Innovations in digital banking can age almost as quickly as yesterday’s newspapers. That’s why we are continually developing ideas for tomorrow’s bank customers. The latest results from our think tank WowLab will be presented at FinovateEurope 2019 from 12 to 14 February 2019. Our mastermind, Reto Girsberger, will demonstrate how prototypes are created where the spark ignites.
In the current competitive environment, products that trigger a ‘wow experience’ for bank customers can often determine the future of a financial institution. Customers are used to being offered something new all the time. However, they are becoming increasingly critical of whether the product is of benefit to them and is a practical addition to their everyday lives. Innovations have to stand out from the mass of interchangeable applications, and convince people immediately. To this end, we have set up our WowLab innovation network. It enables us to react quickly to trends and the wishes of end customers. We can immediately take up new technologies and implement sustainable business models. Together with banks and their customers, we develop products and solutions with which financial service providers can expand their digital portfolios.
No goal, no way
The innovation process begins with an idea that’s worth getting started on: not a boring “Me Too” banking app, but an application that’s tailor-made for millennials:attractive, simple design, intuitive and playful in its user interface, and with investment suggestions that pay off. This is how Gravity – which won the Best of Show Award at FinovateEurope 2018 in London; and the virtual reality prototype The Arcs – which we presented at FinovateEuope 2017, were created. Only ideas that consider completely the user’s point of view will be considered in the WowLab. We ask ourselves where the shoe pinches our target group, exactly what they have to do in which context – at home, on the road, at work – and how a digital banking application has to be designed to best support them.
If it doesn’t do “wow,” it’s not done yet
Once the idea has been formulated, we set up a WowLab project: We look at the target from all sides, develop and test solutions, and ask ourselves again self-critically whether the idea is really new, useful and user-friendly. This phase also includes a thorough market analysis: Do competitors already have anything comparable? Which use cases in other industries function similarly? How have the solutions been implemented? If in the end we are not fully convinced of the unique position, or we doubt that the product is enthusiastic, we will continue to work on it.
Putting the prototype to the test
If everyone is convinced of a solution, we create a prototype, compare it with the original idea and check whether it meets all expectations. In an iterative process we then turn several loops. These “stress tests” help us to identify and remedy any defects or gaps afterwards. We subordinate everything else to our maxim of bringing only convincing products with a wow factor on to the market. By documenting all the findings we draw from successful and failed development steps, we make our innovation process sustainable.
Development centre and playground
The primary purpose of our WowLab is to develop new products and implement them for our customers. As digital experts, we are also challenged to dive deeply into new methods and technologies in order to ultimately make them usable for our customers. The WowLab is also there for this. It has already borne fruit, such as the intuitive banking app Gravity and the prototype The Arcs, with which we make virtual reality available to our customers. We intend to build on this success with a series of new prototypes and ideas at FinovateEurope 2019. Will you be at London’s Tobacco Dock from 12 to 14 February 2019? Sign up and meet us! We look forward to meeting you!