clients and to improve their performance.

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Published in This Week in Consulting, TWIC 2018 - Top 9