BBVA comes up with its all-new design thinking strategy
Design Thinking is a type of method that helps in developing creativity and promoting innovation for solving problems and meets the needs of people in the most viable ways. Design Thinking has reached various social enterprises that are using it to improve their results as well as increase their impact.
Banco Bilbao Vizcaya Argentaria, better known as BBVA, is a financial services company. Their social entrepreneurship support program called BBVA Momentum has added face-to-face workshops based on design thinking. It is included in the training procedure that it offers to its participants, where the creativity of the professionals is maximized for finding effective as well as innovative solutions to the problems that they face. As the methodology of design thinking is based on specific values like equality, creativity, and empathy, it works perfectly with these social enterprises.
Rob Brown, the head of Responsible Business, Design, and Marketing at BBVA, explained how design thinking had played a significant and relevant role in various large global organizations like BBVA. Their design thinking process predominantly consists of four stages, understanding, ideation, prototyping, and evaluation. BBVA has encouraged all of their staffs across all job titles, departments, and functions to start thinking and working as designers. Don't use plagiarised sources.Get your custom essay just from $11/page
Rob Brown explains how their group of one hundred and fifty designers spread across eleven different countries have different working specialties who are working in collaboration with all the other parts of the organization. He remarked, “In the past five years, we have made great progress in the use of design, compared to other competitors in the sector.” Brown further commented that organizing workshops, along with experts and creative professionals in design, were the sole key in BBVA’s transformation, something which was required very much in the sector of mobile banking. Due to design thinking, BBVA was able to handle projects in an innovative way that allowed them to emphasize more on user or customer experience.
After the application of their new design thinking strategy in their mobile banking app, BBVA’s credit card applications increased by 80%, investment funds scale soared by 50%, and current account opening went up of 20%. Other key figures involved doubling the sales in mortgage simulations, car insurance, home insurance, health insurance, and pension plans. The new changes included simple changes like added swipe tools, new tab bars, a new dashboard, and more.
The establishment of the Innovation Center at BBVA helps in bridging the gap between the investors, clients, entrepreneurs, and the entity. BBVA aims to create inspirational spaces where every one of these actors can work together to create an innovative ecosystem in Mexico, which is centering the banking sector.
We can witness how effective design thinking can be from BBVA’s success rate. Therefore, it can be safely inferred that interaction with the customers, the collaboration of the engineers with creative professionals, experimenting with new ideas, prototyping and testing new concepts, and iterating solutions are significant in finding practical solutions to any problems. Design thinking not only leaves a positive impact on the organization but also its customers.
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Information:
https://www.bbva.com/en/design-thinking-or-how-to-promote-innovation-in-social-enterprises/
https://www.bbva.com/en/can-world-banking-learn-design-thinking/
https://www.bbva.com/en/design-relevant-large-organization/
https://www.finextra.com/newsarticle/31304/design-thinking-pays-off-for-bbva
https://medium.com/touchpoint/it-takes-a-village-26cd9cb3fd63