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Why do Projects Fail?

Change projects fail at a terrifyingly high rate – in fact, the frequently quoted figure is 70%. Given the cost and stress involved, then, it’s somewhat surprising that organizations even bother with them in the first place. The explanation for this conundrum must lie in humans being essentially optimistic creatures and also in organizations recognizing that change is the key to survival in an increasingly brutal and competitive business world….  Sally Percy Forbes 2019 

The irrational side of change management

In 1996, John Kotter published Leading Change. Considered by many to be the seminal work in the field of change management, Kotter’s research revealed that only 30 percent of change programs succeed. Since the book’s release, literally thousands of books and journal articles have been published on the topic, and courses dedicated to managing change are now part of many major MBA programs, however little has changed since it was written… Carolyn Aiken McKinsey

Creating a positive customer experience

Technology can provide a more efficient and cost-effective means to deliver banking services but it should be primarily employed to enhance the customer experience. Increasingly people will communicate through their devices, but they expect a human interaction from social media and in branches.

The future is multi-channel – it is in understanding how all the customer channels work together that is key to the future customer experience and perception of each bank’s brand. The retail outlet is a key component of this.

Financial Retail  

Banking Outside-in: How Design Thinking is Changing The Banking Industry?

The rise of FinTechs – new players or startups that specialise in financial services – is
disrupting dominant players in the banking market. The popularity of new payment systems
like PayPal, Apple Pay, Alipay, Android Pay, Venmo, Samsung Pay, and M-Pesa, indicate a
decreasing customer satisfaction and trust advantage on banks (Winch, 2014). In the United
Kingdom (UK), it is estimated that one in four bank branches will vanish in the next five
years, while in the United States, over 1,700 banks closed in just 12 months as customers
needing over-the-counter transactions declined (Louise, Rexrode, & Jones, 2018).
The decline of banking implies a failure to innovate amid a tide of digital disruption. The
traditional banking model is being contested as customers grow disillusioned and form new
expectations. In fact, a survey suggested that 7 out of 10 millennial’s in the UK would use a
financial service mobile app offered by tech giant (Eurobank, 2018). Innovative approaches
in business strategy and development are therefore imperative.
One of the most important concepts that have driven successful innovation in several
industries is the concept of design thinking (Jamain, 2014; Beckman & Barry, 2007). Design
thinking is defined by IDEO CEO and President Tim Brown as a “human-centered approach
to innovation” which takes into consideration people’s needs, technology, and the
requirements for business success (Brown, 2008). 

Chia, Alvin Jia Hao*
a; Lee, Jung-Joo

A Collection of 10 Most Interesting Financial Services UI/UX Designs

“Good design is a language,” as Massimo Vignelli has said. A language to communicate to your customers, a language to understand their needs and expectations. A language that progressive ‘future banks’ speak in. A delightful design is THE way to make your customers fall in love with your financial interface.

There’s no doubt – UX design is the key to success in the digital age. Customers expect every product to live up to their expectations because why settle for less when there’s everything on the market. We believe the future of banking will be shaped by UX and Design Thinking decisions.

Monika UXDA

Chart Your Course for a Compelling Project

  • Encourage customers/clients to participate
    in solution design.
  • Use a single framework to create options and
    then prioritize.
  • Help stakeholders with differing perspectives
    and expertise build a shared understanding
    of how features and functionality support
    business objectives.
  • Maintain focus on validated learning and
    iterative delivery.
  • Uncover and test assumptions sooner rather
    than later.
  • Begin your design process with a discussion of
    “Why?” instead of a list of features.
  • All of the above.

No matter how you answered this question,
impact mapping is a tool that can help you achieve
these objectives.

Deborah Wyse Design Management Institute 

Change Is Changing: Coping With The Death Of Traditional Change Management

Traditional change management as we know it is obsolete. Even the very notion that change can be managed feels absurd given the reality and pace of business today. The intent of business executives—to deliver results more sustainably and more quickly—remains the same, but the context in which organizations operate today is fundamentally shifting, and so is the way in which we should think about change.

Change is no longer a project with a defined start and end. It is continuous, and accelerating. 

While it is often said that change is the “new normal,” that nonetheless comes with profound implications. Being able to lead through change is no longer an optional skill. A recent study looked at boards that had initiated a CEO rotation and found the No. 1 reason was the need for someone with the ability to successfully manage change.

We must rethink how we leadhow we engage teams and how we inspire individuals.

Forbes April 2019 

Leading Change - Why Transformation Efforts Fail?

Most major change initiative, whether intended to boost quality, improve culture, or reverse a corporate death spiral generate only lukewarm results. Many fail miserably.

Why?

Kotter maintains that too many managers don’t realize transformation is a process, not an event. It advances through stages that build on each other. And it takes years. Pressured to accelerate the process, managers skip stages. But shortcuts never work.
Equally troubling, even highly capable managers make critical mistakes such as declaring victory too soon.

Result?

Loss of momentum, reversal of hard-won gains, and devastation of the entire transformation effort. By understanding the stages of change and the pitfalls unique to each stage you boost your chances of a successful transformation.

The payoff?

Your organization flexes with tectonic shifts in competitors, markets, and technologies—leaving rivals far behind.

Harvard Business Review 

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