This case study highlights how strategy analysis, which is wider in scope than enterprise analysis, and design thinking…
– an empathetic analysis paradigm with roots in the 1980s – helped solve an enterprise-scale business problem.
Specifically, a major global bank’s market share was under pressure from its competitors and big data analytics proved to be part of a viable strategic response that created $94.95 million in incremental value for the bank in six months.
Strategy Analysis and Design Thinking
The first step to solving a problem is to make sure you properly understand it. To start, market research and other relevant documents were studied, while multiple focus group sessions with a representative sample of the bank’s customers were held to find what customers thought, said, did and felt when it came to their dealings with the financial institution.
With empathy a key part of design thinking, we put ourselves in the customers’ shoes to understand their problems and expectations (Figure 1).
Figure 1: Facilitated design thinking; understanding the problem through the customer’s eyes
By this analysis, it was clear that the bank was not meeting customer expectations (Figure 2).
Figure 2: The difference between the market research and the focus groups highlighted the gap between them
From Figure 2, the requirements to close the gap had become clear. These requirements were prioritized according to their urgency and impact (Figure 3):
Figure 3: Prioritization (extract shown)