Moving to Human-Centered Design—Can Commercial Banks Evolve?

Prior to the rise of digital technology, commercial banks had little incentive to offer much more than strictly functional products. As a result, commercial banks that have set their sights on becoming more like their Fintech counterparts have a lot of catching up to do. But knowing what to do and doing it are two different things. Adopting agile and human-centered design methodologies, for instance, is a much larger and more significant project for a commercial bank than just establishing another team. It requires a fundamental transformation in corporate mindset and sustained and dedicated resources to make this change possible. To alter direction, commercial banks must overcome the inertia generated by their bureaucracies—and with new, more ambitious, and better-capitalized financial companies appearing on the scene, the banks have limited time at their disposal.

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